PIBTL earns Rs336m profit in 1Q2024 after last year’s loss

MG News | April 23, 2024 at 03:01 PM GMT+05:00

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April 23, 2024 (MLN): Pakistan International Bulk Terminal Limited (PSX: PIBTL) turned around in the first quarter of 2024, earning a profit after tax of Rs335.58 million [EPS: Rs0.19] compared to a loss of Rs2.35 billion [LPS: Rs1.32] in the same period last year (SPLY).

Going by the results, the company's top line soared by 3.7x YoY to Rs3.6bn as compared to Rs971.63m in SPLY.

The cost of sales also rose to Rs2.47bn in 1Q2024 as compared to Rs1.29bn in SPLY, but was far lesser than the increase in sales.

The gross margins improved significantly to 31.43% as compared to -33.26% in SPLY.

During the period under review, other income dipped by 13.1% YoY to stand at Rs21.98m as compared to Rs25.29m in SPLY.

The company’s finance cost grew by 3.2% YoY and stood at Rs479.18m as compared to Rs464.28m in SPLY, mainly due to higher interest rates.

On the taxation front, the company paid a tax expense of Rs261.33m as compared to a tax credit of Rs77.95m received in 1Q2023.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
	Mar 24	Mar 23	% Change
Sales	3,600,552	971,631	270.57%
Cost of sales	(2,469,005)	(1,294,811)	90.68%
Gross Profit	1,131,547	(323,180)	-
Administrative Expenses	(158,459)	(114,853)	37.97%
Other Gains / (Losses)	81,027	(1,552,437)	-
Other Income	21,984	25,293	-13.08%
Finance Cost	(479,183)	(464,280)	3.21%
Profit before taxation	596,916	(2,429,457)	-
Taxation	(261,332)	77,954	-
Net profit for the period	335,584	(2,351,503)	-
Basic earnings/ (loss) per share	0.19	(1.32)	-