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Pak Suzuki Motor Company Limited (PSMC) reported a substantial loss of Rs. 10 billion after taxes for the fiscal year ending on December 31st, 2023, marking a 50 percent increase from the previous year’s loss of Rs. 6.3 billion.
The company experienced a significant decline in net sales, plummeting by 50 percent year-on-year to Rs. 102 billion compared to Rs. 202 billion in the previous year.
As per the financial results for CY23, PSMC disclosed a loss per share of Rs. 122.35, a notable rise from Rs. 77 per share in the preceding year.
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In contrast, the company’s gross profit surged by 48 percent year-on-year, reaching Rs. 17.27 billion from Rs. 11.68 billion, with gross margins standing at 17 percent for the reviewed period, indicating an increase from the previous year.
Despite this, other income for CY23 declined by 33.4 percent to Rs. 2.1 billion compared to Rs. 3.2 billion previously.
PSMC’s stock closed at Rs. 17.02 on the stock exchange, showing an increase of Rs. 0.83 or 5.13 percent, with a trading volume of 33.7 million shares on Monday.
Regarding delisting, in February 2024, PSMC initiated a share purchase offer (SPA) to divest 22.14 million shares at Rs. 609 per share, aiming to delist from the Pakistan Stock Exchange. This decision followed Suzuki Motor Corporation, Japan’s move to acquire all shares of PSMC held by entities other than the Sponsor/Majority Shareholder.