Millat Tractors (Urdu: مِلّت ٹریکٹرز ) is a Pakistani tractor manufacturer based in Lahore, Punjab, Pakistan since 1964. It is the authorized assembler and manufacturer of Massey Ferguson tractors in Pakistan.
|Traded as||PSX: MTL|
|Headquarters||Lahore, Punjab, Pakistan|
|Revenue||₨38.51 billion (US$270 million) - 2018|
|₨7.78 billion (US$55 million) - 2018|
|₨5.33 billion (US$38 million) - 2018|
|Total assets||₨16.57 billion (US$120 million) - 2018|
|Total equity||₨4.16 billion (US$29 million) - 2018|
Number of employees
Millat Tractors was initially started as Rana Tractors and Equipment Limited to import and market Massey Ferguson tractors. In 1965, facilities were created in Karachi to assemble tractors from semi-knocked-down kits. In 1967, operations were shifted from Karachi to Lahore.
In 1972, under the Zulfiqar Ali Bhutto, the company was nationalized and started assembling and marketing tractors on behalf of the Pakistan Tractor Corporation (PTC).
In 1980, the Government decided on indigenization of the tractors and entrusted this task to Pakistan Tractor Corporation. Pakistan Tractor Corporation transferred this role of indigenization in 1981 to Millat Tractors Limited. In just one year, the company took a giant step towards self-sufficiency by setting up the first engine assembly plant in Pakistan. In 1984, sophisticated manufacturing facilities for the machining of intricate components were set up. These were previously not available in Pakistan. Currently, critical components like the engine block, sump, transmission case, axle housing, hydraulic lift cover, front axle support and center housing are all being machined successfully in-house at Millat Tractors from locally sourced castings.
In 1992, the company was privatized, and Millat Tractors plant started its in-house production. The establishment of this modern plant not only increased production capacity to 16,000 tractors per year on a single-shift basis.
In the 2009-2010 financial year, production shot up to 42,000 tractors, the highest sales of tractors ever in Pakistan for any company at the time.
During the fiscal year 2017-18, Millat Tractors Limited produced and sold over 42,500 tractors.
Millat Tractors, as a company, is on the Forbes List of Asia's 200 Best Under a Billion (2018)
- "Millat Tractors Limited - Annual Report 2017-18" (PDF). www.millat.com.pk.
- Company Profile of Millat Tractors on Forbes.com business website Published 18 July 2018, Retrieved 6 May 2019
- Company Profile of Millat Tractors on Financial Times (UK business newspaper website) Published 2 May 2019, Retrieved 6 May 2019