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Millat Tractors Reports Huge Profit Increase of 167%
Millat Tractors Limited, the biggest tractor manufacturer in Pakistan, has announced a significant profit of Rs10.64 billion for the financial year ending on June 30, 2024. This is a massive increase of 167% compared to last year’s profit of Rs4 billion.
Key Financial Highlights:
- Revenue Growth:
- The company’s revenue rose to Rs95.02 billion, which is a 101% increase from the previous year. This growth in revenue is largely due to a 62% increase in the number of tractors sold. In total, Millat Tractors sold 30,200 units over the past year.
- Earnings Per Share (EPS):
- Earnings per share also saw a significant boost, reaching Rs55.46. This is up from Rs18.53 in 2023, reflecting the company’s improved profitability.
- Dividend Decision:
- Despite these strong financial results, Millat Tractors has not yet declared any dividends. The company is waiting for approval from the Lahore High Court regarding an ongoing merger between Millat Tractors and Millat Equipment Limited before making any decisions on dividends.
Summary
Millat Tractors’ impressive profit increase and revenue growth demonstrate its strong market performance and success in boosting sales. However, the final decision on dividend payouts is pending due to the ongoing legal review of the merger. The company’s strong financial performance highlights its stability and growth potential in the industry.
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