Millat Tractors Limited, the largest tractor producer in Pakistan, has announced a remarkable profit of Rs 10.64 billion for the financial year ending on June 30, 2024. This figure represents a 167% increase compared to last year’s profit of Rs 4 billion.
In addition, the company also reported a sharp spike in revenue, which stood at Rs . 95.02 billion, double what the previous year generated. The incredible bump in revenue came mainly from a 62% increase in sales, which totaled 30.200 units for the year.
Additionally, with a significant jump in earnings per share to Rs 55.46 from Rs . 18.53 in 2023. Notwithstanding this praiseworthy financial performance, MTL has opted to postpone announcing the payment of dividends. The decision is subject to the approval of Lahore High Court regarding the ongoing merger between Millat Tractors and Millat Equipment Limited. The very pleasing results for this year demonstrate how MTL has managed to reinvigorate sales and revenue through 2020, when it had its fiscal position less certain due to legal matters that are still pending resolution before we can determine the dividend pay-out. The increase provides a solid showcase of the company’s continued growth while trading with very high profits and even higher EPS.
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