KARACHI: The Board of Directors of Indus Motor Company Ltd (IMC) met on October 25, 2021 to review the company’s financial and operating performance for the first quarter ended September 30, 2021.
The company witnessed a surge in its net sales turnover of 91.7 percent to Rs 65.55 billion as compared to Rs 34.19 billion in the same period last year. Profit After Tax (PAT) also increased by 194 percent to Rs 5.42 billion as against Rs 1.85 billion achieved in the same period last year. The improved turnover and profitability figures for Q1FY2022 commencing on July 2021 were strongly supported by higher sales volumes of Completely Knocked Down (CKD) and Completely Built-up Units (CBU). The overwhelming response received from our esteemed customers for Toyota Yaris, making it the “Highest Selling Sedan in Pakistan”, has also led to volume increase.
Commenting on the first quarter’s results, Chief Executive IMC, Ali Asghar Jamali said, “Alhamdolillah, the start of the new fiscal year has indeed been very encouraging. The Government’s measure to reduce duties has clearly shown an uptick in revenues. With the Covid threat easing, we are geared up and going full steam to meet customer demand, despite the supply chain pressures. “
He reiterated his concerns about the industry and added that, “The Rupee’s continuing downward spiral remains a high concern as does the ensuing rising inflation and international commodity prices which will continue to be vital factors that have an impact on the future financials of the company. We are committed to customer first, Toyota’s cornerstone principle, which is our competitive edge that promises to provide customers with nothing short of excellence through its products and services.”
Based on the results, the Board of Directors announced an interim cash dividend of Rs 34.50 per share for the quarter compared to Rs 12 per share in same period last year.
Copyright Business Recorder, 2021