Transport: PAKISTAN INTERNATIONAL CONTAINER TERMINAL LIMITED (PICT) - Half Year Ended December 31 2006
The company was incorporated in Pakistan as a private limited company in June 2002. Subsequently it was converted into an unquoted public company and now it is a company listed with the Karachi Stock Exchange.
Market value of its share has soared to a very high level as during the last 52 weeks the price of PICT share has remained between Rs 50 and Rs 85.75 per share. On June 6, 2006, closing price of the share was recorder at Rs 64 per share which works out to more than six times of the par value.
The company has a build, operate, transfer (BOT) contract with Karachi Port Trust (KPT) for the exclusive construction, development, operation and management of a common user container terminal at Karachi Port for a period of 21 years commencing from June 18, 2002.
The registered office and head office of the company is located at 2nd Floor Business Plaza, Mumtaz Hassan Road, Karachi, and its terminal office is located at Berth No 6-9, East Wharf Karachi.
According to the company's Chief Executive Captain Zafar Iqbal Awan the six months period (July 06 to December 06), witnessed the continuity of the growth in Pakistan International Container Terminal Ltd (PICT) container handling volumes and revenues. PICT handled 167,816 TEU 20-foot Equivalent container units as compared to 158,614 TEU handled in the same period last year (SPLY) registering 5.8% increase.
The Chief Executive rejoiced that the company successfully complete the phase II development of its container terminal project in June 2006, before the scheduled time.
According to the above mentioned BOT contract PICT is under obligation to undertake phase wise development. In this connection the company started Phase III development of the project four years ahead of the forecasts and its capital outlay is US $30 million approximately. As regard funding of this phase of development, partly it will be financed through internal resources and partly through lease facility including foreign borrowing from IFC (International Finance Corporation) and Opec fund for International Development. Resultantly with the completion of phase III, its handling capacity will enhance to 550,000 TEU annually.
Naturally this will enable the company to improve business volumes and revenue. The principle equipment for the phase III expansion comprising one ship to shore crane and forcer rubber tyre gantry cranes had arrived and commissioned during the half year ended December 31, 2006. During July 06 to December 06 the company's turnover registered commendable growth of 24% from 859.36 million in SPLY to Rs 1066.38 million in the period under review. Gross profit amounted to Rs 415 million in the period as compared to Rs 342.6 million in SPLY showing 21% increase. Net profit after taxation amounted to Rs 167.8 million (SPLY: Rs 156.36 million).
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Performance Statistics (Million Rupees)
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Balance Sheet -As At-
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December 31 June 30
2006 2006
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Un-audited Audited
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Share Capital-Paid-up: 938.01 938.01
Un-appropriated Profit: 707.17 557.34
Shareholders Equity: 1,645.18 1,495.35
L.T. Debts: 1,713.32 1,453.22
Deferred Tax Liability: 383.08 280.56
Staff Compensated Absences: 10.54 10.54
Current Liabilities: 574.76 421.98
Fixed Assets Tangible: 3,043.65 2,437.44
L.T. Deposits: 91.13 8.06
Deferred Costs: 5.76 7.55
Current Assets: 1,186.34 1,208.60
Total Assets: 4,326.88 3,661.65
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Profit & Loss A/c for Half Year End December 31
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2006 2005
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Revenue: 1,066.38 859.36
Gross Profit: 414.97 342.64
Terminal Operating Costs: (651.41) (516.72)
Other Operating Income: 23.79 21.60
Administrative (Expenses): (83.70) (68.91)
Finance (Costs): (79.05) (43.47)
Profit Before Taxation: 276.01 251.86
Profit After Taxation: 167.83 156.36
Earnings Per Share (Rs): 2.21 2.06
Share Price (Rs) on 06/06/2007: 64.00 -
Price/Earning Ratio: 28.96 -
Debt/Equity Ratio: 51:49 49:51
Current Ratio: 2.06 2.86
Gross Profit Margin (%): 38.91 39.87
Net Profit Margin (%): 15.74 18.19
R.O.A. (%): 3.88 4.27
R.O.E. (%): 10.20 10.45
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COMPANY INFORMATION: Chairman: Captain Haleem A. Siddiqui; Chief Executive: Captain Zafar Iqbal Awan; Director: Aasim Azim Siddiqui; Chief Financial Officer & Company Secretary: M. Masood Ahmed Usmani; Registered Office & Head Office: 2nd Floor Business Plaza Mumtaz Hassan Road Karachi; Website: Not Reported; Terminal Office: Berth No 6-9, East-Wharf Karachi.
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