Runner Automobiles PLC, a pioneer in motorcycle manufacturing and exporting, faced its first-ever annual loss in the last fiscal year due to economic challenges and high inflation. Sales significantly declined in all segments: 2-wheelers, 3-wheelers, and commercial vehicles, resulting in a substantial consolidated loss of Tk96 crore.
The economic crisis led to a 50% drop in 2-wheeler sales, a 40% decrease in 3-wheeler sales, and a 35% decline in commercial vehicle sales in FY23 compared to the previous year. Inflation particularly affected 2-wheeler sales, as customers in this segment are mainly middle- or lower-middle-class individuals struggling with rising living costs. Runner Automobiles will not pay dividends to its shareholders for the first time since its stock market listing in 2019.
The company’s consolidated revenue dropped by 40% to Tk663 crore in FY23 from Tk1,112 crore in the previous year. The annual general meeting is scheduled for December 21, with a record date of November 19, to identify shareholders.
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