KARACHI: The Board of Directors of Indus Motor Company Limited (IMC) released its financial results for the quarter and nine months ended March 31, 2021.
The company’s combined sales of Complete Knocked Down (CKD) and Complete Built-up (CBU) units for the quarter ended March 31, 2021, increased by 48.3 per cent to 16,626 units as against 11,209 units sold in the same quarter last year.
Moreover, sales for the nine month period ended March 31, 2021, increased by 67.5 percent to 42,988 units as against 25,662 units sold in the same period last year.
The net sales turnover during this period ended increased by 73 per cent to Rs131.16billion as compared to Rs75.83bn in the same period last year, while profit after tax also increased by 69 per cent to Rs8.42bn, as against Rs4.98bn achieved in the same period last year.
The increase in turnover and profitability for the nine month period was mainly due to higher sales volume and an increase in other income. The gross profit margin declined to 8.2 per cent against 10.3 per cent in the same period last year, mainly on account of an increase in material cost.
Expressing his views, CEO IMC, Ali Asghar Jamali, said, “I am glad to see that business is returning to some state of normalcy. In fact, March 2021 saw the highest ever production levels at IMC, as a consequence of marked improvements in the global supply chain.”
He further added, “IMC has always emphasized the ‘Make in Pakistan’ approach and appreciates the government’s efforts to promote this policy. We request the government to draw up the new Auto Policy 2021 – 2026 that encourages incentives to promote Hybrid Electric Vehicle (HEV) technology in addition to incentives currently offered for electric vehicles, as well as localization that generates employment not only for OEMs, but for auto parts-makers as well.”
The company’s Board of Directors declared an interim cash dividend of Rs30 per share for the quarter, thus making the total dividend for the nine months ended March 31, 2021, Rs67 per share.
