QUARTERLY
REPORT
September 30, 2022
Pakistan International Bulk Terminal Limited
PAKISTAN INTERNATIONAL BULK TERMINAL LIMITED
Company Information | 3 | ||
Directors' Report | 4 | ||
5 | |||
Condensed Interim Financial Statements | 6 | ||
PAKISTAN INTERNATIONAL BULK TERMINAL LIMITED
Company Information | |||||
Board of Directors | |||||
Chairman | Capt. Haleem A. Siddiqui | ||||
Chief Executive Officer | Mr. Sharique Azim Siddiqui | ||||
Directors | Capt. Zafar Iqbal Awan | ||||
Syed Nadir Shah | |||||
Mr. Ali Raza Siddiqui | |||||
Ms. Farah Agha | |||||
Mr. Nadeem Nisar | |||||
Chief Financial Officer | Mr. Arsalan I. Khan, FCA | ||||
Company Secretary | Mr. Karim Bux, ACA | ||||
Audit Committee | |||||
Chairman | Syed Nadir Shah | ||||
Members | Capt. Zafar Iqbal Awan | ||||
Mr. Ali Raza Siddiqui | |||||
Ms. Farah Agha | |||||
Chief Internal Auditor & | Mr. Noman Yousuf | ||||
Secretary | |||||
Human Resource & | |||||
Remuneration Committee | Syed Nadir Shah | ||||
Chairman | |||||
Members | Mr. Sharique Azim Siddiqui | ||||
Mr. Ali Raza Siddiqui | |||||
Secretary | Mr. Arsalan I. Khan, FCA | ||||
Auditors | EY Ford Rhodes | ||||
Chartered Accountants | |||||
6th Floor, Progressive Plaza, Beaumont Road, | |||||
P.O. Box 15541, Karachi-75530 | |||||
Legal Advisors | Khalid Anwer & Co. | ||||
153-K , Sufi Street, Block-2, PECHS, Karachi 75400 | |||||
Kabraji & Talibuddin | |||||
406-407, 4th Floor, The Plaza at II Talwar, Block-9, Clifton, Karachi. | |||||
H.B. Corporate - Legal Consulting | |||||
Suite # M-97, Mezzanine Floor, Glass Tower, Clifton Road, Karachi. | |||||
Bankers | Al-Baraka Bank (Pakistan) Limited | Meezan Bank Limited | |||
Allied Bank Limited | National Bank of Pakistan | ||||
Askari Bank Limited | Samba Bank Limited | ||||
Dubai Islamic Bank Limited | Habib Bank Limited | ||||
Faysal Bank Limited | United Bank Limited | ||||
JS Bank Limited | |||||
MCB Bank Limited | |||||
Registrar / Transfer Agent | CDC Share Registrar Services Limited | ||||
CDC House, Main Shahrah-e-Faisal, Karachi | |||||
Registered Office | 2nd Floor, Business Plaza, Mumtaz Hassan Road, Karachi-74000 | ||||
Pakistan. Tel. 92-21-32400450-3 Fax. 92-21-32400281 | |||||
Terminal Office | NWIZ/LL/02, North Western Industrial Zone, Port Qasim Authority, | ||||
Karachi, Pakistan. Tel: 92-21-34727428 | |||||
03 |
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.