Sazgar Engineering Works Limited Announces Land Purchase and Financial Results

Karachi, Sazgar Engineering Works Limited, a leading manufacturer in the automotive industry, has disclosed significant developments in its business operations and financial performance as of January 31, 2024. The Board of Directors has approved the purchase of a 20-kanal piece of land adjacent to the company’s four-wheeler project, valuing approximately Rs. 165 million, subject to actual land measurement. The Chief Executive has been authorized to negotiate and finalize the terms and conditions to complete this strategic acquisition.

In addition to the land purchase, Sazgar Engineering Works Limited has also released its un-audited financial statements for the second quarter and half-year ended December 31, 2023. The company reported a net sales revenue of Rs. 6,486,070,514 for the quarter, a significant increase from Rs. 3,244,587,255 in the corresponding quarter of 2022. The cost of sales was Rs. 4,878,460,494, leading to a gross profit of Rs. 1,607,610,020.

The distribution and marketing costs, administrative expenses, and other operating expenses totaled Rs. 442,291,547, resulting in an operating profit before finance cost of Rs. 1,272,174,874. After accounting for finance costs of Rs. 35,798,310, the profit before taxation stood at Rs. 1,236,376,564. The company posted a profit after taxation of Rs. 755,793,701, translating to earnings per share of Rs. 12.50, a substantial increase from Rs. 1.13 in the same quarter of the previous year.

These financial results and strategic land acquisition reflect Sazgar Engineering Works Limited’s robust growth trajectory and commitment to expanding its operational capabilities. The company’s performance highlights its resilience and strategic planning in navigating the dynamic automotive market.