Toyota IMC Enjoys Massive 152% Increase in Profits in FY20-21

After a gloomy FY19-20 which was badly affected by the slowdown in sales & non-production days followed by COVID-19 pandemic & lockdowns accorss the country, Indus Motor Company (IMC) the makers of Toyota cars in Pakistan bounced back in style witnessing its sales ballooned to double in FY20-21.

Related: IMC Witnessed Highest-Ever Monthly Sales in Pakistan

According to IMC, it produced 59,187 vehicles in FY 20-21, up 107.53% compared to 28,519 units in FY 19-20. The company sold 57,731 units (including CKD & CBU) in FY 20-21, which is 100.19% more than 28,837 units it sold during FY 19-20. The net sales revenue of IMC was Rs 179.2 billion in FY 20-21 as compared to Rs 86.2 billion in FY 20-19, rendering a 108% increase. IMC earned a profit of Rs 12.82 billion in FY 20-21 in contrast with the profit of Rs 5.1 billion in FY 20-19, witnessing a massive 152% increase.

IMC says the increase in high sales and profitability for the year was mainly due to higher sales of CKD models including Toyota Yaris, Corolla Altis, Hilux and Fortuner, all of which performed brilliantly in terms of sales. Commenting on the achievement, the CEO of IMC Ali Asghar Jamali said:

“We have had a very good year despite the frequent challenges arising owing to COVID-19 pandemic. We have not compromised on work standards and continue to maintain the high quality of our vehicles, following the ‘kaizen’ philosophy of continuous improvement, and diligently practicing the ‘Toyota Way’ throughout our operations. This has helped the company to achieve consistent levels of excellence.”

The CEO also appreciated government’s measures to slash Federal Excise Duty (FED) and Additional Custom Duty (ACD), which has resulted in reduction in the prices of local assembled vehicles in July 2021. The move will eventually boost the industry to continue the positive momentum, the CEO said while requesting the government to consider a reduction in FED on double cabin 4×4 vehicles as well.

Furthermore, he praised government’s efforts to promote the local automotive industry in the hybrid sector to produce locally developed hybrids, plug-in hybrids and battery electric vehicles which will help combat climate change and reduce country’s dependency on oil imports.

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