NWIZ/LL/02, North Western Industrial Zone, Port Qasim Authority,
Karachi, Pakistan. Tel: 92-21-34727428
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PAKISTAN INTERNATIONAL BULK TERMINAL LIMITED
Directors' Report
The Directors are pleased to present the Financial Statements of Pakistan International Bulk Terminal Limited (PIBT) (the Company) for the period ended September 30, 2022.
BUSINESS REVIEW
The Company has entered into a Build Operate Transfer (BOT) contract with Port Qasim Authority (PQA) on November 06, 2010 for construction, development, operations and management of a coal and clinker / cement terminal at Port Muhammad Bin Qasim for a period of thirty years.
During the period, your Company has handled 2,133,006 tons cargo against 2,782,723 tons in the same period last year which is in line with the industry demand of imported coal. The management of the Company is focusing on strategies to bring more efficiency in cargo handling operations, with the objective of providing unparalleled services to its customers.
During the period, the Company has posted net loss after taxation primarily due to the impact of currency devaluation on USD denominated foreign loans. Financial highlights of the Company for the period ended September 30, 2022 as compared to the same period last year is presented below:
PKR in '000
Particulars
1st Quarter
1st Quarter
2022-2023
2021-2022
Revenue
3,461,958
3,138,677
Gross profit
984,696
960,165
Net loss
(437,898)
(94,575)
(Loss) / earnings per Share (Rs.)
(0.25)
(0.05)
GOING FORWARD
Corresponding to the business performance above which is consistent with the industry demand, your Company is committed to enhance shareholders' value while improving productivity of cargo handling operations with an overall vision to mitigate the environmental and proficiency concerns as at Country's port infrastructure and enhance our shareholders' value.
In the end, the Board of Directors of your Company would like to reiterate their commitment to operate efficiently Pakistan's first state-of-the-art mechanized bulk cargo terminal for the handling of Coal, Clinker & Cement, compliant with international standards of excellence which will curtail environment pollution and modernize the port infrastructure of the country.
For and on behalf of the Board of Directors
Sharique Azim Siddiqui
Chief Executive Officer
Karachi: October 31, 2022
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Pakistan International Bulk Terminal Ltd. published this content on 01 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 November 2022 05:35:04 UTC.
Pakistan International Bulk Terminal Limited is a Pakistan-based terminal operating company. The Company has been set up as a terminal for handling coal, clinker, and cement on Build Operate Transfer (BOT) basis at Port Muhammad Bin Qasim for mechanized handling of dirty bulk cargo. The Port Muhammad Bin Qasim is located approximately 50 Kilometers from Karachi, on the coastline of the Arabian Sea. It has an approximately 45-kilometer-long navigation channel. The Company imports coal for the cement manufacturers, power plants, and other industrial consumers. Its handling capacity is up to 12 million tons of coal, and four million tons of cement and clinker per year. Its vessels include ELEOUSSA, LIMA TRADER, XIN HAI TONG 23, and CLIPPER BAROLO.