February 12, 2024 (MLN): Sazgar Engineering Works Limited (PSX: SAZEW) witnessed a massive surge in the sale of its auto rickshaws in January 2024, with 2,229 units sold compared to just 275 three-wheelers in the previous month, company’s filing on PSX revealed today.
With respect to production, the company made 1,675 units of Auto Rickshaw in January, compared to 1,004 units produced during December, reflecting a massive growth of 66.83% MoM.
Additionally, the company sold 967 units of four-wheel off-road and passenger vehicles, substantially higher than the topline of just 29 units recorded in the previous month.
Identical performance was also witnessed in the production of four-wheel vehicles that clocked in at 509 units, against the 424 units produced in December 2023.
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 here that SAZEW's scrip in recent times has benefitted significantly by the company recording a massive jump in earnings to report a profit of Rs1.4bn in 1HFY24.
The key development currently on the way for the company includes the acquisition of land worth approximately Rs847 million adjacent to the four-wheeler project.
Moreover, in the previous month, the government granted the first license for electric rickshaw manufacturing at a special ceremony organized by the Punjab Transport Department in Lahore.
