KARACHI: On Monday, Millat Tractors Ltd. (MTL) revealed that its profit after tax increased from Rs3.55 billion in FY23 to Rs10.63 billion in FY24, an almost three-fold increase.
Contract revenue increased to Rs95 billion in FY24 from Rs47 billion the year before.
MTL failed to meet industry expectations by not announcing a final cash dividend, according to Topline Securities. This is because the Lahore High Court (LHC) has not yet approved the merger plan between MTL and Millat Equipment Ltd (MEL). According to the merger plan, MTL is not allowed to pay dividends until the LHC gives its consent.
Not artistic to purchase TGL
Dawood Lawrencepur Ltd (DLL) declared on Monday that Artistic Milliners had chosen not to move forward with the sale of Tenega Generasi Ltd (TGL), one of its subsidiaries.
The firm disclosed in a securities filing that the board had signed a share purchase agreement (SPA) with Artistic Milliners Private Ltd in February to sell TGL. The requirements necessary to complete the transaction could not be fulfilled in the time frame given in the SPA.
