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PIBTL bounces back from losses in 1HFY24

PIBTL bounces back from losses in 1HFY24
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February 27, 2024 (MLN): Pakistan International Bulk Terminal Limited (PSX: PIBTL) achieved a significant turnaround in the first half of fiscal year 2024, with its profits surging to Rs1.06 billion [EPS: Rs0.59] compared to a loss of Rs232.33m [LPS: Rs0.13] in the same period last year (SPLY).

The company reported a net revenue of Rs8.07bn, compared with Rs5.86bn a year earlier, according to the financial statement made available by the company on the local bourse on Tuesday.

The cost of services rose at a slower pace of 11.8%, boosting the gross profit margin to 38.5% from 24.2%.

Other income grew 24% YoY to Rs108.63m. Finance costs, however, climbed 28.6% YoY to Rs1.07bn, mainly due to higher interest rates.

On the taxation front, the company paid Rs883.8m, as against a tax credit of Rs78.16m received in SPLY.

Unconsolidated (un-audited) Financial Results for half year ended December 31, 2023 (Rupees in '000)
  Dec 23 Dec 22 % Change
Sales 8,072,185 5,861,930 37.71%
Cost of services (4,965,236) (4,441,248) 11.80%
Gross Profit 3,106,949 1,420,682 118.69%
Administrative Expenses (317,333) (313,485) 1.23%
Other Gains / (Losses) 108,177 (676,281)
Other Income 108,632 87,598 24.01%
Finance Cost (1,066,029) (828,999) 28.59%
Profit before taxation 1,940,396 (310,485)
Taxation (883,861) 78,158
Net profit for the period 1,056,535 (232,327)
Basic earnings/ (loss) per share 0.59 (0.13)

Amount in thousand except for EPS

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Posted on: 2024-02-27T15:09:12+05:00