September 27, 2023 (MLN): The Pakistan National Shipping Corporation Limited (PNSC) had a stellar year in FY23, posting a profit after tax of Rs29.99 billion, a massive increase of 5.31x YoY from Rs5.65bn in FY22.
This translates to an earnings per share (EPS) of Rs227.11, compared to Rs42.75 in the previous year.
Along with the results, the company announced a final cash dividend of Rs15 per share i.e. 150%.
This is in addition to the Interim Dividend already paid Rs5 per share i.e. 50% during the financial year.
Going by the results made available by the company to the PSX, the company's top line surged by 97.14% YoY to Rs54.77bn as compared to Rs27.78bn in SPLY.
The expenditure also rose by 40.1% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 235.75% YoY to Rs27.19bn in FY23.
During the review period, other income soared by 7.06x YoY to stand at Rs9.27bn in FY23 as compared to Rs1.31bn in FY22.
On the expense side, the company observed a rise in Administrative expenses by 30.50% YoY and other expenses by 6.01% YoY to clock in at Rs1.61bn and Rs448.56m respectively during the review period.
The company’s finance costs inflated by 165.79% YoY and stood at Rs1.41bn as compared to Rs530.88m in FY22, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs1.88bn against the Rs647.25m paid in the corresponding period of last year, depicting an increase of 190.81% YoY.
| Consolidated (un-audited) Financial Results for year ended 30 June, 2023 (Rupees in '000) | |||
|---|---|---|---|
| June 23 | June 22 | % Change | |
| Sales | 54,771,160 | 27,783,460 | 97.14% |
| Cost of sales | (27,577,667) | (19,684,247) | 40.10% |
| Gross Profit | 27,193,493 | 8,099,213 | 235.75% |
| Administrative expenses | (1,608,706) | (1,232,701) | 30.50% |
| Impairment loss on financial assets – net | (1,122,941) | (929,525) | 20.81% |
| Other Income | 9,274,286 | 1,314,157 | 605.72% |
| Other expenses | (448,555) | (423,127) | 6.01% |
| Finance cost | (1,411,030) | (530,879) | 165.79% |
| Profit before taxation | 31,876,547 | 6,297,138 | 406.21% |
| Taxation | (1,882,252) | (647,248) | 190.81% |
| Net profit for the period | 29,994,295 | 5,649,890 | 430.88% |
| Basic earnings/ (loss) per share | 227.11 | 42.75 | – |
Amount in thousand except for EPS
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Posted on: 2023-09-27T15:41:16+05:00
