The directors of Pakistan International Bulk Terminal Ltd (PIBT) presented the financial statements for 30 September 2024, a copy of which was recently reported to the Pakistan Stock Exchange. The company handled 1.177Mt of lesser cargo compared to 1.98Mt in the same period last year, demonstrating the overall industry demand for imported coal.
The company posted a net loss after tax during the period, primarily due to prevailing market conditions. A loss of PKR320m (US$1.15m) was incurred against a profit of PKR577m in the corresponding period a year ago. Revenue erosion during the first quarter of 2024-25 was the main reason for profit losses.
In addition, PIBTL held its analyst briefing on 8 November to brief investors about FY23-24 financial results and shed light on the outlook. The company posted a topline of PKR13.8bn in FY23-24 compared to PKR9.1bn in the year-ago period, an increase of 53 per cent YoY. The increase in revenue was attributable to an incline in volumes, clocking in at 6.41Mt, up 32 per cent YoY. Management attributed the volume improvement to economic stabilisation, the slowdown in imports from Afghanistan and enhanced operational efficiency.
Sector-wise, cement contributed the largest share, accounting for 35 per cent of the total volumes, followed by power, which represented 35 per cent. Traders comprised 15 per cent, while the remaining volume was attributed to other sectors. Management informed shareholders that no clinker exports were handled in FY23-24.
AKD research reported that during 1HFY24-25, management stated that demand for coal remained low due to a slowdown in economic activity.
The company entered into a Build-Operate-Transfer (BOT) contract with 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 a further 30 years. The company’s operations largely depend on the demand for imported coal from various sectors, including cement, power plants, textile, chemical and other allied industries.
By Abdul Rab Siddiqi
