Millat Tractors Limited Reports Doubling of Revenue in 2024 Amid Pending Merger

Lahore: Millat Tractors Limited (MTL) disclosed robust financial results for the fiscal year ended June 30, 2024, with a significant surge in revenue and profits, as discussed during their board meeting on September 09, 2024.

According to information available from the Pakistan Stock Exchange (PSX), the company’s revenue from contracts with customers rose to Rs. 91.51 billion in 2024, up from Rs. 44.19 billion in 2023, marking a doubling of its sales figures. The cost of sales also increased proportionately, with the gross profit for the year amounting to Rs. 20.65 billion compared to Rs. 8.84 billion in the previous year.

Despite robust earnings, MTL declared no cash dividend for the year, citing restrictions under the pending merger scheme with Millat Equipment Limited (MEL), as previously announced. The merger is awaiting approval from the Lahore High Court, which has temporarily restrained MTL from any dividend payouts beyond the Rs. 25.00 per share interim dividend disbursed earlier.

The profit after tax soared to Rs. 9.92 billion in 2024 from Rs. 3.38 billion in 2023, with basic and diluted earnings per share escalating dramatically to Rs. 51.70 from Rs. 17.61. This financial uplift reflects significant operational efficiency and market gains amid challenging economic conditions.

The consolidated financial statements revealed even greater gains, with total revenue reaching Rs. 95.02 billion and a consolidated gross profit of Rs. 23.97 billion. After accounting for distribution, marketing, and other expenses, the consolidated profit before income taxes stood at Rs. 17.99 billion, compared to Rs. 5.84 billion the previous year.

The company’s Annual General Meeting is scheduled for October 18, 2024, in Lahore, with the Share Transfer Books remaining closed from October 11, 2024, to October 18, 2024. The annual report will be transmitted through PUCARS at least 21 days prior to the AGM to ensure shareholder preparedness and transparency.

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