PICTL reports 17% growth in half-yearly earnings

MG News | August 17, 2020 at 04:00 PM GMT+05:00

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August 17, 2020 (MLN): Pakistan International Container Terminal Limited (PICTL) declared its financial results on Monday, wherein the company posted a net profit of Rs. 1.17 billion (EPS: 10.74), nearly 17% higher then the earnings recorded in same period of last year.

In addition, the company revealed its quarterly results for the same period wherein it earned profits of Rs. 528.2 million (EPS: 4.84), i.e. around 6% higher than the earnings of same period last year.

The Board of Directors of the company also announced an Interim Cash Dividend for the quarter ended June 30, 2020 at Rs. 12.74 per share i.e. 127.4%. The is in addition to Interim Dividend already paid at Rs. 1 per share i.e. 10%.

As seen in the table below, the increase in earnings was led by rise in net revenue of the company by 8.2%, followed by a 55% decline in non-core expenses and a whopping 1.51x increase in other income.

On the other hand, the rise in finance cost by 29% and income tax expense by 17% took some toll on the company's earnings during the period.

Financial Results for half year ended June 30, 2020 (Rupees'000)
	Jun-20	Jun-19	% Change
Revenue - net	4,115,983	3,805,485	8.2%
Cost of services	(2,282,838)	(2,175,661)	4.9%
Gross Profit	1,833,145	1,629,824	12.5%
Administrative expenses	(267,917)	(245,004)	9.4%
Other expenses	(4,562)	(10,295)	-55.7%
Finance cost	(328)	(254)	29.1%
Other income	90,026	35,870	151.0%
Profit before taxation	1,650,364	1,410,141	17.0%
Taxation	(478,568)	(409,340)	16.9%
Profit after taxation	1,171,796	1,000,801	17.1%
Earnings per share	10.74	9.17	17.1%

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