Millat Tractors Limited profits rise 76% to Rs. 2.778 billion

MG News | February 22, 2018 at 12:59 PM GMT+05:00

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MTL today released financial statements for the half year ending December 31^st, 2017 in which it has reported an incline of 57.87% increase in net sales and a 76% increase in bottom-line profits.

Millat Tractors have reported a 109% increase in other income adding Rs. 555 million to bottom-line during the half year.

Furthermore, company net profit after taxation reported to clock in at Rs. 2.778 billion posting a mammoth rise of 76% during the period under review. Management approved a Rs. 60 per share i.e. 600% dividend for the period.

Company informed the stakeholders that it has decided to invest Rs. 1.5 billion by acquiring equity of Hyundai Nishat Motors Private Limited. The company earnings per share clocked in at Rs. 62.73 per share against Rs. 35.66 per share last year.

Comparison of Key Financials
Unconsolidated Profit and Loss Account - For the Half Year Ended, December 31^st 2017
Key Financials	2017	2016	% Change
	Amounts in PKR ‘000
Net Sales	18,222,938	11,543,319	57.87%
Cost of Sales	14,007,252	8,922,554	56.99%
Gross Profit	4,215,686	2,620,765	60.86%
Distribution and Marketing Expenses	301,941	282,684	6.81%
Administrative Expenses	231,288	216,372	6.89%
Other Operating Expenses	300,566	160,326	87.47%
Other Income	555,666	265,587	109.22%
Operating Profit	3,937,557	2,226,970	76.81%
Finance Costs	810	278	191.37%
Profit before Taxation	3,936,747	2,226,692	76.80%
Taxation	1,158,407	646,994	79.04%
Profit after Taxation	2,778,340	1,579,698	75.88%
EPS - Basic and diluted	62.73	35.66	75.91%

Company release on Earnings Report can be accessed here.

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