Millat Tractors Limited (MTL), Pakistan's leading tractor manufacturer, has reported a remarkable 167% increase in after-tax profit, reaching Rs10.64 billion for the fiscal year 2024, compared to Rs4 billion in the previous year, according to Pakistan Stock Exchange filings.
The company's revenue from contracts with customers surged to Rs95.02 billion, up from Rs47.14 billion in the previous fiscal year. This growth was primarily driven by a 62% increase in sales volume, which reached 30,000 units, according to Arif Habib Limited's analysis.
MTL's gross profit witnessed a substantial 130% rise to Rs23.97 billion in FY2024, compared to Rs10.40 billion in FY2023. The earnings per share improved significantly to Rs55.46, up from Rs18.53 in the previous year.
Operating costs increased by 63% to Rs5.36 billion, while finance costs decreased by 16% to Rs1.38 billion from Rs1.65 billion. The company's profit before tax stood at Rs17.99 billion, marking a 210% annual increase.
In a significant corporate development, the Board of Directors and shareholders have approved a scheme to merge MTL with Millat Equipment Limited, pending Lahore High Court approval. The merger is expected to strengthen the company's market position and operational efficiency.
The strong performance of MTL, supported by SIFC initiatives, demonstrates positive indicators for Pakistan's manufacturing sector and overall economic recovery.
