Pakistan International Bulk Terminal saw revenue surge by 38% in 1HFY23-24

Pakistan International Bulk Terminal Ltd (PIBTL) recently released its 1HFY23-24 (July-December 2023) report at the Pakistan Stock Exchange (PSX). During the period, the company earned a net profit of PKR1.056bn (US$3.78m) against incurring a loss of PKR232m in the same six months of the last fiscal year. This positive profit development was possible due to an increase in revenue to PKR8.07bn, up from PKR5.86bn during this period.

The financial cost rose to PKR1.06bn and taxation also expanded to PR883m in the 1HFY23-24. The negative impact was mitigated to some extend by exchange gains.

The company also saw a revival in the demand for coal imports, primarily due to government measures undertaken for economic stabilisation, including lifting import restrictions, economic stability stimulated by the strengthening of the rupee against the US dollar, and increased economic activity.

Correspondingly, the company handled 3.595Mt of cargo compared to 3.474Mt in the same period last year, largely in line with the industry demand for imported coal. The company's management is focussing on strategies to improve efficiency in cargo handling operations and provide unparalleled services to its customers. 

The company entered into a Build-Operate-Transfer (BOT) contract with the Port Qasim Authority (PQA) on 6 November 2010, for the construction, development, operations and management of a coal and clinker cement terminal at the port for 30 years, which is extendible for a further 30 years.