Indus Motor Company Limited (INDU) reported earnings of PKR 4.14bn or PKR 52.6/share for the 4QFY18, compared to PKR 2.75bn or PKR 35.0/share in the same quarter last year, a growth of +50%YoY. However, on a quarterly basis, earnings are down by a mere 3%, according to a report of IGI Securities
The company also announced a cash dividend of PKR 45.0/share along with the result taking total payout to PKR 145.0/share for FY18., compared to PKR 115.0 last year.
For the 4Q alone, net sales showed an impressive growth of +43%YoY (+25%YoY in FY18) supported by healthy volumes of Hilux and Fortuner volumes along with timely product price appreciation. Resultantly, gross margins for the last quarter recovered to ~17%, which helped INDU to close secure >~17% gross margins. Moreover, during the quarter selling and distribution cost decreased by 3%YoY, while admin cost leaped up by +43%YoY.