Honda Atlas Cars Announces Increased Dividend and Annual Financial Results

Karachi, Honda Atlas Cars (Pakistan) Limited announced a significant increase in its annual dividend and detailed its financial performance for the fiscal year ending March 31, 2024. According to information available from the Pakistan Stock Exchange (PSX), the Board of Directors, during their meeting in Karachi on May 27, 2024, declared a final cash dividend of 65%, amounting to Rs 6.5 per share. This marks a notable increase from the previous year, where no dividend was declared.

The company reported a gross profit of Rs 4,508,094 thousand for the year, a decrease from Rs 7,161,036 thousand in the previous year. Sales decreased from Rs 95,087,251 thousand in the prior year to Rs 55,071,323 thousand. The profit before taxation stood at Rs 2,752,743 thousand, up from Rs 1,982,648 thousand the previous year, reflecting improved operational efficiency despite lower sales.

Operating costs for the year included Rs 914,883 thousand in distribution and marketing, and Rs 1,479,952 thousand in administrative expenses. The company also faced finance costs of Rs 1,218,996 thousand. Taxation for the year was significantly reduced to Rs 418,848 thousand compared to Rs 1,722,507 thousand in the previous fiscal year, contributing to a net profit of Rs 2,333,895 thousand, compared to just Rs 260,141 thousand the previous year.

The Annual General Meeting is scheduled for June 27, 2024, at Faletti’s Hotel in Lahore. The share transfer books will remain closed from June 17, 2024, to June 27, 2024, for entitlement of the dividend to transferees.