Lahore: Millat Tractors Limited (MTL), Pakistan’s leading tractor manufacturer, reported a significant profit of Rs 10.64 billion after taxes for the fiscal year 2024, marking an increase of 167 percent from the previous year. This financial achievement coincides with the company’s plans for a strategic merger with Millat Equipment Limited, pending approval from the Lahore High Court.

According to Ministry of Information and Broadcasting, MTL’s financial success this year has been driven largely by a substantial increase in revenue, which surged to Rs 95.2 billion from Rs 47.14 billion in the previous fiscal year. This growth was primarily attributed to new contracts with customers that significantly boosted the company’s sales and market presence.

The proposed merger between Millat Tractors and Millat Equipment is part of a broader strategy to consolidate operations and enhance manufacturing capabilities. The integration is expected to create synergies and operational efficiencies that could further strengthen the company’s leading position in the agricultural machinery market in Pakistan.

The financial results and the upcoming merger highlight Millat Tractors’ robust position in the industry and its potential to contribute positively to Pakistan’s economy, supported by initiatives like the SIFC.