Latest news with #MTL
Business Recorder
5 days ago
- Automotive
- Business Recorder
Millat Group of Companies -A Role Model of Success
Introduction Millat Group is Pakistan's leading engineeringconcern in the automobile sector, with a historyspanning over half a century. It comprises fivekey entities: Millat Tractors Limited (MTL),Precision Engineering (MTL – Unit -2), MillatIndustrial Products Limited, Bolan CastingsLimited, and the trading arms TIPEG Intertradeand JLT. Today, the group manufactures internationallyreputed tractors, reliable Diesel Engines,efficient Diesel Generating Sets, and powerfulPrime Movers. Under license from Anhui Heli China, they also produce Forklift portfolio includes Agricultural Implements,precision Gears, durable Batteries and Cells, andessential Automotive Castings. Millat Group alsocustomizes products to meet specific customerrequirements. MillatGrouphasplayedapivotalroleintransferringtechnologyandtransformingPakistan's light engineering sector into a robust,quality-conscious auto vending industry. Theirimpact is clear: Millat Tractors holds over 50 market share, with its flagship MF-240 tractorsachieving over 90% indigenization. This achievementover six decades showcases Millat Group'scommitment to self-reliance. History The history of Millat Group begins with MillatTractors Limited (MTL). Established in 1964 asRana Tractors and Equipment, its initial goal wasto market Massey Ferguson (MF) tractors inPakistan through CBU imports from the UK. Anassembly plant set up in Karachi in 1964 assembledSKD imported tractors. In 1967, this plant wasrelocated to Lahore. Nationalization and New Beginnings In 1972, the company was nationalized underEconomic Reforms Orders and renamed 'MillatTractors Limited.' MTL then assembled andmarketed tractors for the Pakistan TractorCorporation (PTC), a government entity importingCKD tractors. Indigenization: A Milestone forPakistan's Auto Sector A major turning point came in 1980 when thegovernment decided to indigenize tractormanufacturing, entrusting this task to PTC. In1981, PTC transferred this vital role to 1982, MTL took a giant step towards self-relianceby setting up Pakistan's first engine assemblyplant. The company brought high-investment,high-precision manufacturing facilities in-housethat weren't available locally. In 1984, sophisticatedmanufacturing facilities for machiningintricate components were established, a firstfor Pakistan. Today, critical components likeengine blocks, sumps, cylinder heads, transmissioncases, axle housings, hydraulic lift covers,front axle supports, and central housings aresuccessfully machined in-house at MTL fromlocally sourced castings. Privatization: A Unique EmployeeBuyout In 1992, the company was privatized. In a uniquemove for Pakistan, employees joined forces andsuccessfully took over its management by winningan open bid. This employee buyout proved remarkablysuccessful, driven by their strong commitment. Copyright Business Recorder, 2025
Business Recorder
5 days ago
- Automotive
- Business Recorder
Post-Privatization Era: Growth and Diversification
To maintain its leadership role in tractor manufacturing in thecountry, MTL continues to look towards the future. The newTractor Assembly Plant is part of this philosophy. This plantstarted its production in 1992. The establishment of thismodern plant not only increased production capacity to 16,000tractors per year on a single shift basis, but also provided aquantum leap to the quality of the assembled tractors andpushed MTL into ranks of the major tractor manufacturingcompanies of the world. Looking to the future with optimism and broadeningplans, the opportunities are being explored in multi-applicationof engines and tractors in areas other than the farming sector. Mass production of Generating Sets was started in 1994, whilea 3 ton Forklift Truck branded as Millat, based on TCM technology, was launched in the year 2002. Today, with the Grace of God Almighty, all targets forlocal indigenization as fixed by the Engineering DevelopmentBoard have been achieved and more than 90% of the parts for240 series tractor are produced within Pakistan. Companies within the Millat Group The strength of Millat Group stems from its specialized andinterconnected companies: Millat Tractors Limited (MTL) Millat Tractors Limited (MTL), an ISO 9001:2008 certifiedcompany, is Pakistan's leading engineering concern in theautomotive sector. Tractors: Offers 15 locally manufactured tractor models (50-85hp), competitive globally. Includes the popular Deluxe 100 hp+ models for large farms. Tractor Implements: Provides 35 regular and innovativeattachments, produced under strict quality standards. Prime Movers: Manufactures 3 and 4-cylinder prime moverswith MTL's own 3.152 and 4.248 engines, used by irrigationand firefighting agencies. Fork Lift Trucks: Produces 3-ton fork lift trucks from CKD(Anhui Fork Lift Truck Group China), fitted with MTL's 3.152engines. Power Generation Sets: Offers Diesel generating sets (15-150kVA) with MTL's own engines coupled with Leroy Somer orCummins Alternators. Millat Precision Engineering (MTL Unit 2) Millat Equipment Limited (MTL Unit 2), an ISO 9001:2008certified company, is among Pakistan's most technologicallyadvanced Transmission Gears & Shafts ManufacturingCompanies. It acquired its Gear Manufacturing Plant fromAGCO Limited, UK. Its modern 513,000 sqft facilitymanufactures: Transmission Shafts Spur Gears Helical Gears Spiral & Straight Bevel Gears Sub-assemblies, like the Hydraulic Pump for Massey Ferguson tractors. Bolan Castings Limited (BCL) Bolan Castings Limited (BCL) was incorporated on July 15,1982, as a public limited company. It was privatized on June13, 1993, to a joint collaboration of Millat Tractors Ltd. and itsemployees. BCL produces 20,000 tons of tractor and automotivecastings in grey and ductile iron, including: Engine Blocks Center Housings Cylinder Heads Gearboxes Axle Housing Hubs and Brake drums, among over 180 different types ofcastings. Millat Industrial Products Limited (MIPL) Millat Industrial Products Limited (MIPL) was incorporatedin 1986 as Rex Bären Batteries Limited, manufacturing automobilebatteries with technology from Jungfer Battery Technologyof Austria. In 2002, Millat Tractors Limited acquired it as asubsidiary. Investment modernized and enhanced plant capacityand improved product quality. MIPL produces a wide rangeof batteries including: Maintenance Free Batteries Polypropylene UPS CNG batteries These batteries are made with high qualitystandards, ensuring a perfect Millat battery for every need. Awards and International Ranking Millat Group has consistently received prestigious awards. Itis a regular recipient of the Corporate Excellence Award ofManagement Association of Pakistan and the Top CompaniesAward of Karachi Stock Exchange since the early Annual Report has been acknowledged as the BestAnnual Report by the Institute of Chartered Secretaries andAdmin Association of Pakistan for several years. Internationally, Plimsoll- UK nominated MTL as the 16thlargest company with exceptional performance in the GlobalTractor Manufacturing Industry. Forbes Global magazineincluded MTL in 'Asia's 200 Best Under a Billion Dollar Companies.' In 2016, it received an achievement award in 'Tractor& Agriculture Implements' by FPCCI. Millat Tractors wasdeclared the 2nd Best Company of Pakistan by the PakistanStock Exchange. Brands Foundation, Pakistan, bestowed'Brands of the Year Award' to Millat Tractors in 2016. In 2017, the Company received the Corporate ExcellenceAward by Management Association of Pakistan and the 'BestExport Performance Award in Tractors' by the LahoreChamber of Commerce. In 2018 & 2019, the Pakistan Stock Exchange bestowedMillat Tractors Ltd with 'The Top 25 Companies Award.' In2020, the Management Association of Pakistan conferred the'35th Corporate Excellence Award 2020.' In 2023, The Lahore Chamber of Commerce & Industriespresented Millat Tractors Limited with the 'Top Exporters ofPakistan Award,' and the Pakistan Stock Exchange selectedMTL for the 'Top Companies of the 2022, Award.' On October 23, 2023, Millat Tractors Ltd. was honoredwith the prestigious 39th Corporate Excellence Award by theManagement Association of Pakistan. The trophy was presentedby Syed Murad Ali Shah, Chief Minister of Sindh, to CEO MTL. This reflects their commitmentto innovation and operational excellence, recognizing theteam's dedication. The Importance of Agriculture and a NationalTractor Policy Agriculture is vital to Pakistan, contributing around 23% tothe national GDP and employing nearly 42% of the labor mechanization, with the tractor as an essential machine,plays a critical role in increasing productivity. Therefore, the government must swiftly introduce an agriculture-friendly, long-term 'National Tractor Policy.' RevivingPakistan's tractor industry will safeguard millions oflivelihoods, ensure national food security, and drive sustainableconomic growth. Millat Group employees continue to work with zeal toimprove performance. They are confident the company willkeep marching forward to serve customers. As it celebrates '6decades of Excellence & Service' to the nation, MTL introducesits innovative Deluxe Model Series, signifying a new era oftechnological advancements and customer comfort. MTLstrives to delight customers and also fulfill its social andcorporate responsibilities. Copyright Business Recorder, 2025
Cision Canada
21-07-2025
- Business
- Cision Canada
MTL Cannabis Reports Q4 and Record Full Year 2025 Financial Results Driven by $105.2M of Revenue, $21.7M of EBITDA, and $18.2M of Cash Flows from Operations
PICKERING, ON, July 21, 2025 /CNW/ - MTL Cannabis Corp. (CSE: MTLC) (OTCQX: MTLNF) ("MTL" or the "Company") is pleased to report it has filed the annual financial statements for the year ending March 31, 2025. Complete details may be found at Income Statement: Revenue of $105,239,109, an increase of $22,175,221, or 27%, compared to $83,063,888 in the prior year. Gross margin before fair value adjustments of 55%, an increase of 9%, compared to 46% in the prior year. Operating Income of $16,051,858, an increase of $11,439,188, or 248%, compared to $4,612,670 in the prior year. Net Income and Comprehensive Income of $6,826,256, an increase of $4,376,733, or 179%, compared to $2,449,523 in the prior year. EBITDA (1) of $21,722,218, an increase of $12,495,154, or 135%, compared to $9,227,064 in the prior year. Adjusted EBITDA (1) of $20,266,508, an increase of $7,622,341, or 60%, compared to $12,644,167 in the prior year. (1) See "Non-IFRS financial measures" section for reconciliation of EBITDA and Adjusted EBITDA. Statement of Cash Flows: Net cash inflows from operating activities of $18,230,108, an increase of $4,499,228, or 32%, compared to $13,780,880 in the prior year. Net cash used in investing activities of ($5,484,584), an increase of ($3,273,646), compared to ($2,210,938) in the prior year. Net cash used in financing activities of ($8,416,701), a decrease of $2,238,657, compared to ($10,655,358) in the prior year. Overall net cash increased to $5,680,958, an increase of $4,328,823, or 320%, compared to $1,352,135 at the beginning of the fiscal year. Additionally, the company was able to demonstrate retained earnings of $5,705,091, an increase of $6,319,256, or 1029%, compared to an accumulated deficit of ($614,165) in the prior year. Management Commentary: "We've entered a new era at MTL as we move from building the foundation to achieving record-breaking results," said Michael Perron, CEO of MTL. "This achievement reflects the dedication of our people, the strength of our disciplined operating model, and our team's ability to execute at a high level. We have built a strong and scalable platform, and at the core of it all is an unwavering commitment to delivering the highest quality products and services to our patients and customers. I am deeply grateful to the entire MTL team for making that possible." Richard Clement, Chair of the board of directors, commented "I am extremely proud of our team for their focus, determination, and the incredible efforts to help build the company to what it is today. We look forward to continuing to deliver strong results for our customers, patients, and shareholders." Non-IFRS financial measures In addition to results reported in accordance with IFRS, the Company uses certain non-IFRS financial measures as supplemental indicators of its financial and operating performance. These non-IFRS financial measures include Adjusted EBITDA. The Company believes these supplementary financial measures reflect the Company's ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business. The Company defines EBITDA as earnings before interest, taxes, depreciation and amortization. The Company defines Adjusted EBITDA as income (loss) from continuing operations, as reported, adjusted for depreciation and amortization, financing costs, gains and losses on sale of marketable securities, interest and accretion, share-based payments, change in fair value of biological assets realized through inventory sold, and unrealized gains and losses on changes in fair value of biological assets. The Company uses EBITDA as a measure of the cash generating capacity of its business. The Company uses Adjusted EBITDA to assist with comparatives to other companies by eliminating variability resulting from differences in capital structures, management decisions related to resource allocation, and the impact of fair value adjustments on biological assets and inventory, which may be volatile on a period-to-period basis. EBITDA and Adjusted EBITDA should not be considered alternatives to net income (loss), cash flow from operating activities or other measures of financial performance defined under IFRS. EBITDA and Adjusted EBITDA are intended to provide a proxy for the Company's operating cash flow and are widely used by industry analysts and investors to compare the Company to its competitors and derive expectations of the future financial performance of the Company. The Company's method of calculating EBITDA and Adjusted EBITDA may differ from other companies and, accordingly, they may not be comparable to similar measures used by other companies. The table below provide a reconciliation of Net Income as reported under IFRS in the annual financial statements to EBITDA and Adjusted EBITDA for each of the twelve-month periods ended March 31, 2025 and 2024. About MTL Cannabis Corp. MTL Cannabis Corp. is the parent company of Montréal Medical Cannabis Inc. ("MTL Cannabis"), a licensed producer operating from a 57,000 sq. ft. licensed indoor grow facility in Pointe Claire, Québec; Abba Medix Corp., a licensed producer in Pickering, Ontario that operates a leading medical cannabis marketplace; IsoCanMed Inc., a licensed producer in Louiseville, Québec growing best-in-class indoor cannabis, in its 64,000 sq. ft. production facility; and Canada House Clinics Inc., operating clinics across Canada that work directly with primary care teams to provide specialized cannabinoid therapy services to patients suffering from simple and complex medical conditions. As a flower-first company built for the modern street, MTL Cannabis uses proprietary hydroponic growing methodologies supported by handcrafted techniques to produce products that are truly craft for the masses. MTL Cannabis focuses on craft quality cannabis products, including lines of dried flower, pre-rolls and hash marketed under the "MTL Cannabis", "Low Key by MTL" and "R'belle" brands for the Canadian market through nine distribution arrangements with various provincial cannabis distributors. MTL Cannabis has also developed several export channels for bulk and unbranded GACP quality cannabis. It is MTL's goal for Abba Medix Corp. to become the leading distributor of medical cannabis in Canada and for Canada House Clinics to be the leading Canadian provider of medical cannabis clinic services. For further information, please visit or the Company's public filings at Cautionary Statement Regarding Forward-Looking Information. This press release contains forward- looking statements, including statements that relate to, among other things, the Company's clinic, production and technology businesses, its future plans, the Company's markets, objectives, goals, strategies, intentions, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "possible", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective" and "continue" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Material assumptions used to develop forward-looking information in this news release include, the regulations related to cannabis use under the Cannabis Act (Canada); Company liquidity and capital resources, including the availability of additional capital resources to fund its activities and repay its outstanding indebtedness; level of competition; the ability to adapt products and services to the changing market; the ability to attract and retain key executives; the ability to execute strategic plans; continued integration of business unit, expansion activities at all our operating locations; and the leveraging of cash flow from operations to accelerate growth and further improve the Company's balance sheet. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company's Listing Statement dated August 14, 2023 and its most recent annual and interim Management's Discussion and Analysis under "Risk and Uncertainties" as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.
Yahoo
19-07-2025
- Sport
- Yahoo
A Montreal pickleball tournament hopes to produce the best talent in the province
MTL Pickleball is hosting its first ever minor league tournament that gives athletes a path to compete in the U.S. and from there, a shot at qualifying for the Pickleball World Cup in 2026.
CBC
19-07-2025
- Sport
- CBC
A Montreal pickleball tournament hopes to produce the best talent in the province
MTL Pickleball is hosting its first ever minor league tournament that gives athletes a path to compete in the U.S. and from there, a shot at qualifying for the Pickleball World Cup in 2026.
