The leading container terminal at the Karachi port posted exceptional financial results for the six-month period ending June 30, 2013. The Pakistan International Container Terminal Limited, or PICT, managed to increase its bottom line by more than 61 percent, thanks to a healthy mix of top line growth and cost savings.
The 16 percent jump in net turnover was surprisingly met with a 2.8 percent decline in the Company’s terminal operating costs. This positive combination decisively ensured that the ensuing profit margins remained extremely attractive. Compared to 42.47 percent in the same period of last year, the gross margin clocked in at 51.82 percent in 1H CY13 for PICT.
The Company’s non-operating performance, however, showed some mixed results. While its finance costs and ‘other charges’ went down significantly by 43.4 percent and 21 percent year on year, respectively, PICT’s ‘other operating income’ somewhat eroded these gains by declining 45.5 percent during the period.
But, thanks to spectacular performance at the start of the income statement, PICT recorded very healthy half-yearly after-tax profits worth Rs1.14 billion in 1H CY13. Net margin consequently improved from 21.21 percent last year to 29.4 percent this year. The basic earnings per share also improved to Rs10.49, from Rs6.34 the same period of last year.
At this pace, PICT is set to exceed the Rs1.4 billion it scored in net profits last year.
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PAKISTAN INTERNATIONAL CONTAINER TERMINAL
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Rs (mn) 1HCY13 1HCY12 chg
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Net Turnover 3,886 3,349 16%
Terminal Operating costs (1,872) (1,927) -3%
Gross margin 51.8% 42.5% -
Other operating income 63 115 -46%
Finance costs (99) (176) -43%
PAT 1,145 710 61%
Net margin 29.5% 21.2% -
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Reliance Insurance Company Limited
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Rs(mn) 1HCY13 1HCY12 chg
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Net premium revenue 129 108 20%
Net claims -48 -39 24%
Expenses -53 -46 14%
Net commissions -19 -16 25%
Underwriting results 9 7 21%
Investment income 39 57 -31%
General ans admin expenses 31 47 -35%
Profit before tax 18 18 4%
Profit after tax 28 44 -37%
EPS (Rs) 0.76 1.21
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Pakistan Reinsurance Company
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Rs(mn) 1HCY13 1HCY12 chg
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Net premium revenue 2178 2069 5%
Net claims -1056 -1009 5%
Expenses -262 -245 7%
Net commissions -468 -427 10%
Underwriting results 383 388 -1%
Investment income 437 372 17%
General ans admin expenses -20 -19 5%
Profit before tax 842 653 29%
Profit after tax 597 446 34%
EPS (Rs) 1.99 1.49
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Habib Insurance Company Limited
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Rs(mn) 1HCY13 1HCY12 chg
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Net premium revenue 224 217 3%
Net claims -110 -132 -17%
Expenses -73 -69 5%
Net commissions -6 -2 179%
Underwriting results 35 14 149%
Investment income 155 80 93%
General ans admin expenses -29 -28 6%
Profit before tax 166 70 136%
Profit after tax 153 66 131%
EPS (Rs) 1.55 0.67
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The Universal Insurance Company Limited
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Rs(mn) 1HCY13 1HCY12 chg
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Net premium revenue 66 126 -48%
Net claims -36 -68 -47%
Management expenses -32 -45 -30%
Net commissions -8 -18 -53%
Underwriting results -10 -6 79%
Investment income 3 4 -20%
General ans admin expenses -52 -48 9%
Profit before tax -52 -42 25%
Profit after tax -55 -42 33%
EPS (Rs) -1.85 -1.39
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American Life Insurance Company (Pakistan) Limited
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Rs(mn) 1HCY13 1HCY12 chg
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Premium less reinsurnces 2333 2062 13%
Policy transfer from other fund 4 51 -93%
Net Investment income 589 391 51%
Other income net 29 16 78%
Total claims and expenditure 1275 939 36%
Profit before tax 132 101 31%
Profit after tax 105 69 52%
EPS (Rs) 2.10 1.38
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Singer Pakistan Limited
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Rs(mn) 1HCY13 1HCY12 chg
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Net sales 1189 1308 -9%
Cost of sales 903 1007 -10%
Gross profit 287 300 -4%
Operating profit 125 137 -9%
Profit before tax 38 35 11%
Profit after tax 26 22 17%
EPS (Rs) 0.58 0.49
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Service Industries Limited
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Rs(mn) 1HCY13 1HCY12 Chg
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Sales 7266 5805 25%
Cost of sales 6106 4966 23%
Gross profit 1160 839 38%
Operating profit 529 346 53%
Other Operating income 23 29 -21%
Profit before tax 394 222 78%
Profit after tax 152 149 2%
EPS (Rs) 29.29 12.30
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Pak Elektron Limited
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Rs(mn) 1HCY13 1HCY12 Chg
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Sales 9369 9954 -6%
Cost of sales 7197 8017 -10%
Gross profit 2172 1937 12%
Operating profit 1370 1231 11%
Other Operating income 31 26 21%
Profit before tax 343 106 223%
Profit after tax 309 40 675%
EPS (Rs) 2.36 0.06
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Habib ADM Limited
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Rs(mn) FY13 FY12 Chg
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Sales 1184 1404 -16%
Cost of sales 856 943 -9%
Gross profit 337 461 -27%
Operating profit 175 304 -43%
Other Operating income 40 26 57%
Profit before tax 199 306 -35%
Profit after tax 142 205 -31%
EPS (Rs) 3.55 5.12
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