Atlas Honda in middle of another expansion aimed at growing market size, says Saquib H. Shirazi

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Atlas Honda is in the middle of yet another expansion aimed at growing market size, said Saquib H. Shirazi, Chief Executive of Pakistan’s single largest motorcycle producer.

He stated this while addressing an online corporate briefing on Friday. The agenda was to brief the participants on the annual performance and future plans of the company.

The briefing session was attended by a large number of shareholders, stock analysts and bankers among the others.

The management informed the participants that during the year company recorded sales of 1,066,114 units in the outgoing FY21 compared to sales of 1,060,029 units recorded in FY20.

This improved volumetric sales resulted in 10% Year on Year basis increase in monetary sales of the company to Rs93.2 billion from Rs84.8 billion in FY20.

The increase in sales coupled with the stringent cost reduction measures taken by the company helped the company in posting 12% Year on Year basis upsurge in gross profit to Rs6.9 billion in FY21 from Rs6.1 billion.

Atlas Honda recorded a profit after tax at Rs3.6 billion, up by 17% on Year on Year basis.

Mr. Saquib H. Shirazi also replied to several questions of the audience pertaining to economic performance, the future performance of the company in a rising commodity prices scenario, ongoing expansion, and the CEO’s take on increasing demand for electric motor vehicles around the globe.

He expressed annoyance over the harassment being faced by the women. He was of the view, that the motorcycle is one of the quality solutions for the women commuters but avoided by the women due to harassment.

He further said that his company has been supporting the initiatives to help women to be able to contribute in the progress of society. According to Mr. Shiraizi, his company supported initiatives such as training and distribution of motorcycles under the project of Women on Wheels. So far, 339 women have been provided with the bike riding training under the project initiated by the Government of Punjab.

Mr. Shirazi believes that the whooping number of women harassment cases indicates that in spite of his company’s efforts still chances are slim that the women may confidently ride the bikes on the roads of Pakistan.

It is pertinent to highlight that Atlas Honda Limited’s in their Corporate Social Responsibility section of the annual report company has mentioned that the company believes in contributing towards sustainable development goal of gender equality and women empowerment, inspired its dealers to hire female staff. As a result, 123 female employees were hired by the dealers.

Mr. Shirazi has shown a great deal of confidence in the country’s direction and hoped that economic performance will continue to improve further.

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