Pakistan National Shipping profit surges over two times

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MG News | October 07, 2024 at 10:12 AM GMT+05:00

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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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