KARACHI: Pak Suzuki Motor Co. Ltd. posted its financial results for the year ended December 31, 2021 on Tuesday, showing a switch to profit from losses in the year before.
In its statement to Pakistan Stock Exchange, the company reported a net profit of Rs2.679 billion on an increase in its sales for the year ended Dec 31, up from losses of Rs1.378 billion the previous year.
Pak Suzuki also announced a final cash dividend of Rs6.50 for the year under-reporting. Earnings per share came in at Rs32.56/share, compared with a loss of Rs16.75/share during the same period last year.
The company said its sales for the year rose to Rs160.082 billion, compared with Rs76.720 billion a year earlier. The cost of sales remained at Rs151.911 billion, up from Rs73.120 billion a year ago.
Other operating income of Pak Suzuki also increased by Rs2.222 billion against Rs704.394 million recorded during the corresponding period last year.
An analyst report of Insight Research said the results were below their expectation, weighed by lower-than-expected gross margins.