KARACHI: Pakistan National Shipping Corporation (PNSC) Group achieved record-breaking net profit after tax amounting to Rs 30 billion during the year 2022-23 as compared to Rs 5.6 billion during the preceding year.

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 percent), which is also the highest ever in the history of PNSC.

Earlier during the year (2022-23), PNSC had announced interim dividend of Rs 5.00 per share (50 percent), making total cash dividend for the year, Rs 20 per share (200 percent).

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 and 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.

The PNSC managed fleet comprises of twelve (12) vessels of various types /size (five bulk carriers, five Aframax tankers and two LR-1 product tankers), having total deadweight tonnage (DWT) of 938,876 metric tons.

Copyright Business Recorder, 2023