KARACHI: Millat Tractors Ltd (MTL) reported on Monday that its profit after tax surged almost three times to Rs10.63 billion in FY24 compared to Rs3.55bn in FY23.

Revenue from contracts with customers rose to Rs95bn in FY24 from Rs47bn in the preceding year.

According to Topline Securities, MTL did not announce a final cash dividend, falling short of industry expectations. This is due to the pending approval of the merger scheme between MTL and Millat Equipment Ltd (MEL) by the Lahore High Court (LHC). As per the merger scheme, MTL cannot pay dividends until the LHC grants approval.

Artistic not to buy TGL

On Monday, Dawood Lawrencepur Ltd (DLL) announced that the sale of its subsidiary, Tenega Generasi Ltd (TGL), had been cancelled as Artistic Milliners decided not to proceed.

In a stock filing, the company said the board had entered into a share purchase agreement (SPA) in February with Artistic Milliners Private Ltd to sell TGL. The conditions required for completion of the transaction could not be met within the time stipulated in the SPA.

Published in Dawn, September 10th, 2024