Скачать или смотреть Pakistani Auto Company 'Sazgar' Increases Profits by 1689% in Three Months

Sazgar Engineering Works Limited (PSX: SAZEW) has released its financial results for the quarter ended on March 31st, 2023 (3QFY23). The company's profits after tax (PAT) increased by 16.8 times or 1,689 percent to reach Rs. 444.6 million from Rs. 24.84 million in the corresponding period last year.

For the nine-month earnings in July-March (9MFY23), SAZEW's final result was a profit after tax of Rs. 523.7 million, up 343.8 percent YoY from Rs. 117.9 million in 9MFY22.

The company's net sales for the quarter rose by 176.3% YoY, from Rs. 2.85 billion to Rs. 7.9 billion. The sales growth in 9MFY23 was 78%, from Rs. 7.07 billion to Rs. 12.59 billion.

In Q3, the company's earnings were Rs. 7.36 per share compared to Rs. 0.41 per share in the previous year. The company has not declared a cash dividend for the quarter. The stock price was Rs. 50.39 at the time of reporting, up 7.40 percent or Rs. 3.47, with 1.06 million shares traded on Tuesday.

Unlike many automakers, Sazgar had a solid start to the year in terms of sales. In January 2023, the company sold 416 Haval H6 cars, followed by 280 in February and 100 in March. The introduction of the Haval H6 HEV has likely contributed to the strong sales. However, BAIC BJ40 sales have not been exceptional.

Furthermore, Sazgar increased the cost of its automobiles in Q1 2023 by up to Rs. 2.4 million. As a result, the price of H6 has risen from Rs. 9.5 million to Rs. 12.15 million, making it a more specialized product.

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