Hinopak Motors Announces No Dividends and Presents 2024 Financial Results

Karachi, Hinopak Motors Limited has disclosed its financial results for the year ended March 31, 2024, and declared no dividend or bonus shares for the fiscal year. The meeting, held at the company’s registered office in Karachi on June 25, 2024, outlined a decline in profit alongside operational details.

The company reported a total revenue of 7,622,709 thousand rupees for the year 2024, a decrease from 13,185,973 thousand rupees in 2023. The cost of sales also saw a reduction, amounting to 6,714,820 thousand rupees compared to 12,059,366 thousand rupees the previous year, leading to a gross profit of 907,889 thousand rupees, down from 1,126,607 thousand rupees.

Distribution costs were slightly reduced from 405,354 thousand rupees to 398,109 thousand rupees, while administrative expenses increased to 475,733 thousand rupees from 404,480 thousand rupees. Other income for the company stood at 164,521 thousand rupees, a decrease from 204,601 thousand rupees the prior year.

According to information available from the Pakistan Stock Exchange (PSX), the financial performance shows significant variations in profitability indicators. The operating profit was recorded at 202,908 thousand rupees, a steep drop from 516,541 thousand rupees in 2023. This financial year ended with a loss before income tax of 36,405 thousand rupees, a downturn from a profit of 260,689 thousand rupees in 2023. After accounting for income tax expenses, the loss for the year was 131,098 thousand rupees compared to a profit of 16,033 thousand rupees last year.

Other comprehensive income for the year included a gain of 272,093 thousand rupees net of tax, mainly due to revaluations of land and buildings which stood at 262,637 thousand rupees, and a gain on remeasurements of post-employment benefit obligations totaling 31,340 thousand rupees.

The company has also announced that the 39th Annual General Meeting will be held on July 25, 2024. The Share Transfer Books will remain closed from July 18 to July 25, 2024, with all transfers received by the close of business on July 17, 2024, being processed in time for shareholders to attend and vote at the meeting. The annual report will be made available through PUCARS at least 21 days before the meeting.