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PNSC sees 20.8% fall in profitability, pays Rs10 DPS

PNSC sees 20.8% fall in profitability
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February 27, 2024 (MLN): Pakistan National Shipping Corporation Limited (PSX: PNSC) experienced a fall of 20.81% YoY in its profitability in the first half of fiscal year 2024, clocking in its profit after tax at Rs9.49 billion [EPS: Rs71.86], compared to a profit of Rs11.98bn [EPS: Rs90.74] in the same period last year (SPLY).

Along with the results, the company announced an interim cash dividend of Rs10 per share.

Going by the consolidated results made available by the company on the local bourse, the company's top line slid by 17.80% YoY to Rs23.93bn as compared to Rs29.12bn in SPLY.

The cost of sales also fell by 8.28% YoY but was not enough to offset the sales decline, which worsened the gross profit by 29.11% YoY to Rs9.44bn in 1HFY24.

The gross margins worsened to 39.42% as compared to 45.71% in SPLY.

However, during the review period, other income surged by 2.63x YoY to stand at Rs3.49bn in 1HFY24 as compared to Rs1.33bn in SPLY.

On the expense side, the company observed an increase in administrative expenses by 23.65% YoY and other expenses by 15.11% YoY to clock in at Rs933.23m and Rs178.67m respectively during the review period.

The company’s finance cost fell by 8.97% YoY and stood at Rs592.22m as compared to Rs650.55m in SPLY.

On the tax front, the company paid a lower tax worth Rs1.62bn against the Rs331.52m paid in the corresponding period of last year, depicting a surge of 4.87x YoY.

Consolidated (un-audited) Financial Results for half year ended December 31, 2023 (Rupees in '000)
  Dec 23 Dec 22 % Change
Sales 23,934,306 29,118,245 -17.80%
Cost of sales (14,498,388) (15,806,863) -8.28%
Gross Profit 9,435,918 13,311,382 -29.11%
Administrative Expenses (933,229) (754,713) 23.65%
Impairment loss on financial assets – net (114,141) (763,361) -85.05%
Other Income 3,487,771 1,326,854 162.86%
Other Operating Expenses (178,669) (155,210) 15.11%
Finance Cost (592,223) (650,552) -8.97%
Profit before taxation 11,105,427 12,314,400 -9.82%
Taxation (1,615,678) (331,522) 387.35%
Net profit for the period 9,489,749 11,982,878 -20.81%
Basic earnings/ (loss) per share 71.86 90.74

Amount in thousand except for EPS

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Posted on: 2024-02-27T11:07:40+05:00