Pakistan International Bulk Terminal Reports Notable Financial Turnaround for FY 2024

Karachi: The Board of Directors of Pakistan International Bulk Terminal Limited (PIBTL) convened on September 13, 2024, at the Terminal Office to discuss the financial performance for the fiscal year ended June 30, 2024. The meeting concluded with significant findings but no changes in shareholder dividends or shares.

The financial results, which have been annexed to the annual report due for publication in line with regulatory requirements, showcased a recovery from the previous year’s losses. According to information available from the Pakistan Stock Exchange (PSX), PIBTL’s revenue from contracts with customers for FY 2024 reached PKR 13.85 billion, up from PKR 9.07 billion in 2023. This revenue improvement drove a gross profit of PKR 4.53 billion, a substantial increase from PKR 1.60 billion reported in the prior year.

Cost of services for the year amounted to PKR 9.32 billion, compared to PKR 7.47 billion in 2023. Meanwhile, administrative and general expenses were reported at PKR 694.11 million, marking a rise from PKR 583.57 million in the previous year. The finance costs showed a slight decrease to PKR 1.97 billion, down from PKR 2.01 billion.

The company experienced an exchange gain of PKR 172.60 million, a significant turnaround from the PKR 2.31 billion loss in the prior year. The profit before revenue and income taxes stood at PKR 2.30 billion, recovering from a loss of PKR 3.24 billion in 2023. After accounting for taxation, the net profit for the year was PKR 1.65 billion, reversing a loss of PKR 2.16 billion from the previous year.

The total comprehensive income for FY 2024 was PKR 1.64 billion, a recovery from a comprehensive loss of PKR 5.21 billion in 2023. Earnings per share also improved to PKR 0.92, compared to a loss of PKR 1.21 per share the previous year.

Despite these improvements, the board recommended no cash dividend, bonus shares, right shares, or any other entitlement or corporate action for the year, reflecting a cautious approach to capital management amid ongoing financial stabilization efforts.

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