Karachi: Al-Futtaim Industries LLC, one of the most progressive business houses of UAE and parent company of Al-Ghazi Tractors Limited (AGTL), is celebrating completion of 25 years in Pakistan.
Al-Futtaim Industries acquired management control of Al-Ghazi Tractors Limited (AGTL) from the Privatisation Commission on December 8, 1991 which since then has transformed into one of the leading tractor manufacturers in Pakistan.
It is pertinent to mention here that AGTL manufactures New Holland (Fiat) tractors in technical collaboration with Case New Holland, the number one manufacturer of agricultural tractors in the world. Robust and sturdy, the company’s tractors are rated to produce 55, 65, 75 and 85 HP and all carry a local content of 92 per cent.
Now, Al-Ghazi Tractors is planning to invest $4m to improve quality of products of AGTL through construction of quality lab, while training of mechanics, setting up of call center for efficient customer support, and new modern paint shop are also part of the project.
Mohammad Shahid Hussain, CEO- Al-Ghazi Tractors said: “Market capitalisation of AGTL has increased manifolds since 1991 to the tune of almost Rs 42 billion recently; the production capacity got a huge boost as the production doubled in the said period from 15000 units in 1991 to current 30000 units.”
“This also helped increase the sales volume, which was 5734 units in 1991. In the last 5 years the volumes stood on average at 16,735 units and the highest sales were 32732 units in 2009,” added CEO AGTL.
Shahid Hussain said that from December 1991, when the company was acquired by Al-Futtaim, AGTL has paid a cash dividend of almost Rs 20 billion to its shareholders, in addition to issue of 230% bonus shares.
“The taxes paid by AGTL during the last 25 years are Rs 11 billion. The company has approximately 1000 direct and indirect employees,” said Shahid, adding that plant up-gradation was also undertaken thrice during this period.
He added that AGTL is a story of sustained success as with a record of consistent corporate achievement the company is recognised for corporate excellence and ‘Best Corporate Performance’.
Talking about the Corporate Social Responsibility activities of the company, he said that the Plant and staff town in Dera Ghazi Khan has medical facilities; fair price shop; recreational centre; play grounds; parks, and clean water supply etc.
“Moreover, merit scholarships are offered to students of University of Agriculture and technical college of DGK for development of local talent,” he added.