Sazgar Engineering Works Limited (PSX: SAZEW) has released its financial results for the three months that ended on March 31, 2023 (3QFY23). Profits after tax (PAT) for the company rose from Rs. 24.84 million in the same period last year to Rs. 444.6 million, a 16.8-fold increase or 1,689 percent.
The nine-month results of SAZEW from July to March (9MFY23) increased, with a profit after tax of Rs. 523.7 million, up 343.8 percent YoY from Rs. 117.9 million in 9MFY22.
The company’s quarterly net sales increased 176.3% year over year, from Rs. 2.85 billion to Rs. 7.9 billion. Sales increased by 78%, from Rs. 7.07 billion to Rs. 12.59 billion, according to the 9MFY23 topline.
The company reported earnings of Rs. 7.36 per share in the third quarter as opposed to Rs. 0.41 per share the year prior. A cash dividend for the quarter has not yet been disclosed by the company. At the time of reporting, the price of the company’s stock was Rs. 50.39, up 7.40 percent or Rs. 3.47, with 1.06 million shares changing hands on Tuesday.
Positive Q1 2023 Sales Figures:
Sazgar, unlike many automakers, had a strong year-to-date sales performance. The business sold 416 Haval H6 vehicles in January 2023, followed by 280 in February and 100 in March.
The Haval H6 HEV’s introduction is likely a factor in the strong sales. Sales of the BAIC BJ40 haven’t exactly been spectacular, though.
Additionally, Sazgar increased the price of its cars by up to Rs. 2.4 million in the first quarter of 2023. H6 has become an even more specialized good as a result of the price increase from Rs. 9.5 million to Rs. 12.15 million.
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