Indus Motor Company declares profit after tax of PKR 5.1 billion for 2019-20

The Indus Motor Company Ltd (IMC) has declared its profit after tax of 5.1 billion rupees for financial year 2019-20. The company’s Board of Directors met on August 10, 2020 to review the company’s financial and operating performance for the year ended June 30, 2020.

IMC informed that its net sales turnover for the year ended, June 30,2020 decreased by 46% to Rs.86 billion as compared to Rs.158 billion in the last fiscal year, while profit after tax for the year also decreased by 63% to Rs.5.08 billion, as against Rs.13.71 billion achieved in the same last year. During the year, the Company contributed a sum of Rs.35.9 billion to the national exchequer.

The decline in turnover and profitability for the year was mainly due to lower volumes, primarily due to challenging economic conditions, imposition of taxes and duties and lockdown on account of COVID-19 pandemic. The combined sales of Toyota CKD and CBU vehicles stood at 28,837 units, compared to 66,211 units in the previous year, the company added.

During the year, the Company discontinued the Corolla 1.3L vehicles in March 2020, which performed as a market leader in the segment for over 25 years. The flagship Corolla brand will continue in 1.6L and 1.8L segments as available worldwide. On March 19, 2020, the Company opened booking for Toyota Yaris with variants in 1.3L and 1.5L segments. 

Based on the results, the Board of Directors announced a final dividend of Rs.7 per share, making the annual dividend for the year Rs.30 per share.

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