Qudsia Bano

The inclusion of four Pakistani listed companies in the Morgan Stanley Capital International (MSCI) index will likely improve the country’s standing in the world trade, said Zeeshan Ahmed, Senior Manager Accounts of Lucky Cement Limited. It is to mention here that the semi-annual review by global index provider MSCI added four PSX-listed companies, including Pakistan Oilfields Limited, TRG Pakistan, Systems Limited, and Lucky Cement, to one of its indices.

During a recent conversation, Zeeshan Ahmed provided WealthPK with an ‘honest’ review of Pakistan’s economy and the impact of the companies’ inclusion in MSCI index on it.

WealthPK: What do you think the market sentiment is after the inclusion of Lucky Cement in the MSCI index? How will it be beneficial for your company in future?

Zeeshan Ahmed: Share prices of the companies included in the coveted list moved up on the Pakistan Stock Exchange when the decision was made. Inclusion in MSCI Semi-Annual Review will be beneficial for not only our company but also the overall corporate sector. Beyond technical frameworks and updated rules, a classification upgrade can affect the entire economy and enhance a nation's standing in the world trade.

WealthPK: How is Lucky Cement striving to attain sustainable growth?

Zeeshan Ahmed: By seeing possibilities, wisely allocating resources, and manufacturing cement of the highest quality using cutting-edge technology, we aim to be a growth-oriented business that can compete on price and satisfy customers. In order to accomplish long-term objectives, we try to utilise the best human resources and to give them a level playing field.

We want to give our stakeholders long-term value and steady growth. We are aware of our environmental responsibilities and commitment to corporate social responsibility, and we work to reduce any negative effects on the environment.

WealthPK: What are the major causes of economic instability in the country, and how can we overcome them?

Zeeshan Ahmed: An economy's structural issues are in essence structural imbalances that serve as impenetrable barriers to long-term economic growth and development. The structural issues in Pakistan include disproportionately high government involvement in economic activities, a sizable informal economy, policy biased towards import-substituting activities, neglect of the services economy in public policies, low rate of savings and consequently insufficient investment to develop human resources and infrastructure, and inability to address these issues.

To put Pakistan on a path of greater and inclusive growth, immediate policy changes are required, including strengthening public finances through revenue mobilisation, reducing spending on wasteful and low-priority areas, strengthening fiscal decentralisation framework and overhauling the energy sector.

Financial Performance in FY22

Lucky Cement Limited’s revenue climbed 50.2% to Rs402.2 billion in fiscal year 2021-22 compared with Rs267.7 billion in the corresponding period of FY21. Similarly, the gross profit of the company registered an increase of 32.9% during FY22 and stood at Rs63.2 billion as against Rs47.5 billion in the corresponding period of FY21. The company posted a net profit of Rs36.4 billion in FY22 compared to Rs28.2 billion in the corresponding period of the previous year, showing a growth of 29% year-on-year, reports WealthPK.

Credit : Independent News Pakistan-WealthPk