Lahore October 8 2021: Tractor sales are expected to retain the same trajectory in upcoming fiscal year provided rupee devaluation, pace of vaccination against COVID-19, success in managing the avoidance of lockdown and other economic indicators move along the predicted path as per the expectation of management of Millat Tractors Limited.
With recent approval of budget for 2021-2022, it is expected that tractor sales will increase to meet the growth targets set by the Government says company’s Chief Financial Officer Syed Muhammad Irfan Aqueel
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Remittances Recorded At USD 2.7 Billion During September: SBP
The stock gained 26.7 percent during the period of one year as per data provided by Pakistan Stock Exchange
The country’s economy has shown strong recovery spurred by the measures adopted by the Government to help the economy in lessening the negative impact of the pandemic. Current Account Deficit had reduced significantly, which is lowest in 10 years and Foreign exchange reserves of State Bank of Pakistan has reached to level of 18 Billion USD as reported by SBP. Moreover, the ongoing vaccination drive has managed to curtail the harsh lockdown conditions the like of which was imposed in March 2020, which hamper the economic activity.
Resultantly, overall tractor sales of the company increased by 72 percent to 35,515 units as compared to 20,707 units sold last year. This has been achievable due to efforts of the employees, dealers, vendors and every stakeholder involved despite the ongoing pandemic of COVID-19. Gross profit margin increased significantly by 260 basis points due to increase in sales volume.
Net profit for the period stood at 13.1 percent of sales versus 9.37 percent in previous year. The increase is due to significant increase in sales revenue, other income and considerable decrease in finance cost for the year.