Sales in Nigeria push Bajaj earnings to soaring heights of 19.8% jump in profit
Indian auto giant, Bajaj recently reported 19.82 per cent increase in profit, saying sales in Tricycles in Africa and India boosted earnings in its consolidated profit.
Reports had last year revealed that Nigeria remains the major destination of Bajaj Tricycle as virtually every state of the federation is now saturated with the mode of transportation.
Checks by Business Hilights Intelligent Unit (BHIU) show that the price of the vehicle had been on steady rise in the last two years even as more Nigerians who could not afford better jobs are jumping into the business especially in states where use of Motorcyles had been outlawed as a means of transportation.
Additional checks further showed that Lagos, Kano and Rivers states are highest users of the transport mode both in rural areas and urban centres.
Within the financial year under review, Bajaj Autos had a strong double digit growth of around 28.7 per cent to 2,541,320 units sold last year. The year before it, domestic sales for Bajaj Auto was recorded at 1,974,577 units, indicating geometric rise in international sales and market dominance.
