January 10, 2024 (MLN): Sazgar Engineering Works Limited (SAZEW) sold only 275 units of Auto Rickshaw during December 2023, which was 64.42% MoM lower than the sales of 773 units made in the previous month, the company’s filing on PSX revealed today.
With respect to production, the company made 1,004 units of Auto Rickshaw in December, compared to 848 units produced during November.
Moreover, the company's sales of four-wheel off-road and passenger vehicles dropped significantly to 29 units compared to the sales of 269 units in the previous month.
Meanwhile, the production of four-wheel off-road and passenger vehicles showed robust growth of 23.98% MoM to stand at 424 units in December 2023.
Four Wheelers-odd road & passenger vehicles
Month
Production Units
Sales Units
October
342
269
December
424
29
Change
23.98%
-89.22%
SAZEW is a premier CNG 4 Stroke Auto Rickshaw (3 Wheelers) and Automotive Wheel Rims manufacturer.
With manufacturing facilities based in Pakistan and a Global Dealer Network, Sazgar is leading the Pakistani market and exporting to international markets.
In a positive development for the company, the Board of Directors (BoD) has approved the acquisition of land worth approximately Rs847 million adjacent to the four-wheeler project.
The land measures nearly 110 kanals, and its final value is subject to the actual measurement of land.
Additionally, SAZEW has been granted the first license for electric rickshaw manufacturing at a special ceremony organized by the Punjab Transport Department in Lahore today.
Despite these encouraging developments, the company's scrip has witnessed a major setback today as the market reacted to weak sales data for the month.
Currently, it is trading at Rs211.20, reflecting a decline of 4.51 rupees or 2.91% on the day.
