Pak Suzuki Motor Company Limited (PSMC) has reported a significant loss after tax (LAT) of Rs. 10 billion for the fiscal year ending on December 31, 2023 (CY23), marking a 50 percent increase from the previous year’s loss of Rs. 6.3 billion.
The company experienced a notable decline in net sales, which dropped by 50 percent year-on-year (YoY) to Rs. 102 billion compared to Rs. 202 billion in the previous year.
In its financial report for CY23, PSMC disclosed a loss per share of Rs. 122.35, up from Rs. 77 per share in the previous year. However, the gross profit of the company saw a 48 percent YoY increase, rising from Rs. 11.68 billion to Rs. 17.27 billion. Gross margins for the period stood at 17 percent, showing an improvement over the previous year.
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Despite this, the company’s other income decreased by 33.4 percent to Rs. 2.1 billion compared to Rs. 3.2 billion previously.
PSMC’s stock closed at Rs. 17.02, up by Rs. 0.83 or 5.13 percent, with a turnover of 33.7 million shares on Monday.
Regarding a significant corporate development, PSMC announced its decision to delist from the Pakistan Stock Exchange in February 2024. This initiative involved the launch of a share purchase offer (SPA) to sell 22.14 million shares of the company at Rs. 609 per share. The move was triggered by Suzuki Motor Corporation, Japan, the majority shareholder of PSMC, which decided to acquire all shares of the company held by parties other than the sponsor or majority shareholder.
