Lucky Cement Completes 28.8MW Wind Power Project in Karachi

In a significant move towards sustainable energy, Lucky Cement, one of the largest cement manufacturers in Pakistan, has successfully completed its 28.8 megawatt (MW) wind power project at its Karachi plant. This project marks a crucial step in the company’s commitment to renewable energy and reducing its carbon footprint. The announcement was made through a notice to the Pakistan Stock Exchange (PSX) on Tuesday, highlighting the company’s dedication to green energy solutions.

According to the notice, Lucky Cement expressed its satisfaction with the completion and commissioning of the wind power project, stating, "We are pleased to announce the successful completion and commissioning of our 28.8 MW captive wind power project at the company’s Karachi plant, a significant milestone achieved by the company." This project was completed within the planned timelines and budget, with operations commencing on October 21, 2024.

With the addition of this wind power project, Lucky Cement has increased its installed power generation capacity from renewable sources to 55%. This includes not only wind energy but also solar power plants and waste heat recovery systems located in both Karachi and Pezu. The company emphasized that the installation of the wind power project is a testament to its commitment to conserving energy and promoting green energy resources.

Furthermore, the company highlighted that its investment in renewable energy will lead to significant cost savings and a reduction in the country’s reliance on imported fuels. This is particularly important as Pakistan faces challenges such as frequent power outages and rising electricity costs. The growing trend of industries adopting renewable energy solutions reflects a broader shift towards sustainability in the country.

In terms of financial performance, Lucky Cement reported a profit after tax of Rs72.34 billion for the year 2024, which is an increase of over 21% compared to Rs59.54 billion in the previous year. This growth can be attributed to higher revenue and a decrease in the cost of sales. The company’s net revenue rose by nearly 7%, reaching Rs410.99 billion, up from Rs385.1 billion the previous year. Notably, the cost of sales also saw a decline, dropping to Rs287.48 billion in FY24 from Rs291.49 billion in the previous year.

Lucky Cement’s successful completion of the 28.8 MW wind power project not only showcases its commitment to sustainability but also sets a precedent for other industries in Pakistan. As the country navigates the challenges of energy shortages and rising costs, the shift towards renewable energy sources is not just beneficial but essential. This initiative by Lucky Cement could inspire other companies to follow suit, ultimately contributing to a greener and more sustainable future for Pakistan.