Karachi, Pakistan – Al-Ghazi Tractors Limited (AGTL), a leading producer of New Holland tractors in Pakistan, has issued a statement addressing recent concerns about the tractor industry’s potential shutdown due to delayed payments.

In a letter to the Pakistan Stock Exchange and Securities & Exchange Commission of Pakistan, AGTL clarified that its operations are unaffected by the ongoing challenges faced by the industry. Despite acknowledging the difficulties caused by the change in tax regime and SRO 563, the company emphasized its commitment to serving customers and engaging with relevant stakeholders to find solutions.

AGTL specifically referenced a news article published in the Pakistan Observer on August 9, 2024, which highlighted the severe impact of delayed payments on tractor assemblers and their suppliers. However, the company’s statement asserts that it has not experienced disruptions in parts supply or payment delays.

About Al-Ghazi Tractors Limited

Al-Ghazi Tractors Limited (AGTL) is a prominent player in Pakistan’s agricultural machinery sector, renowned for manufacturing high-quality New Holland tractors. As a subsidiary of the Al-Futtaim Group, AGTL has been a cornerstone of the Pakistani economy since its inception in 1983. With a strong focus on innovation and customer satisfaction, the company has established itself as a market leader, consistently delivering reliable and efficient tractors to farmers across the country. AGTL’s commitment to corporate governance and social responsibility has earned it widespread recognition and trust.

Through its state-of-the-art manufacturing facility in Dera Ghazi Khan, AGTL produces a range of tractors tailored to meet the diverse needs of Pakistani farmers. The company’s dedication to local content, with a remarkable 92% localization rate, underscores its contribution to the nation’s industrial growth.