Honda Atlas Posts 40% Profit Jump in June 2024

Jawad

26 Jul 2024

405

Honda Atlas Posts 40% Profit Jump in June 2024

The local car industry has faced significant challenges over the past few years, especially following the pandemic and the recent economic downturn. Low sales led to reduced profits, causing concern among local assemblers and car enthusiasts. However, recent updates bring a more optimistic outlook, indicating a recovery.

Profit Surge

Honda Atlas Cars Limited (HCAR) reported a notable 40% increase in after-tax profit, reaching Rs. 202.63 million for the quarter ending June 30, 2024-25, compared to Rs. 144.96 million in the same period last year. This financial improvement was shared in HCAR’s statement at the Pakistan Stock Exchange.

Sales Growth

The substantial increase in profit was driven by a 324% rise in sales, totaling Rs. 15.97 billion, compared to Rs. 3.77 billion in the previous year's quarter. This surge resulted in a gross profit of Rs. 1.01 billion for the first quarter of MY25. Despite facing several challenges, HCAR achieved a 43% year-on-year increase in Profit before Taxation (PBT) to Rs. 383.3 million.

Monthly Sales Report

On a month-to-month basis, Honda Atlas saw an 8% decrease in sales, selling 1,097 units in June 2024 compared to 1,187 units in May 2024. The company sold 982 units of City and Civic and 113 units of BR-V. This decline contrasts with the overall market trend reported by the Pakistan Automotive Manufacturers Association (PAMA).

Market Trends

According to PAMA, car sales surged by 21% month-on-month, with 13,284 vehicles sold in June 2024 compared to 10,949 in May 2024. Additionally, year-on-year sales saw a significant growth of 120%, with 13,284 cars sold in the reported period, up from 6,033 the previous year. This positive trend is partly due to the stabilization of the Pakistani Rupee against the US dollar, benefiting car manufacturers.

Honda Atlas Honds Pakistan Honda Honda Profit Surge Honda Financial Statement HCAR Profit Honds 40 Profit Surge PAMA Report Honda Car Sales Honds Sales Growth

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