Indus Motor profit surges 194pc

Published October 27, 2021
On a quarterly basis, earnings of Indus Motor Company rose 23pc. — Online
On a quarterly basis, earnings of Indus Motor Company rose 23pc. — Online

KARACHI: Indus Motor Company Ltd posted a profit of Rs5.4 billion for July-September, up 194 per cent from a year ago, a bourse filing said on Tuesday.

The company announced a dividend of Rs34.50 per share along with the result. On a quarterly basis, earnings rose 23pc. Revenue recorded a surge of 92pc year-on-year owing to a 59pc increase in the volume, according to AKD Securities.

The increase in the volume was because of the reduction in prices in view of budgetary measures, which stimulated demand.

It said the company would likely sail freely on account of mounting incomes of farmers and inadequate competition in the sedan segment despite a gradual industry-wide slowdown in the second half of 2021-22 owing to monetary tightening.

Mari Petroleum earns Rs9.1bn

Mari Petroleum Company Ltd recorded earnings of Rs9.1bn in the first quarter of 2021-22, up 0.4pc on a year-on-year basis, a stock notice said on Tuesday.

The result is in line with market expectations, according to Insight Securities. The company skipped dividends. Revenue witnessed a meagre increase of 1.7pc despite higher crude oil prices and rupee depreciation attributable to a lower revision in the wellhead gas prices (six-month lag mechanism). Exploration expenses increased 43.3pc due to an increase in seismic activity during the quarter under review.

ICI Pakistan income jumps 322pc

ICI Pakistan Ltd posted a consolidated profit of Rs3.73bn for July-September, up 321.7pc from a year ago, a stock filing said on Tuesday.

On a consolidated basis, which includes the results of the company’s subsidiaries namely ICI Pakistan PowerGen Ltd, NutriCo Morinaga (Private) Ltd and NutriCo Pakistan (Private) Ltd, net turnover for the quarter under review remained Rs21.46bn, up 48pc from the same period last year.

A statement by the company said the company completed the acquisition of additional 11pc shareholding in NutriCo Pakistan (Private) Ltd during the quarter under review, which brought its total shareholding in the entity to 51pc.

Published in Dawn, October 27th, 2021

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