Indus Motor Company’s profit rose by more than 200% to Rs2.96 billion due to a rise in net sales and other revenue.
According to a notification released to the Pakistan Stock Exchange, the car manufacturer reported a profit of Rs985.8 million during the same time last year.
The company’s earnings per share for October-December 2020 will be Rs37.60, an improvement from the same quarter of 2019, when the earnings per share was Rs12.54.
The company also declared an interim cash dividend of Rs25 per share, resulting in a cumulative cash dividend of Rs37 per share for the first half of the fiscal year 2020-21. Net sales grew by 106% between October-December 2019 and October-December 2020, as the net sales increased from Rs22.1 billion in October-December 2019 to Rs45.5 billion in October-December 2020.
Arsalan Hanif of Arif Habib Limited said that the year-on-year topline jump was mainly due to a 93% increase in car sales in 2QFY211 (14,424 units against 7,468 units in 2QFY20).