Automobile Assembler: DEWAN FOROOQUE MOTORS LIMITED - Nine Months Ended March 31, 2005
DFML was incorporated in the province of Sindh on December 28, 1998 as a public limited company. Dewan Farooque Motors Limited has entered into separate technical license/collaboration agreements with Hyundai Motor Company (HMC) Korea and KIA Motors Corporation, Korea.
The principal activity of DFML is the assembly, progressive manufacturing and sales of Hyundai and KIA vehicles in Pakistan. Its registered office is located at Dewan Centre 3-A, Lalazar Beach Hotel Road, Karachi (Sindh) and factory is situated at Jilaniabad Budhu Talpur, District Sujawal (Sindh). The company commenced its commercial production through the interim facility from January 2000 whereas the main facility started commercial operation from January 2000.
The shares of the company are quoted on all three stock exchanges in Pakistan. The market value of the share on June 4, 2005 for the closing quotation was recorded at Rs 18.95 per share carrying 89.5% premium over the par value. During the last one year the market value of DFML share ranged between Rs 17.75 and Rs 32.00 per share.
During 9M 2004-05, the period under review, the company's net sales stood at Rs 5.863 billion registering 37.2% increase as compared to Rs 4.273 billion posted in the same period last year (SPLY). Sales in terms of volume shot up to 10,885 units by 36.2% increase as compared to 7,994 units sold in the SPLY [Santro and Shehzore remained major contributors to the increased sales volume]. During the 3rd quarter, the supply of CKD kits has resumed which was interrupted in the second quarter of the current financial year (FY 2004-05) due to strike in some parts of HMC's manufacturing facilities.
Profitability remained under pressure mainly due to adverse change in rupee/Dollar parity during the period, rising interest rates, increased freight and sheet metal prices. Pak rupee parity against US Dollar, Euro and Japanese yen will remain crucial factor in achieving the desired results. DFML's profit after taxation amounted to Rs 184.51 million showing 66.7% increase over Rs 110.67 million posted in the same period last year.
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Performance Statistics (Million Rupees)
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Balance Sheet -As At-
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March 31 June 30
2005 2004
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Share Capital-paid-up: 770.73 734.03
Un-appropriated Profit: 408.50 334.09
Shareholders Equity: 1,179.23 1,068.12
L.T. Debts: 87.50 150.00
L.T. Deposits: 41.00 40.00
Deferred Liabilities: 202.45 130.03
Current Liabilities: 4,362.31 3,714.65
Tangible Fixed Assets: 1,926.00 1,953.35
Current Assets: 3,946.49 3,149.45
Total Assets: 5,872.49 5,102.80
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Profit & Loss A/c for the Nine Months ended
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March 31 2005 2004
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Net Sales: 5,863.07 4,273.26
Gross Profit: 710.41 434.76
Operating Profit: 401.10 243.69
Other Income: 1.16 0.21
Financial (Charges): (100.24) 48.39
Profit before Taxation: 286.92 185.73
Profit After Taxation: 184.51 110.67
Earnings Per Share (Rs): 2.39 1.51
Share Price (Rs) On 04-07-05: 18.95 -
Price/Earning Ratio: 7.92 -
Book Value Per Share: 15.30 14.55
Price/Book Value Ratio: 1.24 -
Debt/Equity Ratio: 7:93 12:88
Current Ratio: 0.90 0.85
Gross Profit Margin (%): 12.12 10.17
Net Profit Margin (%): 3.15 2.59
R.O.A. (%): 3.14 2.17
R.O.E. (%): 15.64 10.36
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COMPANY INFORMATION: Chairman: Dewan Ziaur Rehman Farooqui; President/Chief Executive: Dewan Mohammad Yousuf Farooqui; Deputy Managing Director: Dewan Abdullah Ahmed; Chief Financial Officer: Ahsan Hafeez; Company Secretary: Syed Moonis Abdullah Alvi; Registered Office: Dewan Centre, 3-A, Lalazar Beach Hotel Road Karachi (Sindh); Web Address: Not Reported; Factory: Jilaniabad, Budhu Talpur District Sujawal, Sindh.
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