Millat Tractors
 | |
Native name | ملت ٹریکٹرز |
|---|---|
| Company type | Public |
| PSX: MTL KSE 100 component KSE 30 component | |
| Industry | Agricultural machinery |
| Founded | 1964 |
| Founders | Rana Khudadad Khan Rana Allahdaad Khan |
| Headquarters | , Pakistan |
Area served | Pakistan |
Key people | |
| Products | Tractors |
| Revenue |  Rs. 47.139 billion (US$160 million) (2023) |
| Rs. 7.486 billion (US$26 million) (2023) | |
| Rs. 3.733 billion (US$13 million) (2023) | |
| Total assets |  Rs. 29.765 billion (US$100 million) (2023) |
| Total equity | Rs. 9.728 billion (US$34 million) (2023) |
Number of employees | 336 (2023) |
| Subsidiaries | TIPEG Intertrade DMCC (75%) Millat Industrial Products Limited (64.09%) Bolan Castings Limited (46.26%) Millat Equipment Limited (45%) Hyundai Nishat Motors (15.86%) |
| Website | millat |
| Footnotes / references Financials as of 30 June 2023[update] [1] | |
Millat Tractors (Urdu: ملت ٹریکٹرز) is a Pakistani agricultural machinery manufacturer based in Lahore, Punjab, Pakistan.[2][3] Founded in 1964, it is the manufacturer of Massey Ferguson tractors in Pakistan with a production capacity of 40,000.[4][5][6]
It is one of the two major tractor manufacturers of Pakistan with a 70 percent market share, as compared to Al-Ghazi Tractors which had 29 percent market share in 2021.[7]
History
[edit]Millat Tractors Limited was founded as Rana Tractors and Equipment Limited in 1964 by Rana Khudadad Khan and Rana Allahdaad Khan. It became an importer and marketer of Massey Ferguson tractors in Pakistan.[4] The company initially imported tractors as completely built units (CBU) but transitioned to assembling them from semi knocked-down (SKD) kits by 1967, due to transportation and cost efficiencies.[8]
In 1965, Rana Tractors was listed on the Karachi Stock Exchange.[9]
In 1972, following the nationalization of key industries by the Government of Pakistan, Rana Tractors was renamed Millat Tractors and incorporated into the Pakistan Tractor Corporation (PTC), facilitating the assembly of tractors from completely knocked down (CKD) kits.[8] The first engine assembly line in Pakistan was developed by Millat Tractors in 1982, although the company faced difficulties in procuring cast and machined parts.[8] This led to the establishment of casting facilities at vendor sites in 1984 and an in-house machining facility for essential engine and axle components.[8]
In 1992, Millat Tractors was acquired by the employees of the company for 306 million under the privatization scheme.[10] Subsequently, a tractor assembly plant was established capable of producing 15,000 tractors annually in a single shift.[8]
In 1993, Millat Tractors acquired a 51 percent stake in Bolan Casting Limited, enhancing its casting capabilities for automotive parts.[8] The following year, it established Millat Equipment Limited to produce gears and shafts for tractors and other applications.[8]
In 1999, Millat Industrial Products Limited was established to manufacture batteries and cells for the automotive and industrial markets.[8]
In 2001, Millat Tractors acquired Rex Barren Batteries, a battery manufacturer based in Kasur, under the privatization scheme of the government of Pakistan.[11]
By 2015, Millat Tractors had diversified its product range to include seven tractor models, various industrial products such as generators and fork lifts, and twenty-five types of agricultural implements.[8]
In January 2023, due to continuous drop in demand for tractors and cashflow constraints, Millat Tractors suspended its plant operations till further notice.[12]
In June 2024, an audit of Millat Tractors submitted to the Federal Tax Ombudsman imposed a penalty of Rs 5.41 billion on the company.[13]
Products
[edit]- Agricultural tractors[3][5]
- Diesel engines
- Diesel generating sets and prime movers
- Forklift trucks, under license from Anhui Heli
- Agricultural implements[3]
Recognition
[edit]Millat Tractors, as a company, is on the Forbes List of Asia's 200 Best Under a Billion (2018)[3]
References
[edit]- ^ "Millat Tractors Annual Report 2023" (PDF). millat.com.pk. Retrieved 30 November 2023.
- ^ Seyyed, Fazal Jawad; Shehzad, Ch. Tanveer; Ashfaq, Hafsa (6 March 2020). "Millat Tractors Limited: A Shariah-compliant Investment Opportunity". Asian Journal of Management Cases. 17 (1_suppl): S61–S77. doi:10.1177/0972820119884399 – via CrossRef.
- ^ a b c d "Company Profile of Millat Tractors". Forbes. 18 July 2018.
- ^ a b "What's going on with Millat?". Profit by Pakistan Today. 28 November 2021.
- ^ a b Syed Wajeeh ul Hasan Naqvi (July–August 2018). "Driving Pakistan's agri future". Dawn. Retrieved 17 June 2021.
- ^ "Millat Tractors sets new production and sales record". The Express Tribune. 16 June 2018.
- ^ "Tractor collusion". Profit by Pakistan Today. 19 September 2021.
- ^ a b c d e f g h i Jajja, Muhammad Shakeel Sadiq; Hassan, Syed Zahoor (7 March 2016). "Millat Tractors Limited: Has The Time Come to Say Goodbye to Massey Ferguson?". Asian Journal of Management Cases. 13 (1): 1–22. doi:10.1177/0972820115619258. S2CID 155207431.
- ^ "Automobile Assembler: MILLAT TRACTORS LIMITED - Year Ended 30-6-2003". Brecorder. 14 June 2004.
- ^ "Ministry of Privatisation - Privatisation Commission".
- ^ Hussain, Dilawar (5 December 2001). "Millat Tractors acquires Rex Barren". DAWN.COM.
- ^ "Millat Tractors shuts plant". DAWN. 6 January 2023.
- ^ Ali, Kalbe (22 June 2024). "Millat Tractors fined Rs5.4bn for sales tax audit discrepancy". DAWN.
External links
[edit]| Domestic manufacturers | |
|---|---|
| Foreign companies with operations | |
| Defunct manufacturers | |
| Components & parts | |
| Related topics | |
- Manufacturing companies based in Lahore
- Pakistani companies established in 1964
- Vehicle manufacturing companies established in 1964
- 1960s initial public offerings
- Companies listed on the Pakistan Stock Exchange
- Companies in the KSE 100 Index
- Manufacturing companies of Pakistan
- Formerly government-owned companies of Pakistan