(April XX, 2022): Indus Motor Company Limited (IMC), announced its financial results for the nine months ended March 31, 2022, that witnessed profit after tax of Rs. 15.29 billion, an increase of 81.6% over the corresponding period last year.

The Company’s combined sales of Completely Knocked Down (CKD) and Completely Built-up Units (CBU) vehicles for the quarter ended March 31, 2022, increased by 12.7% to 18,735 units as against 16,266 units sold in the same period last year. Moreover, sales for the nine-month period ended March 31, 2022, increased by 33.4% to 57,637 units as against 42,988 units sold in the same period last year. The company’s market share for locally manufactured passenger cars and light commercial vehicles, stood at approximately 20.3%.

The net sales turnover for the nine months ended March 31, 2022 increased by 55.1% to Rs. 203.41 billion, as compared to Rs. 131.16 billion in the same period last year, while profit after tax increased to Rs. 15.29 billion, as against Rs. 8.42 billion achieved in the same period last year. The net profit has increased mainly due to higher CKD and CBU sales and increase in other income due to higher fund size on account of increase in customer advances.

Ali Asghar Jamali, Chief Executive of IMC, commented, “Alhamdolillah, IMCs third quarter performance is indeed very encouraging. The overwhelming response which the new Toyota Hilux Revo Rocco & Toyota Fortuner Legender garnered, added to the already robust demand. However, amidst all this, we have had to grapple with rising input costs attributable to the sharp depreciation of PKR against USD and soaring international commodity prices, and increase in FED rates on vehicles by Government. All these factors, as a consequence, have given no choice to the Company, other than to pass on the burden to our customers.

The new Auto Policy 2021-26 encourages investment in new technologies such as Hybrid Electric Vehicles (HEVs), Plug-in Hybrid Vehicles (P-HEVs) and Battery Electric Vehicles (BEVs) to mitigate climate change and reduce dependency on oil imports. Based on the said incentives, IMC is investing around USD 100 million for local production of Hybrid vehicles in Pakistan. We would urge the Government to devise and promote consistent policies, without frequent policy changes, that encourage sustainability and growth of the country’s burgeoning automobile industry.”

The Board of Directors declared an interim cash dividend of Rs. 26 per share for the quarter, thus making the total dividend for the nine months ended March 31 2022, Rs. 90.5 per share.