Karachi: Indus Motor Company Limited (IMC), announced its financial results for the year ended June 30, 2024. The Company\u2019s net sales turnover for the year ended June 30, 2024, decreased by 14% to Rs. 152.48 billion, as compared to Rs. 177.71 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\u2019s first locally manufactured Hybrid Electric Vehicle (HEV) with the highest-ever localized content, which have also contributed to the positive results. News Desk
\nReturn on deposits\/ investments continues to remain a sizeable part of the company\u2019s profits, owing to higher interest rates.
\nAli Asghar Jamali, Chief Executive Officer of IMC, stated, \u201cThis 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.\u201d
\nThe CEO further expressed, \u201cConsistent 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 \u2018Make in Pakistan\u2019 initiative.\u201d
\nWe urge the government to create a supportive environment that fosters growth and localization within the automotive sector. Key measures include enabling the industry to operate at full manufacturing capacity and implementing tax reductions to improve affordability of products and also safeguarding the jobs of over 2.5 million, direct and indirect workers in the auto sector.
\nBased 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.<\/p>\n","protected":false},"excerpt":{"rendered":"
Karachi: Indus Motor Company Limited (IMC), announced its financial results for the year ended June 30, 2024. The Company\u2019s net sales turnover for the year ended June 30, 2024, decreased by 14% to Rs. 152.48 billion, as compared to Rs. 177.71 billion in the last year, due to decline in sales volumes. Despite of challenging […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-428695","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n