Karachi, April 2019: IMC has won ‘Outstanding Customer Service Excellence Award’ in CSEA 2018. The company has been participating in this program for the last 11 years and has bagged this prestigious Gold Title for the first time. This program is hosted every year by Toyota Motor Corporation, Japan and all affiliates of Toyota world i.e. Thailand, Taiwan, Indonesia etc. participate in it and strive towards one common objective of providing better customer service, to become the most admired automotive brand in its territory.

Through CSEA, IMC has improved the efficiency of its aftersales and CR operations and have created numerous Customer Engagement touch points. Commenting on the victory, IMC Chief Executive Officer, Ali Asghar Jamali said, “I and all my colleagues at IMC are delighted that our company has been awarded the Gold Award in Customer Service Excellence Award Program (CSEA). I congratulate all those who are responsible for this great success. Through CSEA, we have taken numerous initiatives to engage our customers and create value for them. And we will keep on sustaining these standards to achieve the highest level of Customer Delight”.

We wish to achieve greater success in order to take IMC forward in the future.

Karachi, April 26, 2019: The Quarterly Board Meeting of Indus Motor Company Ltd. for the quarter and nine months ended 31^st March FY 2018-19 was held on April 26, 2019.

The company’s combined sales of CKD & CBU vehicles for the nine months period ended March 31, 2019, increased by 7%, to 50,181 units as against 47,103 units sold for the same period last year. Accordingly, the market share stood at 27% of the locally manufactured PC & LCV vehicles for the nine months period.

The company’s net sales turnover for the nine months ended March 31, 2019 increased by 18% to Rs. 117.98 billion as compared to Rs. 99.83 billion for the same period last year, while profit after tax decreased by 12% to Rs. 10.26 billion as against Rs. 11.64 billion achieved for the same period last year. The overall revenue mainly increased due to improved volumes of Toyota Corolla, whereas, the net profit declined mainly on account of rise in input costs due to depreciation of PKR against USD and JPY.

Commenting on the performance, Mr. Ali Asghar Jamali, CEO, Indus Motor Company, said that the recent imposition of 10% FED has drastically reduced the sales volumes of 1700cc and above vehicles. This needs to be revisited by the Government in order to attain sustainable volumes for the sector, that will not only support the auto sector but will also result in higher overall revenue to the Government.

The Board of Directors declared third interim cash dividend of Rs. 30 per share for the quarter ended March 31, 2019 which, on cumulative basis, adds up to Rs. 87.5 per share for the nine months ended March 31, 2019 as compared to Rs. 95 per share for the same period last year.

The Company has extended the warranty period from 2 year or 50,000 km to 3 years or 100,000 km, for all CKD and CBU products in line with its commitment to the ‘Customer First’ philosophy.

During the quarter, Indus Motor Company won the 34th Corporate Excellence Award from the Management Association of Pakistan for the Industrial Awards Category, the Global SAP Innovation Award in the category of Process Innovator along with the Corporate Social Responsibility Award in the category of Sustainable Initiatives by National Forum for Environment and Health.

Karachi, April 11, 2019:   Indus Motor Company (IMC) has been awarded with the Management Association of Pakistan’s (MAP) Corporate Excellence Award 2018 in the “Overall Industrial Category” for demonstrating excellence in corporate management during the year 2018.

This is the 34^th MAP Corporate Excellence Awards, aimed at acknowledging and honouring companies that exhibit outstanding performance and demonstrating progressive management practices.

IMC is one of the largest car manufacturers in Pakistan and one of the biggest tax contributors. Consecutive to last year, this is the 4^th time IMC has won top ranked Corporate Excellence Award in overall industrial category. In the past, it has won the Corporate Excellence Awards several times in the category of Automobile & Parts.

Mr Ali Asghar Jamali, CEO of IMC said, “we are thrilled to receive this recognition once again for our industrial practices that are outcome of the collective efforts of our management and team members”. He further added, “We truly believe that providing a valuable service to our customer begins with creating an atmosphere where employees are genuinely happy and excited about where they work and what they do.”

This private racing track was surrounded by mountains along with a 11km track with a 100% visibility which made it a treat for the audience to watch Toyota Hilux, Toyota Landcruiser, Toyota Fortuners and many others in action. Hub Rally has garnered a lot of attention as more female rally drivers, sports stars, and celebrities joined the event. This event was based on following four categories;

Fast Fun Fest activity for Customers, Media, Television and Sports celebrities
Female Stock category competition for Amateurs
Male Stock Category for Amateurs
Race of Prepared Category

The Hub Rally 2019 results are as follows:

KARACHI, January 8, 2019: The Global Compact Network Pakistan (GCNP) has conferred the second prize of Business Sustainability Award 2018 to Indus Motor Company (IMC) in the category of Multinational Companies. This prestigious award is granted in recognition of integrating the ten principles of United Nations Global Compact (UNGC) and for embracing the Sustainable Development Goals (SDGs).
 
Winning this prestigious award fourth time in a row signifies IMC’s continuous commitment towards its objective of enhancing quality of life and contributing towards a healthier future in complete alignment with UN’s SDGs. Hence, the company places the highest priority on good governance, steering the management and employees to follow strict procedural controls, regular audits and disclosures to ensure transparency, work through clear management lines and respect labor laws to provide an equitable environment for all staff. The company promotes environmental conservation by adhering to best operational practices and maintaining strict health and safety standards.
 
Sharing his views on the occasion, Ali Asghar Jamali, Chief Executive Officer, IMC, said, “We are honored to be recognized by GCNP for our dedication to maintain best practices across our business operations. The acknowledgement not only motivates us further to continue our mission in line with UNGC principles but also maximize our support to SDGs.

He further expressed, “In today’s business world, sustainable movement is gaining traction worldwide among governments and businesses, which is not only good for the environment and the communities they operate in, but beneficial to the bottom line as well.”

Indus Motor Company (IMC) has won the Consumer Choice Awards for Corolla and Fortuner as Best Car and the Best Four Wheel Drive of 2018 respectively.

The ceremony was held in Karachi where Mr. Sardar Masood Khan, President of Azad Kashmir and Mr. Khalid Maqbool Siddiqui, the Federal Minister for Information Technology and Telecommunication presented the award.

CEO IMC Ali Asghar Jamali said, “These awards are the recognition of our vision to facilitate and make Pakistani auto industry one of the best manufacturers in the world. Our commitment towards quality, technology and innovations along with best services to consumers led us to it.”

Consumers Choice Awards are awarded every year to those consumers’ friendly companies, traders and organizations who offer their products and services in the best interest of Pakistani Consumers.

The company also announced PKR 3.3 Billion new investment to enhance its vehicle manufacturing productivity, resulting in capacity increase to 76,000 units per annum.

Karachi, August 28, 2018: The Board of Directors of Indus Motor Company (IMC) Ltd. met on August 28, 2018 to review the company’s financial and operating performance for the year ended June 30, 2018.

The company posted net sales revenue of Rs. 140.2 billion, up by 25% as compared to Rs. 112.27 billion last year, while profit after tax grew by 21% to 15.8 billion from Rs. 13 billion posted last year and profit before tax grew by 20% from Rs. 19.1 billion last year to Rs. 23 billion in the year ended.

The overall increase in the revenue and net profits is attributed to higher sales volume on account of the launch of new models, change in sales mix and higher other income owed to increase in fund size. Demand momentum for automobiles remained solid throughout the period, due to increased spending power, despite rising fuel prices and accessibility to reasonably priced auto financing.

The company operated its manufacturing facilities beyond capacity working daily in overtime hours and off Saturdays to produce 62,886 units, up by 5% compared to 59,945 units last year.

Keeping in view the sustained growth in demand year on year, the Board of Directors approved a new investment of PKR 3.3 Billon to further enhance vehicle manufacturing productivity, which is expected to result in capacity increase to 76,000 units per annum by 2020-21. This plan will take the overall investment by the company to around PKR 7 Billion on improvement of production volumes.

Ali Asghar Jamali, CEO Indus Motor Company said, “We are committed to the Pakistani market and to our loyal customers who have shown great trust in our products year on year. We are delighted to announce a new investment of PKR 3.3 billion to further enhance annual manufacturing productivity, resulting in increased capacity to 76,000 units”

The combined sales of Toyota CKD and CBU vehicles stood at 64,000 units, up by 5.7% compared to 60,586 units in the previous year. In spite of the increased volume, IMC’s market share declined from 28% to 24%, mainly due to overall market expansion and growth.

In August 2017, the Company launched Toyota Corolla Big Minor Model Change consisting best-in-class safety and luxury features, which kept the demand strong for the flagship vehicle. The sales for Toyota Corolla stood at 51,412 units for the period, down by 2.4%, compared to 52,676 units last year.

Toyota Hilux was launched in February 2018, with minor improvements and with advanced features aimed at luxury and a superior off-road performance. The combined sales of Hilux LCVs grew 27.5% to 7470 units compared to 5860 units sold during the same period last year.

In March 2018, Toyota Fortuner underwent a minor model change with cutting-edge features and another variant of diesel engine was launched. This resulted in increased sales of 4186 units, up 204% compared to 1375 units last year. Camry Hybrid Vehicle was also an addition to the product line-up this year.

Based on the results, the Board of Directors announced a final dividend of PKR 45 per share, making the annual dividend for the year PKR 140 per share. During the year, the Company contributed a sum of Rs. 48 billion to the national exchequer, which amounts to about 1% of the total revenue collection by the Government of Pakistan for the year.

Karachi, August 15: Indus Motor Company conducted a 5S beach cleaning drive at sea view Karachi after Independence Day’s celebration. 5S is a Toyota philosophy which contains 5 principles, all of which revolve around ensuring a clean, neat and organized work space to maximize efficiency. Employees volunteered to apply the 5S concept to garbage fallen on the beach post-independence day celebrations.

CEO IMC Ali Asghar Jamali said that “The key is not to collect garbage but to dispose it responsibly.” He also said that “The idea behind the drive is to share this Toyota practice with the community as well so that more people can benefit. At the moment, waste management is one of the biggest issues in Pakistan and especially in Karachi. IMC, being a socially responsible corporate citizen and firm believer in the Sustainable Development Goals, has taken up the challenge of making Karachi a sustainable city. “

Lahore, 28^th June 2018: National Award of the 12^th Toyota Dream Art Contest held today to announce 36 winners who will have a chance to compete in World Contest in Japan.

Toyota Dream Car Art Contest is a global initiative organized annually by Toyota Motor Corporation (TMC), Japan. The contest, held in around 80 countries across the globe, welcomes children under 16 years of age who are encouraged to bring their imagination in creating dream cars in the form of art. Pakistan has celebrated its victory as Global Winner twice in past years.

Children are broadly divided into 3 categories as per age. Additionally, the contest has a special “Royal” category to encourage differently-abled children as well.

CEO Indus Motor Company Mr. Ali Asghar Jamali said, “Pakistani children are immensely gifted and so is our nation. It is very unfortunate that we do not have sufficient platforms to bring this talent out to its full extent. Dream Art Car Contest is focused on showcasing the talent of Pakistani children to the world. Indus Motor Company has been arranging this contest for the last 6 years and this competition is getting bigger and better every year. This time around, we extended our circle and reached 1,147 schools across Pakistan. Total number of artworks received this year was around 38,000, placing Pakistan in the 3^rd position in the world to have received the highest number of drawings,” he added.

“In the future, there is nothing cars can’t do. Cars will not only remain the mode of transportation but will become a resource to help people in need, conserve energy, save endangered species and they will continue to provide entertainment. These are the visions for cars of the young artists and national champions of Toyota Dream Car Art Contest,” said Ms. Meher Afroz, member of jury.

The National winners of the Under 8 Years category were

(Gold Award: Umamah Asif, Silver Award: Seemal, Bronze Award: Syed Wali Zaidi).

The National winners of the 8 to 11 Years category were

(Gold Award: Amna Tassaduq, Silver Award: Muhammad Yousuf, Bronze Award: Halima Sadia).

The National winners of the 11 to 15 Years category were

(Gold Award: Moosa Satti, Silver Award: Sufiyan Salman, Bronze Award: Laraib Zainab).

The National winners in “Royal” category were

(Gold Award: Umais Rasheed, Silver Award: Hira Arslan, Bronze Award: Arsalan Bin Ayub).

Team of Indus Motor Company (IMC) wins 4 medals, at “Asia Pacific Skill Contest 2018” in Thailand, defeating India, among other countries.

Asia Pacific Skill Contest is an annual competition, hosted by Toyota Global. This year’s contest, attracted at least 146 contestants, from 12 Toyota affiliated companies of 8 countries in Asia Pacific including IMC (16 members) from Pakistan who displayed their skills and talents on the international platform.

The competing IMC Teams bagged four medals this year, including: In the category of Team Leader: The Bronze Medal was won by Rahatullah of Paint Shop and Yasir Hussain Shah of Assembly Shop. In the Team Member Category, Haseebullah of Assembly Shop earned the Silver medal. And in the Group Leader Category, Zohaib Mehmood of Assembly Shop won the Gold Medal.

CEO IMC Ali Asghar Jamali said “This is really a big achievement for our country at the international level that shows the acumen, training level and talent of our team members, making Pakistan a star in auto industry of the region. Once again we reiterate our commitment for best services and unmatched quality to the customers and will work further for improvement of performance of our people”

Karachi: Indus Motor Company (IMC) has been awarded with the Management Association of Pakistan’s (MAP) Corporate Excellence Award in the “Industrial Category” for demonstrating excellence in corporate management during the year 2017.

This is the 33rd MAP Corporate Excellence awards, aimed at acknowledging and honoring companies that exhibit outstanding performance and demonstrate progressive management practices. This year onwards, the award in the Industrial category is being named as the Amir S. Chinoy Corporate Excellence Award, to recognize the contributions made by Mr. Amir S. Chinoy towards Management Association of Pakistan.

IMC is one of the largest car manufacturers in Pakistan and one of the biggest tax contributors. This is the 3rd time IMC has won top ranked Corporate Excellence Award in overall industrial category. In the past, it has won the Corporate Excellence Awards several times in the category of sectors of Automobile & Parts.

CEO IMC Mr. Ali Asghar Jamali said, “This award is a testament to the collective efforts of our management and workers that are upholding the best industrial practices and team values for years which is resulting in continuous improvement of our processes and products. I would like to congratulate IMC family and hope that they keep the improvement process going to let the company set much higher standards for itself and its peers,” he added.

Karachi, March 02, 2018: The United Nations Global Compact (UNGC) Network Pakistan has granted the first prize of Business Sustainability Award 2017 to Indus Motor Company (IMC) in the category of Multinational Companies. This award is in recognition of the best practices adopted by the company in embracing Sustainable Development Goals (SDGs) and integrating the 10 principles of UNGC.

This is not the first time the Company has received an award from UNGC. In the past, Indus Motor Company was awarded “Living the Global Compact Business Excellence Awards” consecutively two years in recognition of its best practices in embracing and integrating the 10 principles of UNGC.

Expressing his views on the occasion, Ali Asghar Jamali, Chief Executive Officer, Indus Motor Company said, “We are honoured to be recognized by UNGC for the third time which not only motivates us further to continue our mission in line with UNGC principles but also maximize our support to SDGs.”

“Indus Motor Company (IMC) sources 126 million local parts every working day and if you touch the Corolla, there is a 90% chance that you are touching a locally manufactured part.”
This was stated by Tariq Ahmed Khan, Sr. Director of IMC while speaking at Pakistan Auto Parts Show (PAPS).

“The true growth of the industry lies in self-reliance and localization and as an auto manufacturer based in Pakistan, our vision is to make for Pakistan, in Pakistan and with Pakistan,” Tariq added

IMC is the platinum sponsor of the annual auto parts show organized by Pakistan Association of Auto Parts and Accessories Manufacturers (PAAPAM), which is being held in Lahore this year from 2nd March to 4th March 2018.

“The contribution of the auto industry to the economy of Pakistan can not be underestimated as Indus Motor Company (IMC), alone contributes 1% of the total revenue collection by the National Exchequer,” he added.

“According to an independent research conducted in Pakistan, the automotive market demand is expected to reach 500,000 units by 2025. However, if the current trend of growth continues, we will cross this mark much earlier,” said Tariq.

“Under ADP 16-21, new employment opportunities will be created and we are hopeful that this policy will generate employment for roughly 4 million people in Pakistan,” he added.

He said that IMC is working to the best of its capabilities to realize the ADP 16-21 vision but to achieve this vision, a vibrant domestic manufacturing industry is needed along with conducive economic conditions and stable policies.

“The increasing trade deficit coupled with pressures on the Pak Rupee, point towards a difficult time for local manufacturers in Pakistan. Rising fuel prices as well as regulatory duties do not make the situation any better,” he added.

He said that as part of our vision to develop Pakistan’s local automotive industry, we warmly welcome the new players with the hope and expect that they will play their part in localizing critical vehicle components and drive growth in the local industry, generating employment opportunities for thousands and contributing significantly to the GDP of Pakistan.

He congratulated Paapam on organizing PAPS and said that this has now become a great event in Pakistan assisting local vendors as they provide a platform to stimulate investments.

The Half Yearly Board Meeting of Indus Motor Company Ltd. for FY 2017-18 was held on February 23rd , 2018.

The combined sales of IMC CKD and CBU for the half year ended December 31, 2017 was 30,651 units, up 6% over 28,833 units for the same period last year. The company’s sales revenue increased to Rs. 63.3 billion from Rs. 51.4 billion for the same period last year, with an after tax profit of Rs. 7.36 billion, against Rs. 6.07 billion achieved in the same period last year. The increase in revenues and profits is mainly due to improved turnover of both CKD and CBU vehicles against the same period last year, along with improvement in operational efficiencies and sales mix.

An interim cash dividend of Rs. 32.5 per share was announced for the half-year ended December 31,2017, as against same period last year of Rs. 25 per share.

Mr. Ali Asghar Jamali, CEO Indus Motor Company, commenting on the occasion, said that demand for automobiles remained robust throughout the period, stemming from the favourable macroeconomic indicators, positive consumer sentiment and the availability of consumer credit. Industry-wide sales of locally manufactured PCs/LCVs stood at 124,138 units during the first half of FY 2017-18, up 27% from 97,533 units sold during the same period last year. The import of used cars has increased significantly to 44,760 units for six months, as against 24,100 units last year for same period.

The abrupt and significant depreciation in the rupee towards the end of first half of the year, has increased the cost of imported inputs by the company and its vendors. This ultimately forced the company to regretfully pass on certain impact to the customers in terms of price increase of vehicles.

During the period, the company achieved the milestone of production of 750,000 vehicles since its inception. In December 2017, the company showcased its Camry Hybrid Vehicle, a luxury sedan with a powerful shape and captivating style, to key customers. A multi-billion rupee investment is being made in the paint shop to increase production capacity, which is expected to yield results starting from the last quarter of this financial year.

Indus Motor Company (IMC) initiated a Clean-drive campaign across the city of Karachi in partnership with Society for I Am Karachi (IAK). Spread over 4 months, the drive aims not only to clean Karachi but to bring citizens together to foster a sense of civic responsibility, ownership and unity among the Karachi-ites for keeping their city clean and litter-free.

The drive was initiated in an opening ceremony from the Umair Memorial Football Ground in Steel Town which was attended by members of IMC, IAK, civil society, and the local community.
The spirit shared by IMC at the ceremony was one that goes beyond producing cars. IMC believes in playing a leading role in owning the cities of Pakistan and partnering with local communities to make our cities better, cleaner and vibrant places to live.

Through this clean drive, IMC aims to share its Toyota philosophies that have made the company successful, with the local communities. One such concept is the 5S principle. These principles and concepts can be applied by citizens to every task that they do to become more efficient and deliver quality results while maintaining cleanliness and becoming more organized.

In his address, Feroz Khan, Executive Committee Member, Society for I Am Karachi, said the Society is a city-wide platform that aims to create a counter-narrative message of hope, pride and ownership against the current backdrop that is replete with extremism and despondency by uniting all groups belonging to Karachi and embracing the Toyota 5S principles to make a difference.

The campaign entails a series of awareness and mobilization sessions in which the organizers will visit different communities, towns, schools, colleges and vocational institutes to engage citizens in a meaningful way. These awareness sessions will help develop a sense of cooperation and ownership among the communities in promoting and maintaining cleanliness in their respective areas and in their neighborhoods.

Pakistan’s premier motorsports event Cholistan Desert Jeep Rally, organized by Tourism Development Corporation of Punjab, is commencing from 15th to 18th February.

Event will be sponsored by Indus Motor Company for the fourth consecutive time. MoU has been signed between Indus Motor Company (IMC) and TDCP here in Lahore for same.

Around 9 foreigners from Gulf countries and Thailand, in addition to about 100 local drivers, are expected to take part in the event this year. The rally’s 450 km long track will be divided into two loops.

CEO IMC, Ali Asghar Jamali said ‘IMC is playing a vital part in promoting motorsports in Pakistan and sponsoring Cholistan Jeep Rally is the testimony of our commitment. This is perfectly in line with Toyota’s sporting spirit of adventure and excitement. Platforms like these offer a unique opportunity to the Motorsports enthusiasts of the country to showcase their talent. This also gives an opportunity to test the durability and reliability of our vehicles on various terrains. We feel immense proud that over years, Toyota vehicles have become the preferred choice for many rally drivers.

The qualifying rounds will be held on the 15th Feb and final race is set to take place from 16th to 18th. There will be 2 categories based on engine capacity.

Release date: September 2017

The Quarterly Board Meeting of Indus Motor Company Ltd. for the first Quarter of FY 17-18 was held on October 27, 2017. The company’s financial and operating performance for the three months ended September 30, 2017 was reviewed.

The sales of Indus Motor Company for the quarter ended September 30, 2017 were 15,354 units, which is an improvement compared to figures of the same period last year which were 14,542 units. Production increased from 14,851 units in the same period last year to 14,971 units in this three month period. The company’s sales revenue increased to Rs 31.2 billion, up 21% over Rs. 25.8 billion, with the after tax profit of Rs 3.6 billion, as compared to Rs 3 billion achieved during the quarter ended September 30, 2017.

An interim cash dividend of Rs 30 per share was paid. The interim dividend paid for the same period last year was Rs 25 per share.

Mr. Ali Asghar Jamali, CEO Indus Motor Company, commenting on the occasion mentioned that demand for automobiles remained robust throughout the first quarter, stemming from the favorable macroeconomic indicators, positive consumer sentiment and the availability of consumer credit.  Nationwide sales of locally assembled passenger cars (PCs) and light commercial vehicles (LCV) over the last three months increased by 27% to 60,469 units from 47,645 units sold in the first quarter of 2016-2017.

In spite of the three year age limit, there has been an increase in the import of used cars and they still continue to impede growth of the auto industry. In fact, this number has been the highest in history at 23,854 units against 12,424 units in the same period last year.

A multi billion rupee investment in plant capacity enhancement is underway which will yield increased production capacity as compared to previous years.

In the month of August 2017, the company launched Toyota Corolla Big Minor Model Change with Best-in-Class safety and luxury features.

Release date: April 2017

A meeting of the board of directors of Indus Motor Company Limited was held on April 24, 2017.

On the basis of un-audited accounts of the company for the nine months and quarter ended March 31, 2017, the company declared a profit after tax of Rs 10.2 billion as against Rs 8.8 billion achieved for the same period last year.

According to CEO Indus Motor Ali Asghar Jamali, “The combined sales of CKD and CBU for the nine months period ended March 2017, was down 4pc, to 46,216 units against 48,004 units sold in the same period last year.  The reduction in production quantity was primarily due to the modification of our production facility for the introduction of two completely new models of the Fortuner and Hilux Revo, and some challenges faced in operational efficiency due to prolonged and sustained overtime and some electricity breakdowns.  We were, however, able to maintain our market share at 27pc.”

Based on these results, the Board of Directors (BoD) declared the third interim dividend of Rs 30 per share for the quarter ended March 2017 which, on cumulative basis, added up to Rs 80 per share compared to Rs 60 per share for the same period last year.

The company’s net sales revenues for the nine months ended March 2017 increased by 6pc to Rs 84.3 billion, as compared to Rs 79.7 billion for the same period last year.

Release date: 1^st March

Indus Motor Company (IMC), the manufacturer and distributor of Toyota vehicles announced today that it will be a diamond sponsor for the Pakistan Auto Show 2017 being held at Expo Center Karachi from 3rd March 2017.

The Pakistan Auto Show 2017 is the premier trade exhibition for the rapidly developing automotive market in Pakistan. The show is the country’s largest gathering of leading OEMs, auto parts manufacturers and service providers from all over the country and draws over 20,000 visitors every year who wants to interact with their most favorite automotive brands operating in the country.

Mr. Ali Asghar Jamali, CEO IMC, while commenting on the Company’s participation in Pakistan Auto Show mentioned that,

“IMC has always played a leading role in the development of local auto industry by bringing cutting edge technologies and knowledge in Pakistan through technical assistance agreements with global part makers. The process has not only resulted in creating thousands of highly skilled jobs for the talented youth of the country, it has also contributed immensely for the economic development of the nation. I am excited for us to be formally supporting Pakistan Auto Show 2017 – which is all about showcasing the capability of our local auto industry.

He further added that, post introduction of the new Auto Policy, many new players are set to enter Pakistan Market which is exciting news as this spells more choices for customer and a good opportunity for local parts manufacturers to expand and invest in new capacity and capability.

IMC will have its Diamond Booth in Hall 6 this year where it will be showcasing the recently unveiled Toyota Fortuner SUV and the all new Hilux Revo Pickup which has received an overwhelming response from the local market. IMC would also put on display a Cut Body of the locally manufactured Corolla to highlight the extent of localization achieved in its flagship product which is at par with the international standards. IMC will also be educating the exhibition visitors on identifying genuine versus counterfeit auto parts as special consumer welfare initiative which will help its customers enjoy the lasting peace of mind that Toyota offers.

IMC would like to encourage all prospecting customers to visit its booth at Pakistan Auto Show 2017 with their families to enjoy the feel of experiencing their most aspiring vehicles and get educated on maintaining their vehicles by the company’s representatives.

Release date: 24^th Feb

Karachi: Indus Motor Company Limited (IMC) held its Board of Directors (BoD) Meeting on 24 February 2017. The company’s financial and operating performance for the 6 month period ending December 31, 2016 was reviewed.

The demand for Toyota vehicles remained robust during the period. However, the sales of Toyota vehicles stood at 28,833 units, down 7% from the 30,896 units sold during the same period last year. Various factors, such as plant maintenance and upgradation, pre-launch production related activities for the new Hilux and transport disruptions limited the company’s ability to meet the demand. In order to offset the loss in production, the Company continued to operate its manufacturing facility at full capacity, working daily overtime hours and off Saturdays. The total production at IMC stood at 28,996 units, down 5% from 30,474 units produced in the corresponding period last year.

Improvements in turnover from trading segments resulted in a marginal increase in the profit after Tax by 3.3% to Rs. 6.1 billion, against Rs. 5.9 billion achieved for the half year ended December 2015. Based on the financial performance, the BoD declared an interim dividend of RS.25 per share (250%) for the half year ended December 31, 2016, in addition to the First Interim Dividend paid at Rs. 25 per share.

While commenting on the near term outlook, the BoD stressed on the need to revisit the valuation of used vehicles and auto parts by the government, as the concessionary duties and valuations put the local industry at disadvantage. The board also supported the request made by certain existing automakers to the government for facilitation of their future expansion and investment projects, citing investments as being beneficial to the country, either by a new entrant or an existing player.