PIBTL handled 5,366,521t of cargo in 9MFY23-24

Pakistan International Bulk Terminal Ltd (PIBTL) recently announced its 9MFY23-24 financial statements for 31 March 2024, on the Pakistan Stock Exchange (PSE) website, followed by a detailed report.

During the period, the demand for coal imports has revived, primarily due to measures for economic stabilisation undertaken by the government, such as lifting import restrictions, economic stability stimulated by the strengthening of Pakistani rupee against the US dollar, and increased economic activity. Correspondingly, the company has handled 5,366,521t of cargo against 3,893,645t in the same period last year, largely in line with the industry demand for imported coal. The company’s management is unwavering in its commitment to strategies that enhance efficiency in cargo handling operations to provide unparalleled services to its customers. 

The company reported a significant increase in revenue of PKR11.672bn (US$41.9m), up from PKR6.833bn in the corresponding period of the 9MFY22-23. This led to a net profit of PKR1.39bn, compared to a loss of PKR2.58bn in the 9MFY22-23. The higher finance cost was posted at PKR1.545bn from PKR1.293bn during this period. The company also saw an increase in service cost in the accounting period, which comes to PKR7.43bn.

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 Port Muhammad Bin Qasim for 30 years, which is extendible for another 30 years.