Karachi, August 28, 2023 – Indus Motor Company Limited, Pakistan’s automotive manufacturers of Toyota cars, has announced a substantial 39% decline in profit after tax, reporting PKR 9.66 billion for the fiscal year ended June 30, 2023. This figure marks a significant decrease from the previous year’s profit after tax of PKR 15.80 billion.
The company’s financial results were disclosed to the Pakistan Stock Exchange (PSX) on Monday, revealing the stark contrast in performance between fiscal years. Earnings per share (EPS) for the year ending June 30, 2023, fell to PKR 122.96, down from PKR 201.04 in the previous year.
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The board of directors of Indus Motor convened on August 25, 2023, and proposed a final cash dividend for the year ending June 30, 2023, at PKR 29 per share. This dividend is in addition to the combined interim cash dividend already disbursed at PKR 42.80 per share. Consequently, the total dividend for the financial year 2022-23 will amount to PKR 71.80 per share.
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The company’s financial report also indicated that revenue for the year under review was PKR 177.71 billion, a notable decrease from PKR 275.50 billion in the preceding year. Similarly, the cost of sales decreased to PKR 169.78 billion compared to PKR 257.10 billion, resulting in a substantial decline in gross profit to PKR 7.93 billion for the fiscal year 2022-23, down from PKR 18.40 billion in the previous fiscal year.
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Expenses, including distribution, administrative, and others, were recorded at PKR 4.49 billion for the year ending June 30, 2023, compared to PKR 4.53 billion in the preceding year.
However, net profit from operations and other income showed an increase, reaching PKR 14.18 billion for the year under review, compared to PKR 12.93 billion in the preceding year.
Indus Motor Company Limited also paid PKR 7.13 billion in income tax for the fiscal year ending June 30, 2023, a decrease from the PKR 9.65 billion paid in the previous fiscal year.
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These financial results reflect the challenges and changes faced by Indus Motor Company Limited in the automotive industry for the fiscal year 2022-23.
