Pakistan International Bulk Terminal (PSX: PIBTL) was incorporated a private limited company in Pakistan in 2010.
In the same year, the company entered into a Built Operate Transfer (BOT) contract with Port Qasim Authority (PQA) for the construction, development, operation and management of coal and clinker terminal of the port for thirty years. The company will transfer all the contract assets to PQA after the expiry of the contract.
Pattern of Shareholding
As of June 30, 2025, PIBTL has a total of 1786.093 million shares outstanding which are held by 19,927 shareholders. Premier Mercantile Services (Private) Limited, an associated company of PIBTL has the majority stake of 43.30 percent in the company followed by local general public holding 38.40 percent shares.
Banks, DFIs and NBFIs have 5.93 percent stake in the company while Modarabas & Mutual Funds hold 4.96 percent shares. Around 3.41 percent of PIBTL’s shares are held by its Directors, CEO, and their spouse and minor children. The remaining shares are held by other categories of shareholders.
Financial Performance (2021-25)
Over the period under consideration, PIBTL’s topline and bottomline posted year-on-year growth only in 2021 and 2024. Its margins ticked up in 2021 (except for a marginal downtick in gross margin) followed by a massive decline in 2022 and 2023.
In 2024, PIBTL’s margins posted a staggering rebound subsequent to which they witnessed a drastic fall in 2025. The detailed performance review of the period under consideration is given below.
In 2021, PIBTL’s net sales picked up by 14.74 percent to clock in at Rs.10,853.55 million. During the year, the company handled 10.071 million tons of cargo, up 16.68 percent year-on-year. The volume growth came on the back of increase in the demand of imported coal. This was the testament to economic recovery post COVID-19. The government announced stimulus packages to boost construction activity in the country.
The onset of monetary easing also provided impetus for increased housing loans. Cost of sales surged by 16.18 percent in 2021 mainly on the back of an increase in the terminal handling and services charges which also include royalty paid to PQA.
Depreciation on operating fixed assets and terminal maintenance charges also surged during the year. Gross profit enhanced by 11.66 percent in 2021, however, GP margin ticked down from 31.87 percent in 2020 to 31 percent in 2021.
Administrative & general expense escalated by 12.69 percent in 2021 mainly on account of higher payroll expense. This was the result of inflation as well as expansion of workforce from 685 employees in 2020 to 736 employees in 2021.
PIBTL recorded a handsome exchange gain of Rs.479.22 million in 2021 as against exchange loss of Rs.159.49 million recorded in the previous year.
This was due to currency valuation of USD denominated foreign loans. Other income dipped by 76 percent in 2021 due to high-base effect as the company reversed the liabilities which were no longer payable in the previous year.
Profit on saving deposits also dropped in 2021 due to monetary easing. PIBTL recorded 23.47 percent enhancement in its operating profit in 2021 with OP margin climbing up from 29.30 percent in 2020 to 31.53 percent in 2021.
Finance cost ticked down by 13.29 percent in 2021 due to lower discount rate and a downtick in long-term liabilities. Net profit strengthened by 62.45 percent to clock in at Rs.1858.849 million in 2021. This translated into EPS of Rs.1.04 in 2021 versus EPS of Rs.0.64 recorded in 2020. NP margin grew from 12.10 percent in 2020 to 17.13 percent in 2021.
PIBLT recorded 3.11 percent downtick in its topline which clocked in at Rs.10,515.51 million in 2022. Due to economic slowdown, there was a decline in the industrial activity which led to lower demand of imported coal in 2022.
Besides, the global commodity prices particularly coal reached an unprecedented level in 2022 which resulted in the inclination towards Afghan coal. The only sector which supported PIBTL’s volume in 2022 was power generation sector.
PIBTL handled 8.243 million tons cargo in 2022, down 18.15 percent year-on-year. Despite lower net sales, cost of sales ticked up by 2.73 percent in 2022 mainly on the back of depreciation of operating fixed assets, terminal maintenance charges as well as fuel charges.
Gross profit deteriorated by 16.13 percent in 2022.with GP margin falling down to 26.85 percent. Administrative expense surged by 13.23 percent in 2022 primarily on the back of higher payroll expense. This was the impact of inflationary pressure as well as workforce expansion to 762 employees.
What proved to be the most detrimental to PIBTL in 2022 was the exchange loss of Rs.1649.48 million. This was due to currency depreciation on foreign currency denominated loans. Other income improved by 148.10 percent in 2022 mainly on the back of settlement agreement entered with the contractors which led to write-back of liabilities. Profit on saving deposits also increased during the year due to higher discount rate.
PIBTL recorded 76.19 percent thinner operating profit in 2022 with OP margin dipping to 7.75 percent. Finance cost grew by 13.60 percent in 2022 due to higher discount rate and an uptick in outstanding loans. During the year, PIBTL prepaid the entire outstanding loans from local bank amounting to Rs.5490 million.
The payment was done from the new long-term loan acquired on economical terms. PIBTL’s gearing ratio ticked up from 36.30 percent in 2021 to 37.43 percent in 2022. The company recorded net loss of Rs.990.527 million in 2022 with loss per share of Rs.0.55.
In 2023, PIBTL registered a decline of 13.72 percent in its topline which was recorded at Rs.9072.70 million.
Cargo handled by the company fell to an unprecedented level of 4.84 million tons, down 41.28 percent year-on-year. This was due to decline in the demand of imported coal and its substitution by the Afghan coal. Moreover,
import restrictions imposed by the government to protect the waning foreign exchange reserves of the country also contributed in lesser cargo handled during the year.
Cost of sales dipped by 2.86 percent in 2023, resulting in 43.32 percent fall in gross profit. GP margin also descended to its lowest level of 17.46 percent in 2023. Administrative expense ticked up by only 0.68 percent in 2023 despite inflationary pressure.
This was on account of the company’s efforts to streamline its operating expenditures. PIBTL streamlined its workforce to 660 employees in 2023. However, 40 percent escalation in exchange loss to the tune of Rs.2310.14 million put a severe dent on the company’s financial performance and resulted in operating loss of Rs.1114.70 million in 2023.
Finance cost surged by 81.56 percent in 2023 due to monetary tightening and increase in foreign outstanding liabilities particularly on the back of Pak Rupee depreciation.
Super tax of 4 percent in addition to corporate tax of 29 percent was levied on the company in 2023. Consequently, net loss mounted by 117.63 percent to clock in at Rs.2155.64 million in 2023. This translated into loss per share of Rs.1.21 in 2023. The accumulated loss of PIBTL was recorded at Rs.3916 million as of June 30, 2023.
2024 signifies the revival of the company’s operations. This is evident in the topline growth of 52.68 percent recorded during the year. PIBTL’s net sales clocked in at Rs.13,852.28 million in 2024.
The company handled 6.41 million tons of cargo in 2024, up 32.44 percent year-on-year. This was due to economic stability, ease of import restrictions and stability witnessed by the local currency. Moreover, global coal prices started trending lower in 2024.
This coupled with increase in the price of Afghan coal, trade restrictions and supply chain disruptions provided impetus to the demand of imported coal in 2024. Cost of sales ticked up by only 17.81 percent in 2024. This was particularly on the back of higher royalty paid to PQA coupled with elevated fuel, power and utility charges incurred during the year.
PIBTL recorded 215.53 percent stronger gross profit in 2024 with GP margin attaining its optimum level of 36.44 percent.
Administrative expense multiplied by 67.48 percent in 2024 due to increase in payroll expense, depreciation on operating fixed assets, provisioning done for WWF as well as legal & professional incurred during the year.
Workforce was expanded to 685 employees in 2024. PIBTL posted exchange gain of Rs.172.60 million in 2024 as against exchange loss recorded for the past two years. Other income also improved by 44.89 percent in 2024 due to higher profit on bank deposits.
PIBTL posted operating profit of Rs.4503.10 million in 2024 with OP margin of 32.51 percent. Finance cost dipped by 2.39 percent in 2024.
During the year, PIBTL entered into standstill/suspension agreement with International Finance Corporation and OPEC fund to defer the repayment of principal amount of USD 3.43 million due on June 15, 2023. PIBTL posted net profit of Rs.1764.987 million in 2024. This translated into EPS of Rs.0.99 and NP margin of 12.74 percent.
PIBTL’s topline slid by 28 percent to clock in at Rs.9969.18 million. Cargo handled by the company tumbled by 25.23 percent to clock in at 4.79 million tons in 2025. Not only was the lower demand of imported coal the reason behind the lower volume. The terminal also experienced fire accident in November 2024, resulting in temporary suspension of operations.
The company immediately implemented contingency measures which included manual handling and arranging temporary vessel handling at the Marginal Wharf with the support of PQA.
The operations were resumed in December after all the repairs and restoration was completed. Cost of sales slid by only 10.15 percent in 2025 due to higher terminal maintenance charges incurred during the year.
Gross profit plunged by 59.21 percent in 2025 resulting in GP margin of 20.66 percent. Administrative expense mounted by 15.87 percent in 2025 as outstanding liabilities payable to PQA were reclassified from cost of sales to administrative expense to provide more clear representation.
On the flipside, payroll expense slid during the year due to streamlining of workforce to 676 employees. Travelling & conveyance charges and provision for WPPF also drastically dropped during the year. PIBTL incurred exchange loss to the tune of Rs.74.31 million in 2025.
Exchange loss was absorbed by 72.68 percent higher other income recorded in 2025 which was primarily due to insurance claim of Rs.324.45 million out of which Rs.165.1 million was received by the company before the year-end.
Operating profit receded by 71.12 percent in 2025 with OP margin falling down to 13 percent. Finance cost tapered off by 36 percent in 2025 due to monetary easing and a decline in outstanding liabilities. PIBTL posted net loss of Rs.257.93 million in 2025 which translated into loss per share of Rs.0.14.
Future Outlook
Increase in PSDP spending and lower discount rate has boosted the construction activities in the country. In 1QFY26, cement dispatches posted year-on-year growth of 15.6 percent.
The improvement in real estate activity will provide impetus to higher demand of imported coal. Besides, imported coal in an important component of the country power sector and will continue to provide volume to PIBTL. Furthermore, PIBTL has been recognized by Reqo Diq Mining Company for the export of gold and copper concentrates.