PIBT profits surge 62.28% to Rs1.8 billion

KARACHI: The Pakistan International Bulk Terminal (PIBT) announced a net profit of Rs1.8 billion for the year ended June 30, 2021, which is 62.28 per cent higher than the profit of Rs1.14 billion in the previous year ended June 30, 2020, a bourse filing said on Wednesday.

The earnings per share (EPS) for FY21 clocked-in at Rs1.04 as against Rs0.64 in the previous year. The company did not announce any payout along with the financial results.

Revenues surged 14.28 per cent to Rs10.8 billion in FY21, compared with Rs9.45 billion in the previous year. “The reason for the jump in volumes is mainly due to the higher demand from cement as opposed to lower volumes in the fourth quarter of FY20 due to the closure of industry, owing to the Covid-19. However, owing to the dollar-based revenue stream, handling income per tonne declined around 20 per cent due to the rupee appreciation of 7 per cent, compared with the fourth quarter of FY20,” an analyst at Sherman Securities said.

PIBTL handled around 10.2 million tonnes of coal in FY21, compared with 8.6 million previous year, up 18 per cent.

“The jump in handling volumes comes on the back of higher coal demand from cement players and captive power plants run by chemical and textile manufacturers.”

The finance cost remained lower 13 per cent to Rs976 million in FY21. Similarly, exchange gain of Rs479 million during the year, amid currency appreciation further supported earnings.

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