PNSC posts around 31% profit in last fiscal year: Zaidi

ISLAMABAD, Oct 4 (APP):Minister for Maritime Affairs Syed Ali Haider Zaidi Friday said State-Owned Enterprises (SOEs) had started transforming into profit-earning entities due to better policies introduced by the Pakistan Tehreek-e-Insaf (PTI) government.

“The government is successfully materializing its resolve to make SOEs profitable organizations,” he said while announcing around 31 percent increase in profit of Pakistan National Shipping Corporation (PNSC) during the last fiscal year, says a press release.

The PNSC declared a net profit of Rs 2.1 billion in fiscal year 2018-19 as compared to Rs 1.6 billion in 2017-18, the minister said, adding “This significant increase in the profit after tax is an indication that if managed properly, the SOEs has the requisite potential of generating revenues and increasing their assets on their own.”

Despite the fact that global industry faced decline, Zaidi said the corporation’s revenue stood at Rs 10.9 billion in 2018-19 as compared to Rs 9.9 billion of the corresponding period of last year, showing 10 percent increase. “This increased the earning per share from Rs 12.42 to Rs 16.61,” he added.
The PNSC, the minister said, would contribute approximately Rs 290 million in direct taxes and had already announced a dividend of Rs 2.00 for the year 2018-19 per share as compared to Rs 1.5 declared in 2017-18.

The minister said the PNSC had recently procured two vessels from own resources which helped in earning high returns. “This is not only remarkable, but an indication of the dedicated team that has made it possible.”

“We are geared up to revamp the public sector organizations and provide a conducive environment for a vibrant private sector. These steps will ensure the revival of our shipping industry and boost the Blue Economy of Pakistan,” he remarked.

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