Lahore May 5 2022: . Exports of Millat tractors (MTL) to traditional markets have declined, however company is now exploring new markets globally to achieve a stable growth level, according to company filling to the exchange.
Trade with Afghanistan is still at a standstill, however, MTL is trying to achieve a breakthrough.
Despite the liquidity constraints due to nonpayment of sales tax refunds, Company has managed to achieve sales of 25,866 units during the nine months ended 31st March 2022 as compared to 25,915 units in the comparative period. Revenue from sales has increased to Rs. 38.361 billion from Rs. 31.375 billion in the comparative period, representing an increase of 22%. The EPS for the Nine months ended March 2022 witnessed an increase to Rs. 58.11 in contrast to EPS of Rs. 53.28 in corresponding period last year.
The Russian- Ukraine war has taken its toll by making energy prices dearer and unprecedented inflation levels worldwide. The increased international logistic costs and increase in energy cost has resulted in sharp increase in raw materials price.
The Agriculture sector is expected to continue its growth. The increase in wheat support price will further ease out the farming community to cope with the rising inflation and spend on farm mechanization and accordingly we are optimistic on the tractor led growth.
Millat Tractors Limited is a public limited company and was incorporated in Pakistan in 1964 under the Companies Act, 1913 (now the Companies Act, 2017). The Company is principally engaged in assembling and manufacturing of agricultural tractors, implements and multiapplication products. The Company is also involved in the sale, implementation and support of IFS applications in Pakistan.