Karachi: Ghandhara Industries Limited (GIL) has navigated a challenging fiscal year with a notable reduction in sales volumes but managed to retain a 50% market share in the competitive truck and bus sector, according to the company's latest annual report.

In the financial year 2024, GIL faced significant headwinds due to a confluence of economic challenges, including tightening monetary policies and restrictive import conditions which negatively impacted the automotive sector at large. The company reported a sales decrease of 31% from the previous year, selling 2,641 units compared to 3,836 units in 2023.

Despite these adversities, Ghandhara Industries remained at the forefront of the heavy vehicle market in Pakistan. The company's resilience is largely attributed to its strategic business operations and strong brand presence, underpinned by the longstanding trust and loyalty of its customers.

According to information available from the Pakistan Stock Exchange (PSX), the company's financial health showcased a profit after tax of Rs. 781 million, an appreciable increase compared to Rs. 179 million in the preceding year. This performance underscores the effective management strategies that cushioned the economic blows and enabled GIL to maintain its market leadership.

The annual report further elaborates that GIL's board of directors has been proactive in navigating through the economic turbulence with a focus on cost management and strategic marketing, ensuring the company's sustained dominance in the market. GIL's commitment to maintaining high standards of product quality and customer service also played a crucial role in its strong market position.

GIL's board and management continue to be optimistic about the future, aiming to enhance market share and customer base in the upcoming fiscal year through innovative strategies and a dynamic team, despite the ongoing economic challenges.