Honda Atlas Cars Ltd announced its 2021 financial results where it recorded Sales revenue of PKR 67.36Billion (increase by 22% YoY), on the back of higher Car sales.

The gross margin were recorded at 5.2% in the last quarter, as compared to 6.5% in the earlier quarters of the year. The average MY2021 gross margin on the other hand clocked in at 5.6% compared to 7.4% in last year. The gross margin in the last quarter was impacted due to higher global shipping/freight cost and soaring raw material prices (Steel, plastics resin, aluminum, etc) despite higher sales and a strong Rupee position. .

The distribution and marketing expense registered a massive growth to PKR 737Million in MY21. Marketing and distribution expenses may have also increased to support higher quarterly sales and to conclude the year on a strong note. The same was higher by 10% YoY increase. HCAR reported administration expense of PKR824Mn (↑11% YoY) during the year.

The company posted a financial income of PKR 116M (down by 84% YoY), on account of stable interest rates and lower borrowing requirements.

Income Statement
 (PKR million)
20212020Change %
Net Sales67,36255,04622%
Cost of Production63,58650,95525%
Gross Profit3,7764,091-8%
Distribution Expenses73766810%
Administration Expenses82473911%
Operating Profit2,2152,685-17%
Other Income91863944%
other expense2371,049-77%
Finance Cost116727-84%
Net Profit1,793682163%
Gross Margins%5.60%7.40%-1.80%
Net Margins%2.70%1.20%1.40%
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