Quarterly
Report
March 31, 2023
An ICTSI Group Company
Pakistan International Container Terminal Limited
Vision & Mission Statements
Company Information
Directors' Report
Condensed Interim Financial Statements
02
COMPANY INFORMATION
Board of Directors
Chairman
Mr. Hans-Ole Madsen
(Non-Executive Director)
Directors (in alphabetical order)
Mr. Arnie D. Tablante
(Non-Executive Director)
Mr. Bilal Shahid
(Non-Executive Director)
Mr. Gordon Alan P. Joseph
(Independent Director)
Mr. Jacob Christian Gulmann
(Non-Executive Director)
Ms. Lirene C. Mora-Suarez
(Non-Executive Director)
Mr. Rune Rasmussen
(Independent Director)
Company Secretary
Mr. Umair Iqbal Siddiqui
Audit Committee
Chairman
Mr. Rune Rasmussen
Members
Mr. Arnie D. Tablante
Mr. Bilal Shahid
Chief Internal Auditor
Mr. Moammar Raza
Risk Management Committee
Chairman
Mr. Gordon Alan P. Joseph
Members
Mr. Bilal Shahid
Mr. Hans-Ole Madsen
Human Resource &
Remuneration Committee
Chairman
Mr. Gordon Alan P. Joseph
Members
Mr. Hans-Ole Madsen
Ms. Lirene C. Mora-Suarez
Key Management
Chief Executive Officer
Mr. Khurram Khan
Chief Financial Officer
Mr. Muhammad Hunain
External Auditors
EY Ford Rhodes
Chartered Accountants,
Progressive Plaza, Beaumont Road,
P.O. Box 15541, Karachi-75530
Legal Advisor
Usmani & Iqbal
Bankers
Bank Islami Pakistan Limited
Faysal Bank Limited
Habib Bank Limited
National Bank of Pakistan
Samba Bank Limited
Standard Chartered Bank (Pakistan) Limited United Bank Limited
Registered & Terminal Office
Berths 6-9, East Wharf, Karachi Port, Karachi UAN: +92-21-111 11 7428 (PICT)
Fax : +92-21-3285-4815
Email: investor-relations@pict.com.pk
Website: www.pict.com.pk
Share Registrar/ Transfer Agent
CDC Share Registrar Services Limited 99-B, Block 'B', SMCHS,
Main Shahra-e-Faisal,
Karachi- 74400
Tel: +92-21-111-111-500
Fax: +92-21-34326053
03
DIRECTORS' REPORT
FOR THE QUARTER ENDED MARCH 31, 2023
We the undersigned for and on behalf of the Board of Directors hereby present un-audited condensed interim financial statements of the Company for the quarter ended March 31, 2023.
BUSINESS PERFORMANCE REVIEW
The first quarter of 2023 posed challenges within the global and local economic landscape. Global container terminal industry continues to face headwinds mainly due to inventory destocking patterns followed in most regions, affecting volumes across all segments. Elevated inflation, geopolitical tensions, monitory tightening measures and concerns regarding global financial stability attributed to the low growth trends.
Within Pakistan, the economy grappled with its own set of difficulties. Inflationary pressures arose from higher energy prices, significant depreciation of the Pakistani Rupee and an ongoing foreign exchange crisis. Political instability further compounded these economic challenges. Given the precarious state of foreign exchange reserves, businesses across Pakistan are facing difficulties on account of varying concerns, including import restrictions and foreign services procurement which resulted in the sharp drop in demand for products. Consequently, the container market in Pakistan has been severely impacted during the period. During first quarter of 2023, your Company handled 75,822 containers as compared to 108,824 containers in corresponding period last year.
Despite the challenges faced by the container terminal industry in Pakistan, your company has demonstrated remarkable resilience and unwavering commitment to success by focusing on innovation, cost-efficiency and delivering high-quality services and effectively maintained a strong market presence.
OPERATING AND FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2023
(Rupees in million) | |
Revenue | 3,655 |
Gross Profit | 1,815 |
Profit before taxation | 1,750 |
Profit after taxation | 1,083 |
Un appropriated profit brought forward | 896 |
Un appropriated profit carried forward | 1,979 |
(Rupees) | |
Earnings per Ordinary Share - Basic and Diluted | 9.92 |
Your Company recorded a revenue of Rs. 3,655 million which is 20% higher compared to the same period last year on account of increased landside revenue. Through effective cost optimization and operational excellence, your Company posted a Gross Profit of Rs. 1,815 million, showcasing a commendable 30% improvement. Net Profit for the quarter stood at Rs. 1,083 million which is 17% higher than the corresponding period last year.
04
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Pakistan International Container Terminal Ltd. published this content on 30 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 May 2023 08:49:10 UTC.