Indus Motor Company’s profit skyrocketed 152.4% to Rs12.8 billion in the year ended June 30, 2021 owing to a rise in other income and decline in other operating expenses.
According to a notice sent by the company to the Pakistan Stock Exchange (PSX) on Friday, the carmaker had posted a profit of Rs5.1 billion in the previous fiscal year, ie FY20.
Earnings per share of the firm rose from Rs64.66 in fiscal year 2019-20 to Rs163.21 in fiscal year 2020-21.
Alongside the result, Indus Motor also declared an interim cash dividend of Rs36.5 per share, taking the total payout to Rs103.5 for FY21.
During the fiscal year under review, net sales of the automobile company soared 108% and amounted to Rs179.2 billion against Rs86.2 billion in fiscal year 2019-20.
Arif Habib Limited analyst Arsalan Hanif said that the increase in net sales was attributable to the volumetric growth of 102% year-on-year to 57,236 units (Yaris 28,295 units, Corolla 18,355 units, Fortuner 3,543 units and Hilux 7,043 units) in FY21.
Distribution expenses of the firm rose 10.2% to Rs1.6 billion in the year under review. The carmaker had spent Rs1.5 billion under this head in FY20.
Similarly, administrative expenses increased from Rs1.4 billion in FY20 to Rs1.5 billion in FY21.