Jawad Ahmed

The revenue of Pakistan International Container – provider of container terminal management services – stood at Rs5.833 billion in the first six months of calendar year (6MCY) 2022, higher by 4.74% than Rs5.569 billion over the same period of last year, reports WealthPK. Registered as a public limited company, Pakistan International Container is a subsidiary of International Container Terminal Services Inc, Mauritius.

During the period under review, the company’s top-line showed growth of 4%, but the rising prices and increasing cost of sales decreased profitability. The company’s profit-before-tax declined to Rs2.353 billion in 1HCY22 from Rs2.433 billion over the same period last year. After statutory tax adjustments, the net profit for the half year came in at Rs1.382 billion, dropping from Rs1.728 billion over the same period of the previous year, showing a decline of 20%. The decline in profit shrank the earnings per share (EPS) to Rs12.06 from Rs15.83 the previous year.

Company’s performance over the years

In 2018, the net sales of the company decreased to Rs8.250 billion from Rs9.291 billion the previous year. Gross profit declined from Rs4.545 billion in 2017 to Rs3.750 billion in 2018. Net profitability fell to Rs2.134 billion from Rs2.798 billion, dragging the EPS down to Rs19.56 from Rs25.63 in 2017.

In 2019, the revenue of the company further declined to Rs7.927 billion from Rs8.250 billion the previous year. Profit-before-tax for the year declined to Rs3.011 billion, or 8.5%, from the previous year’s Rs3.290 billion. The EPS remained almost stagnant at Rs19.58 due to a slight increase in after-tax profit, which inched up to Rs2.137 billion from Rs2.134 billion in 2018.

The sales revenue witnessed an increase in 2020, going up by 13.55% to Rs9 billion from Rs7.927 billion the year before. The increase in turnover pushed the gross profit to Rs4.120 billion from Rs3.458 billion the previous year, registering a 19.1% increase year-over-year. Profit-before-tax for the year climbed to Rs3.764 billion, 25% higher than the previous year’s Rs3.011 billion. The EPS jumped to Rs24.48 due to a rise in after-tax profit, which went up to Rs2.672 billion from Rs2.137 billion in 2019.

In 2021, the company witnessed a remarkable growth in revenue collection of Rs11.098 billion, which was 23.3% higher than the previous year’s Rs9 billion. The gross margins stood at Rs5.160 billion compared to Rs4.120 billion the previous year. The company’s profit-after-tax went up to Rs3.390 billion from the previous year’s Rs2.672 billion. EPS for the year further jumped to Rs31.05 from Rs24.48 the previous year.

Credit : Independent News Pakistan-WealthPk