PNSC Group achieve highest annual net PAT

F.P. Report

KARACHI: Despite the challenging global economic environment, Pakistan National Shipping Corporation (PNSC) Group has achieved highest to date annual net profit after taxamounting to Rs.5,650 million during the year 2021-22 as compared to Rs.2,264 million during the preceding year.

According to results announced here on Tuesday, the earnings per share (EPS) of the PNSC (Group) is Rs.42.75 as against Rs.17.14 in the comparable period last year. PNSC has declared dividend of Rs.5 per share (50%), which is also the highest ever in the history of PNSC.

Cumulatively, the Group achieved a turnover of Rs.27,714 million as compared to Rs.12,789 millionfor the same period last year.

The major increase seen in revenue was from Liquid Cargo which increased by Rs.10,641 million considering the increase of Rs.4,358 million from owned oil tankers followed by increase of Rs.6,283 million from foreign flagged vessels.

The Dry Cargo segment (including slot charter) increased by Rs.4,266 million.The Bulk Carrier revenue increased primarily due to the increase in average Charter Rates and hike in average BDI as compared to last year.

The PNSC managed fleet comprises of eleven (11) vesselsof various types /size (05 bulk carriers, 04Aframax tankers and 02 LR-1 clean product tankers).Subsequent to the year end, PNSC procured two (02) Aframax vessels which resulted in an increase of total deadweight tonnage (DWT) to 1,045,657 metric tons which isalso the highest ever carrying capacity since PNSC’s inception. Moreover, PNSC plans to enhance its fleet further by purchasing more vessels in the coming financial year.