Islamabad September 23 2022: Millat Tractor Limited, the largest tractor manufacturing company of Pakistan, announced cash dividend of Rs 20 per share for the year ended 30th June 2022 and Bonus issue of 20 percent for the shareholders.
The company has already paid dividend of Rs 45 per share and declared bonus issue of 40 percent.
The company reported profit of PKR 4,278 million for the fiscal year 2022 when compared with profit of PKR 9,765 million last year.
Despite the liquidity constraints due to nonpayment of sales tax refunds, Company has managed to achieve sales of 35,005 units during the fiscal year 2022 as compared to 35,527 units in the previous year. Company holds market share of 59 percent.
Revenue from sales has increased to Rs. 55,009 million from Rs. 45,665 million in the pervious year, representing an increase of 21%.
“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 prices. Trade with Afghanistan is still at a standstill, however, your company is trying to achieve a breakthrough.” Says Company Chairman Sikandar Mustafa Khan
About the Company
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.