Indus Motor Announces Strong Financial Performance and Substantial Dividend Increase

Karachi: The Board of Directors of Indus Motor Company Limited, in their meeting conducted in Karachi and through video conferencing on August 30, 2024, unveiled the audited financial results for the fiscal year ending June 30, 2024. The company reported a substantial growth in net profit, attributing the successful year to robust revenue streams and effective cost management.

The year witnessed Indus Motor achieving a gross revenue of Rs. 152.48 billion, a slight decrease from the previous year’s Rs. 177.71 billion. Despite the revenue dip, the company significantly improved its profitability, with the gross profit climbing to Rs. 19.38 billion from Rs. 7.93 billion in 2023. This was largely due to a reduction in cost of sales, which amounted to Rs. 133.10 billion, down from Rs. 169.78 billion last year.

The net profit from operations for the year stood impressively at Rs. 9.84 billion, compared to Rs. 2.76 billion in 2023. This boost in operational efficiency is reflected in the earnings per share, which escalated to Rs. 191.76 from Rs. 122.96 year-over-year.

According to information available from the Pakistan Stock Exchange (PSX), Indus Motor announced a final cash dividend of Rs. 43 per share, translating to 430% for the concluded fiscal year. This final dividend comes in addition to the interim dividend already paid at Rs. 71.70 per share or 717%, bringing the total dividend for the year to an unprecedented 1147%, or Rs. 114.70 per share.

Other significant financial undertakings included the workers’ profit participation and welfare fund, which saw an allocation of Rs. 1.18 billion. The company also reported finance costs at Rs. 170.29 million, an increase from the previous year’s Rs. 140.73 million.

The Annual General Meeting (AGM) of Indus Motor is scheduled for October 3, 2024, in Karachi and through video conferencing. The company has announced the closure of share transfer books from September 27 to October 3, 2024, with September 26 as the cutoff date for dividend eligibility.

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