Sazgar’s auto rickshaw sales drop 31.63% MoM to 1,524 units in February

March 07, 2024 (MLN): Sazgar Engineering Works Limited (PSX: SAZEW) witnessed a substantial drop in the sale of its auto rickshaws in February 2024, with 1,524 units sold compared to the sale of 2,229 three-wheelers in the previous month, the company’s filing on PSX revealed today.

Concerning production, the company made 1,518 units of Auto Rickshaw in February, compared to 1,675 units produced during December, reflecting a decline of 9.37% MoM.

The company sold 414 four-wheel off-road and passenger vehicles, 57.19% MoM lower than the topline of 967 units recorded in the previous month.

Identical performance was witnessed in the production of the four-wheel vehicles that clocked in at 416 units, against the 509 units produced in January 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.

The company recorded a significant surge in sales last month, as the new year drive boosted automobile sales in the economy.

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.

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