KARACHI: Despite the challenging global economic environment, Pakistan National Shipping Corporation (PNSC) Group has achieved highest to date annual net profit after tax amounting to Rs5.650 billion during the year 2021-22 as compared to Rs2.264 billion during the preceding year.

According to results announced here on Tuesday 13th September 2022, the Earnings Per Share (EPS) of the PNSC (Group) is Rs42.75 as against Rs17.14 in the comparable period last year. PNSC has declared dividend of Rs5 per share (50 percent), which is also the highest ever in the history of PNSC.

Cumulatively, the Group achieved a turnover of Rs27.714 billion as compared to Rs12.789 billion for the same period last year.

The major increase seen in revenue was from Liquid Cargo which increased by Rs10.641 billion considering the increase of Rs4.358 billion from owned oil tankers followed by increase of Rs6.283 billion from foreign flagged vessels.

The dry cargo segment (including slot charter) increased by Rs4.266 billion. 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) vessels of various types /size (05 bulk carriers, 04 Aframax 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 is also 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.

Copyright Business Recorder, 2022