Pakistan International Container Terminal : Transmission of Quarterly Report for the period ended March 31, 2023, of Pakistan International Container Terminal Limited

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

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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: [phone] (PICT)

Fax : [phone]

Email: [e-mail]

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: [phone]

Fax: [phone]

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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.

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