Pak Suzuki Motor Company Ltd, the country’s largest auto assembler, has recorded a loss of Rs 6.34 billion for the year ended December 31, 2022. According to annual financial data filed with the Pakistan Stock Exchange (PSX), the company reported a loss after tax of Rs 6.34 billion for the calendar year 2022, compared to a profit of Rs 2.68 billion the previous year.
This is reportedly the highest-ever after-tax loss the company suffered since its inception in the country. As per information, these losses are primarily caused by massive taxation of Rs. 3.19 billion, which is 186% higher than the Rs. 1.11 billion in taxes paid in the calendar year 2021.
In contrast to the prior year’s earnings per share of Rs 32.56, the company reported a loss per share of Rs 77 during the year under review. Pak Suzuki confirmed in a statement that the board of directors met on March 20, 2023, and that they approved the audited financial data for the fiscal year that concluded on December 31, 2022.
However, the company’s gross profit increased from Rs 8.17 billion to Rs 11.68 billion during the fiscal year that concluded on December 31, 2022. Sales for the company came in at Rs 202.46 billion for the year, up from Rs 160.08 billion the year before. During the year that concluded on December 31, 2022, the cost of sales was Rs 190.78 billion, up from Rs 151.91 billion the year before. In the meantime, the company’s administrative costs grew to Rs 2.96 billion in 2022 from Rs 2.48 billion the year before.
A computer animation professional with over 23 years of industry experience having served in leading organizations, TV channels & production facilities in Pakistan. An avid car enthusiast and petrolhead with an affection to deliver quality content to help shape opinions. Formerly written for PakWheels as well as major publications including Dawn. Founder of CarSpiritPK.com