Pakistan International Bulk Terminal earns Rs1.7bn

MG News | September 13, 2024 at 04:17 PM GMT+05:00

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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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