Qudsia Bano

Pakistan National Shipping Corporation’s revenue from sales jumped 207% to Rs14.3 billion in the first quarter of the ongoing financial year 2022-23 (1QFY23) from Rs4.7 billion over the corresponding period of the previous fiscal. The gross profit of the company also increased by a massive 559% to Rs6.3 billion in 1QFY23 from Rs951.7 million recorded in 1QFY22. The company posted a net profit of Rs5.4 billion in 1QFY23 as against a profit of Rs635 million over the corresponding period of FY22, showing a massive growth of 748% year-on-year.

The introduction of two new tanker boats – the MT Mardan and MT Sargodha – as well as the average rise in the AFRA from 97 to 201 and the World scale from 4.98 to 5.29, are among the elements contributing to the corporation’s better financial performance. Moreover, the period’s average exchange rate versus the US dollar was Rs229 as opposed to Rs167 during the same period last year.

The segment of liquid cargo saw the largest gain in revenue, rising by Rs8,075 million, including an increase of Rs6,283 million from owned vessels and Rs1,792 million from foreign leased vessels. Moreover, the dry cargo category had a growth in revenue of Rs1,647 million, mostly as a result of the expansion of business due to slot charter. This was the main reason for the massive increase in profitability of the company, reports WealthPK.

During the fiscal year 2021-22, the company’s gross sales more than doubled to Rs27.7 billion from Rs12.8 billion in FY21, posting a massive increase of 117% year-on-year. The gross profit for FY22 stood at Rs8 billion, up 179% from Rs2.9 billion in FY21. The profit-after-tax for the year also jumped by 149% to Rs5.6 billion from Rs2.26 billion in FY21.

The earnings per share of the company have been growing over the past few years. In FY21, the EPS was Rs17.14, which more than doubled to Rs42.78 in FY22. The dividend per share of the company has also increased in recent years. During FY21, the dividend per share that the company paid to its shareholders was Rs3, which increased to Rs5 in FY22.

About the company

Pakistan National Shipping Corporation was established under the provisions of the Pakistan National Shipping Corporation Ordinance, 1979, and is principally engaged in the business of shipping, including the charter of vessels, transportation of cargo and other related services, and providing commercial, technical, administrative, financial and other services to its subsidiaries and third parties in relation to the business of shipping. The corporation is also engaged in renting out its properties to tenants under lease arrangements.

Credit: Independent News Pakistan-WealthPk