Sazgar Engineering Works Limited (PSX: SAZEW) announced its financial results for the fiscal quarter ended September 30, 2023 (1QFY24) on Thursday.
Profit after tax (PAT) increased by 5,881 percent year on year (YoY) or 58.8x to Rs. 658.5 million in 1QFY24, up from Rs. 11 million in the same period the previous year.
During the quarter, the company’s net sales increased by 426 percent year on year to Rs. 8 billion from Rs. 1.53 billion.
The company’s gross profit increased by 682 percent year on year to Rs. 1.51 billion, resulting in gross margins of 19 percent for the period under review.
Meanwhile, other income increased by 3,931 percent or 39.3x during the quarter, rising from Rs. 1.97 million to Rs. 79.6 million.
During Q1, SAZEW’s finance cost decreased by 25%, from Rs. 47.6 million to Rs. 35.5 million. In Q1FY24, the company earned Rs. 10.89 per share, compared to Rs. 0.18 per share in 1QFY23.
On Thursday, the company’s stock closed at Rs. 155.33, up 1.79 percent or Rs. 2.73 on a turnover of 5.49 million shares.
The company stated in its analysts briefing that it intends to introduce new variants in the 4-wheel segment and innovate in the 3-wheel segment, including Electric 3-wheelers.
The company also intends to expand its local dealership network and explore new export markets.
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