Dewan Farooque Motors Limited denies allegations of a financial default worth over Rs. 1 billion. These claims, which gained traction on social media, have no basis. In a statement to the Pakistan Stock Exchange (PSX), DFML clarified that its audited financial statements for the year ending June 30, 2024, show no such default. The social media post also raised doubts about the company’s operational sustainability. However, DFML management remains optimistic, expecting better financial results in the coming year.
Addressing the Allegations
DFML explained that the claims stem from events dating back to 2008. Although the company faced challenges in the past, it emphasizes its recent turnaround, particularly with the restart of vehicle manufacturing operations.
In June 2024, DFML marked a significant milestone by launching the KIA Shehzore. The financial statements, finalized in November 2024, covered a brief operational period ending on June 30, 2024. Despite the short reporting period, DFML demonstrated clear progress in both its operations and financial recovery.
Recent Milestones and Future Goals
DFML has made key strides to stabilize its financial position. The company restructured its debts and introduced a step-up repayment plan to ensure smoother financial management in the future.
Moreover, DFML announced the local production of Honri electric vehicles, making history as the first company to manufacture electric cars in Pakistan. This project is being executed on a toll-manufacturing basis for a sister company, marking a turning point for Pakistan’s automotive industry.
Gratitude and Optimism
The management expressed gratitude to shareholders for their ongoing support during challenging times. They emphasized that recent developments suggest a promising future for DFML and its stakeholders.
With a focus on innovation and financial discipline, DFML is determined to strengthen its position in the automotive industry and contribute to Pakistan’s economic growth.
