Karachi: Pakistan National Shipping Corporation (PNSC) and its subsidiary companies reported financial results for the year ended June 30, 2024, showcasing a significant increase in profit despite a decline in revenue compared to the previous year.

The consolidated revenue for the year stood at 46.36 billion rupees, a decrease from 54.60 billion rupees reported in 2023. However, the company managed to significantly control costs, which reflected positively on the net profit. Total expenditure was slightly reduced to 27.56 billion rupees from 27.62 billion rupees in the previous year. The gross profit was 18.80 billion rupees, down from 26.98 billion rupees in 2023, indicating tighter margins.

According to information available from the Pakistan Stock Exchange (PSX), the operating profit surged to 23.77 billion rupees from 33.29 billion rupees. The net profit after levies and taxes was significantly higher, at 20.18 billion rupees compared to last year's 29.99 billion rupees, marking an impressive recovery in profitability. The earnings per share also increased from 227.11 rupees in 2023 to 152.81 rupees in 2024.

For the parent company alone, the financial results also indicated a positive trajectory. The revenue declined to 9.18 billion rupees from 11.83 billion rupees the previous year. The operating profit, after accounting for various costs including finance costs and levies, was recorded at 7.41 billion rupees, up from 6.11 billion rupees in 2023. Profit before taxation stood at 6.50 billion rupees compared to 5.89 billion rupees the previous year, and the final profit for the year was 4.98 billion rupees, up from 4.83 billion rupees. The earnings per share increased marginally from 36.60 rupees to 37.74 rupees.

This performance is a testament to the corporation's resilience in a challenging economic environment, focusing on operational efficiencies and cost management strategies to maintain profitability.