Millat profit surges

Millat Tractors Ltd (MTL) reported on Monday that its profit after tax surged almost three times to Rs10.63 billion in FY24 compared to Rs3.55bn in FY23. Revenue from contracts with customers rose to Rs95bn in FY24 from Rs47bn in the preceding year. According to Topline Securities, MTL did not announce a final cash dividend, falling short of industry expectations. This is due to the pending approval of the merger scheme between MTL and Millat Equipment Ltd (MEL) by the Lahore High Court (LHC). As per the merger scheme, MTL cannot pay dividends until the LHC grants approval.