Indus Motor declares Rs15.07b profit after tax for 2023-24

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2024-09-03T05:27:48+05:00 PR

KARACHI   -   Indus Motor Company Limited (IMC) has announced its financial results for the year ended June 30, 2024. The company’s net sales turnover for the year ended June 30, 2024, decreased by 14pc to Rs152.48 billion, as compared to Rs177.71 billion in the last year, due to decline in sales volumes. Despite of challenging environment, the company managed to increase profit after tax (PAT) by 36%, to Rs.15.07 billion, as against Rs. 9.66 billion in the last year. The increase was mainly attributable to reduction in input material costs on account of positive exchange rate movement, cost reduction measures and additional localization of parts. During the year, the company launched the Toyota Corolla Cross, the country’s first locally manufactured Hybrid Electric Vehicle (HEV) with the highest-ever localized content, which have also contributed to the positive results. Return on deposits/investments continues to remain a sizeable part of the company’s profits, owing to higher interest rates.

Ali Asghar Jamali, Chief Executive Officer of IMC, stated, “This year has been marked by significant progress in improving the trade balance, reducing imports, and curbing inflation towards year-end. The company has navigated a series of economic challenges, including persistent inflation, high interest costs, and reduced consumer purchasing power. In response, we implemented aggressive productivity improvements and adjusted our sales mix to align with market demand, particularly emphasizing the localization of Hybrid Electric Vehicles.”

The CEO further expressed, “Consistent with our commitment to increasing localization, the Board of Directors has approved an investment of PKR 4 billion over the past 12 months to develop local parts and advance the ‘Make in Pakistan’ initiative.” Based on the results, the Board of Directors announced a final dividend of Rs 43 per share, making the annual dividend for the year Rs 114.70 per share.

 

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