Sazgar reports 3x YoY surge in auto rickshaw sales for April 2024

May 09, 2024 (MLN): Sazgar Engineering Works Limited (PSX: SAZEW) witnessed a substantial rise of around 3x YoY in the sale of its auto rickshaws in April 2024, with 1,212 units sold compared to the sale of 406 three-wheelers in the same month last year, company’s filing on PSX revealed today.

Concerning production, the company made 1,140 units of Auto Rickshaw in April, compared to 244 units produced during April 2023, reflecting a massive rise of 4.67x YoY.

The monthly metrics comparison indicates a 9.62% MoM decrease in autorickshaw sales, dropping to 1,341 units in March 2024.

Additionally, production also experienced a 26.5% MoM drop in April 2024 compared to 1,551 units in the previous month.

Moreover, the company sold 551 four-wheel off-road and passenger vehicles, 9.11% MoM higher than the topline of 505 units recorded in the previous month.

Identical performance was witnessed in the production of the four-wheel vehicles that clocked in at 574 units, against the 531 units produced in March 2024.

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.

It is worth highlighting that SAZEW's scrip in recent times has benefitted significantly due to certain developments that the company underwent.

At the time of writing, the company's stock is on the rise, up by Rs12.69 or 1.74% compared to the previous close, and is currently trading at Rs743.79.

In the latest development, the company commenced pre-booking of a new model of locally assembled/manufactured Hybrid Electric Vehicle (HEV) under the brand "HAVAL JOLION HEV".

In February, while expanding its footprint in Pakistan's automotive sector, the company launched its first-ever Electric Vehicle (EV) car specifically for the local market.

In January 2024, the government granted the first license for electric rickshaw manufacturing at a special ceremony organized by the Punjab Transport Department in Lahore.

Furthermore, the Board of Directors (BoD) approved the acquisition of land worth approximately Rs847 million adjacent to the four-wheeler project.

Meanwhile, Sazgar also obtained three ISO certificates for its 4-wheeler project.

Copyright Mettis Link News