KARACHI: Indus Motor Company declares Rs 10.18 billion profit after tax for first half of fiscal year 2021-22.
Board of Directors of Indus Motor Company (IMC) met on February 24, 2022 to review, evaluate and announce the company’s financial and operating performance for the half year ending on December 31, 2021, said IMC release here on Friday.
The company’s net sales turnover for the half year ending on Dec. 31, 2021, increased to Rs135.18 billion, as compared to Rs 79.65 billion, for the corresponding period last year, while profit after tax have also increased to Rs10.18 billion as against Rs 4.80 billion, achieved in the same period last year. The net profit for the six months have increased mainly due to higher CKD and CBU volumes and increase in other income due to higher fund size on account of increase in customer advances.
The overall market share of IMC in the overall market stood at approximately 20.4% for the half year ending on Dec. 31, 2021. Moreover, the combined sales of Locally produced vehicles and Completely Built-up Units (CBU) of the company increased by 46.5% to 38,632 units against 26,362 units sold in the same period last year. The first half of the fiscal year has experienced an increase in demand mainly due to economic growth, lower auto financing rates and price reduction of vehicles on account of a reduction in Additional Custom Duty and Federal Excise Duty from July 2021.
In comparison with previous quarter ended September 2021, the quarter ended December 31, 2021 has observed an increase in net sales turnover on account of higher CKD and CBU volumes.