KARACHI: The National Flag Carrier, Pakistan National Shipping Corporation (PNSC), convened its 45th Annual General Meeting for the financial year 2022-23 on October 26, 2023 in Karachi.

Chairman PNSC, Rear Admiral Jawad Ahmed, chaired the meeting with all Executive Directors and other senior company officials.

The Board of Directors of PNSC on Wednesday 27th September 2023, announced the financial results for the year ended June 30, 2023. According to results announced, the earnings per share of the PNSC (Group) is Rs 227.11 as against Rs. 42.75 in the comparable period last year.

PNSC has declared final cash dividend of Rs.15 per share (150%), which is also the highest ever in the history of PNSC. Earlier during the year (2022-23), PNSC had announced interim dividend of Rs. 5 per share (50%), making total cash dividend for the year, Rs. 20 per share (200%).

Cumulatively, the Group achieved a turnover of Rs 54.8 billion as compared to Rs 27.8 billion last year. The major increase in freight revenue was observed from the transportation of liquid cargo which increased by Rs 22 billion.

During the year PNSC was able to successfully add to its fleet two Aframax Oil Tankers (M.T. Sargodha & M.T. Mardan).

The Dry Cargo segment (including slot charter) increased by Rs.2.62 billion due to major increase in slot charter revenue business from Public Interest Entities.

Chairman PNSC concluded his address by thanking the participants and with a hope for PNSC’s continued performance for better results in future.

Copyright Business Recorder, 2023