Karachi: Honda Atlas Cars (Pakistan) Ltd has announced its financial results for the period ending December 31, 2024, demonstrating a robust financial performance amidst an increase in sales figures. The company's Board of Directors met on Wednesday, January 22, 2025, at 11:00 a.m. at Atlas Group, Federation House, Clifton, Karachi, to review and recommend the financial outcomes. Despite the positive financial indicators, the board has decided against declaring any cash dividends, bonus shares, or right shares for this period.
For the three-month period ending December 31, 2024, Honda Atlas Cars reported sales amounting to 17.85 billion rupees, a significant increase from 12.43 billion rupees during the same period in 2023. The company's nine-month sales figures were equally impressive, reaching 50.41 billion rupees, up from 30.15 billion rupees in the previous year. This substantial rise in sales volume is indicative of the company's strong market presence and consumer demand in the automotive sector.
The cost of sales for the three-month period was recorded at 16.20 billion rupees, compared to 11.40 billion rupees in 2023. For the nine-month period, the cost of sales stood at 46.54 billion rupees, up from 27.75 billion rupees the previous year. Despite the increase in costs, the company managed to achieve a gross profit of 1.64 billion rupees for the three-month period and 3.88 billion rupees for the nine-month period, reflecting a notable improvement from the previous year's figures of 1.03 billion rupees and 2.40 billion rupees, respectively.
Administrative expenses increased to 457.33 million rupees for the three-month period and 1.29 billion rupees for the nine-month period, compared to the previous year's figures of 398.38 million rupees and 1.05 billion rupees. Distribution and marketing costs were slightly lower for the three-month period at 146.96 million rupees, as compared to 182.64 million rupees in 2023. However, for the nine-month period, these costs rose to 587.53 million rupees, up from 534.79 million rupees in the previous year.
According to information available from the Pakistan Stock Exchange (PSX), Honda Atlas Cars (Pakistan) Ltd recorded a profit before levy and taxation of 996.28 million rupees for the three-month period and 1.81 billion rupees for the nine-month period, reflecting the company's strong financial performance. Profit before taxation for the three-month period was 1.11 billion rupees, which is a significant increase from 227.39 million rupees in the corresponding period of 2023. For the nine-month period, profit before taxation was slightly lower at 1.80 billion rupees compared to 2.00 billion rupees the previous year.
After accounting for taxation, the company's profit for the three-month period stood at 566.40 million rupees, up from 143.25 million rupees in 2023. For the nine-month period, the profit was reported at 1.03 billion rupees, showing an increase from 963.54 million rupees in the previous year. Earnings per share for the three-month period were 3.97 rupees, while for the nine-month period, they were 7.19 rupees, both showing improvement from the previous year's figures of 1.00 rupee and 6.75 rupees, respectively.
The quarterly report for the period ending December 31, 2024, will be transmitted through PUCARS separately within the specified time, providing further insights into the company's financial performance and strategic direction. Honda Atlas Cars continues to demonstrate resilience and growth in the automotive sector, capitalizing on increased sales and effective cost management strategies.