PNSC sees increased profit in nine-month financial results

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MG News | April 28, 2025 at 01:04 PM GMT+05:00

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April 28, 2025 (MLN): Pakistan National Shipping Corporation Limited (PSX: PNSC) reported a 5.13% increase in its profitability for the nine months ended March 31, 2025, with profit after tax (PAT) standing at Rs15.44 billion (EPS: Rs77.94), compared to Rs14.69bn (EPS: Rs74.14) in the same period last year.

The company’s total revenue from contracts with customers decreased by 18.68% YoY to Rs28.16bn, compared to Rs34.62bn in the previous year.

This decline was primarily driven by an 18.25% drop in income from the shipping business, which fell to Rs25.06bn from Rs30.65bn in SPLY, and a 21.98% reduction in other operating activities.

Despite this decline, rental income showed a positive growth of 13.75%, reaching Rs247.43 million compared to Rs217.52m in the previous year, helping to offset some of the contraction in overall revenues.

On the expenditure side, fleet expenses decreased by 5.76% YoY to Rs19.29bn, while real estate expenses rose by 42.21% YoY to Rs133.34m. As a result, total expenditure declined by 5.57% YoY to Rs19.42bn.

Gross profit, however, saw a sharp decline of 37.10% YoY, dropping to Rs8.98bn from Rs14.28bn in the same period last year. 

On the finance front, finance costs were reduced by 57.80% YoY to Rs320.27m from Rs758.86m in SPLY, helping to mitigate some of the impact from the reduced gross profit.

At the bottom line, the company reported a 5.13% increase in net profit, with profit before taxation (PBT) rising 3.29% YoY to Rs16.82bn, compared to Rs16.29bn in SPLY.

Taxation expenses decreased by 13.55%, standing at Rs1.39bn, compared to Rs1.60bn in the previous year.

Earnings per share (EPS) for the period increased by 5.13%, reaching Rs77.94 compared to Rs74.14 in the same period last year.

Consolidated Profit and Loss For The Nine Month Ended March 31, 2025 (Rs '000)
Description Mar-25 Mar-24 %Change
Revenue from Contract with Customers      
Income from shipping business 25,059,136 30,653,406 -18.25%
Other operating activities 3,098,136 3,970,750 -21.98%
Total Revenue from Contract with Customers 28,157,272 34,624,156 -18.68%
Revenue from Others      
Rental income 247,428 217,520 13.75%
Total Revenue from Others 28,404,700 34,841,676 -18.47%
Expenditure      
Fleet expenses (19,289,240) (20,469,172) -5.76%
Real estate expenses (133,342) (93,762) 42.21%
Total Expenditure (19,422,582) (20,567,344) -5.57%
Gross Profit 8,981,988 14,278,742 -37.10%
Administrative expenses (1,497,906) (1,402,487) 6.80%
Impairment loss on financial assets (172,797) (278,691) -38.00%
Other expenses (414,127) (421,161) -1.67%
Other income 7,679,113 3,572,610 114.94%
Operating Profit 10,775,013 5,372,019 100.58%
Finance costs (320,269) (758,863) -57.80%
Profit Before Levies and Taxation 17,351,902 16,789,559 3.35%
Levies (527,417) (500,793) 5.32%
Profit Before Taxation 16,824,485 16,288,766 3.29%
Taxation (1,385,766) (1,602,985) -13.55%
Profit for the Period 15,438,720 14,685,781 5.13%
Earnings Per Share (Basic & Diluted) 77.94 74.14 5.13%

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