PNSC reports Rs8bn profit for H1FY24, declares 100% dividend
MG News | February 24, 2025 at 11:14 AM GMT+05:00
February 24, 2025 (MLN): Pakistan National Shipping Corporation Limited (PSX: PNSC) recorded a marginal decrease of 1.33% year-on-year (YoY) in its profitability, with profit after tax (PAT) standing at Rs8.38 billion [EPS: Rs42.29] for the half-year ended December 31, 2024 (H1 FY24).
The company declared an interim cash dividend of Rs10 per share (100%) for the period.
According to the financial results, the company's revenue from contracts with customers declined by 16.78% YoY to Rs19.68bn, compared to Rs23.65bn in SPLY.
This was primarily due to a 16.80% drop in income from the shipping business, which fell to Rs17.38bn from Rs20.89bn in SPLY.
Despite a 10.79% rise in rental income, the company’s total revenue witnessed an overall contraction of 16.61%, reaching Rs19.85bn against Rs23.8bn in SPLY.
On the expense side, fleet expenses decreased by 10.50% YoY to Rs12.92bn, while real estate expenses surged 127.92% YoY to Rs110.6mn.
As a result, total expenditure declined 10.04% YoY to Rs13.03bn.
Consequently, gross profit dropped by 26.69% to Rs6.84bn, compared to Rs9.33bn in SPLY.
Meanwhile, other income showed a strong increase of 33.36%, reaching Rs4.8bn, helping offset some of the decline in gross profitability.
However, administrative expenses rose 12.55% to Rs1.05bn, while finance costs plummeted 58.38% to Rs246.48mn from Rs592.22mn in SPLY.
At the bottom line, profit before taxation (PBT) fell by 10.49% YoY to Rs9.62bn, compared to Rs11.1bn in SPLY.
However, higher taxation of Rs1.25bn (up 4.78% YoY) weighed on net earnings, leading to the 1.33% decline in PAT.
The Earnings Per Share (EPS) dropped by 11.73% to Rs42.29, compared to Rs47.91 in SPLY.
| Consolidated Profit and Loss For The Period Ended December 31, 2024 (Rs '000) | |||
| Category | Dec-24 | Dec-23 | %Change |
| Income from shipping business | 17,376,590 | 20,885,419 | -16.80% |
| Other operating activities | 2,307,838 | 2,768,232 | -16.63% |
| Total Revenue from Contract with Customers | 19,684,628 | 23,653,651 | -16.78% |
| Rental income | 163,846 | 147,894 | 10.79% |
| Total Revenue from Others | 19,848,474 | 23,821,545 | -16.61% |
| Fleet expenses | (12,920,718) | (14,436,894) | -10.50% |
| Real estate expenses | (110,598) | (58,524) | 127.92% |
| Total Expenditure | (13,011,727) | (14,498,368) | -10.04% |
| Gross Profit | 6,836,747 | 9,323,157 | -26.69% |
| Administrative expenses | (1,050,307) | (933,229) | 12.55% |
| Impairment loss on financial assets | (86,059) | (114,141) | -24.60% |
| Other expenses | (390,556) | (178,669) | -23.37% |
| Other income | 4,801,839 | 3,600,632 | 33.36% |
| Operating Profit | 10,187,428 | 11,697,650 | 0.29% |
| Finance costs | (246,481) | (592,223) | -58.38% |
| Profit Before Levies and Taxation | 9,940,947 | 11,105,427 | -10.49% |
| Levies | (318,884) | (427,029) | -25.32% |
| Profit Before Taxation | 9,622,063 | 9,138,568 | 5.29% |
| Taxation | (1,245,453) | (1,188,649) | 4.78% |
| Profit for the Period | 8,376,610 | 9,489,749 | -1.33% |
| Other Comprehensive Income | - | 4,681 | |
| Total Comprehensive Income for the Period | 8,376,610 | 8,494,430 | -1.39% |
| Profit for the Year Attributable to Equity Holders | 8,375,671 | 9,493,199 | -11.77% |
| Non-controlling interest | 939 | 1,231 | -23.72% |
| Earnings Per Share (Basic & Diluted) | 42.29 | 47.91 | -11.73% |
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