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PNSC posts profit in march 2018, sees recovery in coming months

Since inception, Pakistan National Shipping Corporation (PNSC) has been striving to fulfill its duty to the nation towards offering Pakistan a reliable and dedicated shipping service thus representing the nation in the international shipping arena. The officials of PNSC mentioned that PNSC’s commercial focus has enlarged beyond basic shipping into associated opportunities counting NVOCC business and maritime engineering works.

They have also mentioned that PNSC’s commercial and financial profile has enhanced considerably in present years. PNSC group recorded the Profit after tax (PAT) of Rs 872 million has been attained during quarter closed March 31, 2018 to Rs 1,381 million in the same period previous year explaining a decline of 37 percent, likewise, Earnings per Share (EPS) for the group also declined to Rs 6.60 from Rs 10.46. While the worldwide shipping industry has started explaining signs of entering the recovery phase with a rise in BDI in the dry bulk segment and a rise in world scale and AFRA in liquid segment globally, therefore there is a likelihood of recovery in the upcoming months. It is mentioned in PNSC’s report that the group also attained a turnover of Rs 7,522 million as against to Rs 9,137 million for the same period previous year. The group made substantial growth of 48 percent in revenue of owned bulk carriers segment and growth of 5 percent in owned liquid vessels. However, the growth in owned vessels segment was offset by 48 percent reduction in slot charter segment with the reduction of Government cargoes.

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The officials also mentioned that a rise in the Corporation’s share price and a consistent dividend payout strategy is a testament to this improvement. The management continues to sustain an enviable long term credit rating of AA from PACRA. With these achievements, PNSC is poised to take advantage of opportunities by its fleet development plan and by venturing into commercially viable projects related to the Gwadar Port and to CPEC. As a responsible corporate citizen, PNSC group commits itself towards the concept of a sustainable healthy environment for all segments of society in Pakistan.

 

Present measures focus upon the preservation and protect of marine environment at sea and within ports. These measures include enhancement of efficiencies where possible for use of greener fuels and towards compliance with global standards regarding the use and disposal of waste oils and lubricants. It is also recorded that the management is committed to adopting in letter and in spirit the IMO MARPOL standards as and when they become applicable. Likewise, the Pakistan National Shipping is committed to the strictest safety practices for the safety of life at sea. It is mentioned in the financial report of the corporation that the government of Pakistan is keen to go for efficient and more environmental friendly fuel i.e. LNG as compared to fuel oil. This strategy shift through the government of Pakistan has impacted on oil imports with a reduction in foreign tanker business by 35 percent. PNSC has evolved into an industrial provider of maritime freight services directly to producers, refineries and end-users of raw materials and commodities. Direct operating expenses declined to Rs 5,866 million from Rs. 6,607 million, thereby resulting in Gross profit of Rs 1,656 million as compared to Rs 2,529 million for the corresponding period previous year. PNSC’s greatest assets are PNSC’s human resource, determination, competitive instinct and oneness of purpose. It is believed that the management including all staff members shall endeavor to complete its mission by sustaining cost effectiveness without compromising on quality of service with tangible results.

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