AIRLINK 66.80 Increased By ▲ 2.21 (3.42%)
BOP 5.67 Increased By ▲ 0.07 (1.25%)
CNERGY 4.63 Decreased By ▼ -0.09 (-1.91%)
DFML 22.32 Increased By ▲ 1.56 (7.51%)
DGKC 69.76 Decreased By ▼ -1.64 (-2.3%)
FCCL 19.62 Decreased By ▼ -0.33 (-1.65%)
FFBL 30.20 Decreased By ▼ -0.25 (-0.82%)
FFL 9.90 Decreased By ▼ -0.15 (-1.49%)
GGL 10.05 No Change ▼ 0.00 (0%)
HBL 115.70 Increased By ▲ 4.70 (4.23%)
HUBC 130.51 Decreased By ▼ -0.33 (-0.25%)
HUMNL 6.74 Decreased By ▼ -0.11 (-1.61%)
KEL 4.35 Decreased By ▼ -0.04 (-0.91%)
KOSM 4.80 Increased By ▲ 0.46 (10.6%)
MLCF 37.19 Decreased By ▼ -0.56 (-1.48%)
OGDC 133.55 Decreased By ▼ -0.30 (-0.22%)
PAEL 22.60 Increased By ▲ 0.03 (0.13%)
PIAA 26.70 Decreased By ▼ -0.85 (-3.09%)
PIBTL 6.25 Decreased By ▼ -0.06 (-0.95%)
PPL 113.95 Decreased By ▼ -1.00 (-0.87%)
PRL 27.15 Decreased By ▼ -0.07 (-0.26%)
PTC 16.13 Decreased By ▼ -0.37 (-2.24%)
SEARL 59.70 Decreased By ▼ -1.00 (-1.65%)
SNGP 66.50 Increased By ▲ 1.35 (2.07%)
SSGC 11.21 Decreased By ▼ -0.14 (-1.23%)
TELE 8.94 Decreased By ▼ -0.03 (-0.33%)
TPLP 11.34 Increased By ▲ 0.09 (0.8%)
TRG 69.36 Increased By ▲ 0.31 (0.45%)
UNITY 23.45 Increased By ▲ 0.01 (0.04%)
WTL 1.36 Decreased By ▼ -0.03 (-2.16%)
BR100 7,312 Decreased By -12.8 (-0.17%)
BR30 24,105 Increased By 47 (0.2%)
KSE100 70,484 Decreased By -60.9 (-0.09%)
KSE30 23,203 Increased By 11.5 (0.05%)

Indus Motor Company (IMC) reported on Thursday a profit of Rs4.96 billion for the half-year ended December 31, 2023, an increase of 89% when compared with earnings of Rs2.63 billion in the same period of the previous year.

The rise in profit comes despite lower revenue during the period.

As per the latest consolidated financial statements available at the Pakistan Stock Exchange (PSX), the automaker’s earnings per share (EPS) stood at Rs63.07 in 1HFY24 compared with EPS of Rs33.43 in 1HFY23.

The board of directors also declared an interim cash dividend of Rs13.2 per share i.e. 132%. This is in addition to the first interim cash dividend of Rs24.5 per share i.e. 245%, already paid.

During 1HFY24, the auto assembler posted revenue of Rs50.91 billion as compared to Rs86.83 billion in the same period of the previous year, a decline of 41%.

Indus Motor Company posts profit of Rs3.22bn in July-September, 148% higher YoY

However, despite lower revenue, the company managed to post a gross profit of Rs4.72 billion in 1HFY24, as compared to the loss of Rs2.85 billion registered in same period last year, largely due to the lower cost of sales.

This translated into a profit margin of 9% in 1HFY24, as compared to -3% in SPLY.

The company saw its other income reduce 38%, from Rs8.62 billion in 1HFY23 to Rs5.32 billion in 1QFY24.

Indus Motor’s finance cost decreased to Rs62.3 million in 1HFY24, compared to Rs68.7 million in 1HFY23.

Consequently, the automaker’s profit before tax clocked in at R7.35 billion in 1HFY24, as compared to Rs3.76 billion in SPLY, a jump of 96%.

During 1HFY24, the company paid Rs2.4 billion in taxation, as compared to Rs1.1 billion in 1HFY23.

Comments

200 characters
Make in Pakistan Feb 22, 2024 12:12pm
Reduced sales but increase in profit - that clearly translates of overpricing of cars beyond limits! Good job!
thumb_up Recommended (0) reply Reply
Adeel Feb 23, 2024 06:10am
Excellent news
thumb_up Recommended (0) reply Reply