Pakistan International Bulk Terminal earns Rs1.7bn
MG News | September 13, 2024 at 04:17 PM GMT+05:00
September 13, 2024 (MLN): Pakistan International Bulk Terminal Limited (PSX: PIBTL) earned a profit after tax of Rs1.65 billion [EPS: Rs0.92] in the fiscal year ending June 2024 as gross margins surged .
That compares with a loss of Rs2.16bn [LPS: Rs1.21] incurred last year.
Going by the results, the company's sales revenue grew 52.7% to Rs13.85bn as compared to Rs9.07bn in SPLY.
The cost of sales also rose by 24.7% but was lesser than proportionate to sales rise, improving the gross profit significantly by 183.3% to Rs4.53bn in FY24.
The gross margins jumped to 32.7% as compared to 17.6% in SPLY.
During the period under review, other income grew 44.5% to stand at Rs258.69m in FY24 as compared to Rs179 million last year.
On the expense side, the company's administrative expenses rose 18.9% from a year ago to Rs694.11m.
The company’s finance cost inched lower by 2.4% and stood at Rs1.97bn as compared to Rs2.01bn last year.
On the tax front, the company paid a higher tax worth Rs653.99m against the Rs972.7m paid in the corresponding period of last year, depicting an increase of .
This translates to an effective tax rate of 28.4% as compared to 31.1% in SPLY.
| Unconsolidated (un-audited) Financial Results for year ended June 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Jun 24 | Jun 23 | % Change | |
| Sales | 13,852,284 | 9,072,699 | 52.68% |
| Cost of sales | (9,319,107) | (7,472,722) | 24.71% |
| Gross Profit/ (loss) | 4,533,177 | 1,599,977 | 183.33% |
| Administrative Expenses | (694,112) | (583,574) | 18.94% |
| Other Gains / (Losses) | 172,603 | (2,310,140) | - |
| Other Income | 258,693 | 179,039 | 44.49% |
| Finance Cost | (1,965,565) | (2,013,644) | -2.39% |
| Profit/ (loss) before taxation | 2,304,796 | (3,128,342) | - |
| Taxation | (653,987) | 972,702 | - |
| Net profit/ (loss) for the period | 1,650,809 | (2,155,640) | - |
| Basic earnings/ (loss) per share | 0.92 | (1.21) | - |
Amount in thousand except for EPS
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