Atlas Honda Limited (ALTH), one of Pakistan’s largest motorcycle manufacturers, saw its profit-after-tax (PAT) jump by nearly 152% year-on-year in the first quarter (July-September) of this fiscal year 2023-24.
As per ATLH’s financial statements made available at the Pakistan Stock Exchange (PSX) on Monday, the company’s after-tax profit clocked in at Rs1.956 billion in July-September 2023, as compared to PAT of Rs777.028 million recorded in the same period of the previous year.
Accordingly, the company’s Earnings per share (EPS) clocked in at Rs15.77 in 1QFY24, compared to Rs6.26 in SPLY.
The Board of Directors (BoD) of the company announced an interim cash dividend of Rs17 per share i.e. 170% for the half-year ended September 2023.
The increase in profit comes on account of a massive increase in sales, which stood at Rs38.56 billion in 1QFY24, as compared to Rs29.57 billion in SPLY, a jump of over 30%.
On the other hand, cost of sales stood at Rs36.14 billion in 1QFY24, which resulted in a gross profit of Rs2.42 billion, as compared to a gross profit of Rs1.44 billion recorded in the same period last year.
Apart from this, the company saw an improvement in its other income, which amounted to Rs2.235 billion in 1QFY24, in comparison to Rs1.068 billion in 1QFY23, an increase of 109%.
The exponential increase in other income pushed the Profit before Taxation (PBT) to Rs3.438 billion in 1QFY24, up over 145% YoY.
The company is principally engaged in progressive manufacturing and marketing of motorcycles and spare parts.
ALTH is a subsidiary of Shirazi Investments (Private) Limited, which holds 52.43% of issued, subscribed and paid-up capital of the Company as of March 31, 2021.
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