Key Figures 2024
Dividend Per Share
Rs.25/-
Net Profit After Tax Rs. 9,917Million
Tractors Sold
30,620 Units
Earning Per Share
Rs. 51.70 /-
Net Revenue
Rs. 91,509 Million
Chronicles
1965
Assembly of tractors from SKD
1972
Nationalization
1973
Licensing and transfer of Technology
Agreement with MF, UK
1982
Inauguration of Engine Assembly Plant (Perkins Engines)
1984
Inauguration of Machining Plant
1990
Perkins distributor Agreement
1992
- Privatization through Employee Buyout
- Inauguration of New Tractor Assembly Plant (MF Design)
1993
Bolan Castings Ltd Buyout
1994
- Mass Production of Generating Sets
- Millat Equipment Ltd established
1998
ISO 9002 Certification Achieved
2000
Licensing Agreement - Heli Forklift
Trucks (China)
2002
- Quality Management System Upgraded to ISO 9001:2000
- Millat Industrial Products Ltd established
2011
Record tractor production of 42,188 and sale of 42,011 units
2012
TIPEG Inter-trade DMCC, UAE established
2015
Export Agreement with AGCO
2017
-
Business Partnership Agreement with
IFS - Development of Emission Compliant Euro II Engines
2018
- Diversification by investment in Hyundai Nishat Motors (Pvt.) Limited
- Highest ever sales of 42,708 and production of 42,507 units achieved
2019
- Operations started by IFS segment
- 4WD Models of MF-360 and MF-375 launched for exports
2020
Export of over 1,000 tractor units
2021
Export of over 2,000 tractor units
2022
998 kw of solar plant with net-meetring completed for green energy and environment initiative
2023
Incorporation of MRO Multan
2024
Export of over 2,500 Tractors
Annual Report 2023-24
01
Contents
01 Company Overview
07 Vision and Mission Statement
08 Company Overview
- Group Structure
- Financial Highlights
- Corporate Information
- Code of Conduct
- Conflict of Interest Policy
- Core Values
- Health, Safety and Environment Policy
- Position of the Organization within the Value Chain
18 PESTLE Analysis
- SWOT Analysis
- Composition of Local versus Imported Material and Sensitivity Analysis
02 Strategy and Resource Allocation
24 Strategic Objectives
- Key Performance Indicators
- Resource Allocation Plans
27 Capital Structure of the Company
03 Risks and Opportunities
30 Risks and Opportunities
04 Notice of Annual General Meeting
34 Notice of Annual General Meeting
49 ماع سلاجا ہنلااس ےارب سٹون
05 | Governance |
52 | Board of Directors |
53 | Board Committees |
54 | Chairman's Review |
59 | ہزئاج اک نیمئريچ |
60 | Directors' Report to the Shareholders |
79 | زرڈلوہ ئريش ےئارب ٹروپر زرٹکیرئاڈ |
80 | Corporate Social Responsibility Report |
83 | ٹروپر رٓاسیا یس |
84 | Organization Structure |
02
06 Performance and position
88 Summary of Cash Flows
- Six Years at a Glance
- Statement of Value Addition and its Distribution
- Horizontal Analysis
94 Vertical Analysis
- Commentary on Financial Results
- Segmental Review of Business Performance
- DuPoint Analysis
- Graphical Analysis of Statement of Financial Position
08 | StatementsConsolidated Financial |
178 | Group Directors' Report |
183 | ٹروپر زرٹکیرئاڈ پورگ |
184 | Independent Auditor's Report on Consolidated |
Financial Statements | |
188 | Consolidated Statement of Financial Position |
190 | Consolidated Statement of Profit or Loss |
and other Comprehensive Income | |
191 | Consolidated Statement of Changes In Equity |
192 | Consolidated Statement of Cash Flows |
193 | Notes to the Consolidated Financial Statements |
07 Corporate Compliance and Financial Statements
- Independent Auditor's Review Report on statement of compliance
- Statement of Compliance
105 Independent Auditor's Report on Unconsolidated Financial Statements
110 Unconsolidated Statement of Financial Position
- Unconsolidated Statement of Profit or Loss and other Comprehensive Income
- Unconsolidated Statement of Changes in Equity
- Unconsolidated Statement of Cash Flows
- Notes to the Unconsolidated Financial Statements
09 Others
271 Pattern of Shareholding
- Category of Shareholders
- Consolidated Pattern of Shareholding
- Consolidated Categories of Shareholding
- Electronic Transmission Consent
- یور قرب لیسرت تباب یدنم اضر راہظا
- Ballot Paper
- رپیپ ٹلیب لٹسوپ
- Proxy Form
- یراد تباین لیکشت
Annual Report 2023-24
03
Company Overview
Vision and
Mission
Statement
Vision
"Millat to be a global group of companies, recognized for a range of quality products with innovative design capabilities."
Mission
"To be the market leader in agricultural tractors and machinery, building company's image through innovation and competitiveness, grow by expanding market and investing into group companies, ensuring satisfaction to customers, stakeholders and to fulfilling our corporate social responsibility."
Annual Report 2023-24
07
Company
Overview
Millat Tractors Limited (MTL), an ISO 9001:2008 certified company, is Pakistan's leading engineering concern in the automobile sector, engaged in the manufacturing and marketing of the world-renowned Massey Ferguson (MF) tractors, under licensing agreement with AGCO Limited, UK; forklift trucks under license from Anhui Forklift Trucks, China; diesel engines; diesel generating sets and a range of allied agricultural and industrial implements.
MTL has played a pivotal role in transfer of technology and transformation of fledgling local light engineering sector into a robust, vibrant, quality conscious auto vending industry. The Company is regarded as a pioneer in setting up country's automotive vendor base. Today, a local content of more than 90% has been achieved in Massey Ferguson tractors. The company offers twelve tractor models in the range of 50 HP -100 HP, diesel generator sets of capacities ranging from 12.5kVA to 300 kVA, and a 3 ton forklift truck, agriculture implements and genuine spare parts.
The Company is a partner of IFS applications in Pakistan. Accordingly, the Company is engaged in the sale, implementation and support of IFS applications in Pakistan and abroad.
08
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