PNSC sees increased profit in nine-month financial results

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.