Thanks to a sharp rise in net sales and other revenue, Indus Motor Company’s profit increased by more than 200 percent to Rs2.96 billion in the quarter ended December 31, 2020.
The car manufacturer registered a profit of Rs985.8 million in the same span of the previous year, as per a notice sent to the Pakistan Stock Exchange.
The company’s earnings per share for October-December 2020 is Rs37.60, up from Rs12.54 in the same quarter of 2019.
In addition to the results, the company announced an interim cash dividend of Rs25 per share, bringing the overall dividend to Rs37 per share for the first half of fiscal year 2020-21. Net sales soared 106 percent as they rose from Rs22.1 billion in October-December 2019 to Rs45.5 billion in October-December 2020.
Analyst Arsalan Hanif of Arif Habib Limited said the topline spike was mainly attributed to a 93 percent year-on-year rise in car sales in 2QFY211 (14,424 units against 7,468 units in 2QFY20).