Pakistan National Shipping profit surges over two times

MG News | October 07, 2024 at 10:12 AM GMT+05:00
October 07, 2024 (MLN): Pakistan National Shipping Corporation Limited (PSX: PNSC) recorded an increase of 120.8% in its profitability, recording a net profit of Rs1.91 billion [EPS: Rs14.47] in the quarter ending June 2024.
That compares to a profit of Rs865.55 million [EPS: Rs6.55] earned in the same period last year (SPLY). For the full financial year 2024, the company posted a net profit of Rs4.98bn as against Rs4.83bn last year.
Along with the results, the company announced a final cash dividend of Rs25 per share i.e. 250%, and to issue bonus shares in proportion of 50 shares for every 100 held i.e. 50%.
Going by the quarterly results, the company's revenue increased 24.8% to Rs2.04bn as compared to Rs1.64bn in FY23.
However, the cost of sales surged by 117.8%, worsening the gross profit by 67.9% to Rs263.03m in Q4 FY24.
The gross margins fell substantially to 12.9% as compared to 50.1% in SPLY.
During the period under review, other income grew 78.4% to Rs2.63bn in Q4 FY24 as compared to Rs1.48bn in SPLY.
On the expense side, the company's administrative expenses rose 59.4% from a year ago to Rs135.7m, while other operating expenses rose 152.2% to Rs307.9m.
The company’s finance cost fell 37.3% and stood at Rs253.12m as compared to Rs403.59m in SPLY.
On the tax front, the company paid a lower tax worth Rs434.56m against the Rs723.72m paid in the corresponding period of last year, depicting a decrease of 40.0%.
This translates to an effective tax rate of 18.5% as compared to 45.5% in SPLY.
Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000) | |||
---|---|---|---|
Jun 24 | Jun 23 | % Change | |
Sales | 2,044,852 | 1,638,133 | 24.83% |
Cost of sales | (1,781,826) | (818,072) | 117.81% |
Gross Profit/ (loss) | 263,026 | 820,061 | -67.93% |
Administrative Expenses | (135,702) | (85,143) | 59.38% |
Other Gains / (Losses) | 145,341 | (96,529) | - |
Other Income | 2,633,886 | 1,476,574 | 78.38% |
Other Operating Expenses | (307,897) | (122,111) | 152.15% |
Finance Cost | (253,120) | (403,585) | -37.28% |
Profit/ (loss) before taxation | 2,345,534 | 1,589,267 | 47.59% |
Taxation | (434,559) | (723,718) | -39.95% |
Net profit/ (loss) for the period | 1,910,975 | 865,549 | 120.78% |
Basic earnings/ (loss) per share | 14.47 | 6.55 | - |
Amount in thousand except for EPS
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