PNSC reports Rs8bn profit for H1FY24, declares 100% dividend

MG News | February 24, 2025 at 11:14 AM GMT+05:00

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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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