According to the Annual Report of Pakistan International Container Terminal Limited (PICT) for the year ended December 31, despite being grappled by a multitude of challenges such as Covid-19 disruptions in global supply chains, port congestions, and low vessels’ schedule reliability, the Company managed to handle 476,577 containers as compared to 394,458 containers dealt with during the last year and thereby outgrew the market growth and increasing its market share to 20%. Excess capacity available with the competitors remains a challenge mitigated through various commercial and operational activities.
During the year, the Company marked a milestone by handling the 10-Million TEU since its inception. This milestone is your Company’s expression of commitment to supporting the country’s economic resilience. As we continue to build our legacy, our vision to become the container terminal of choice in Pakistan’s busiest port city resonates with our conscious efforts and focused actions towards improving the ease of doing business, promoting digitalization, and providing efficient customer services to the clientele.
Operating and Financial Results
The Company recorded revenue of Rs. 11,099 million, which is 23% higher than last year. Through operational excellence and cost optimizations, your Company posted a Gross Profit of Rs 5,160 million. The year ended with a net profit of Rs 3,390 million which was higher by 27% compared to last year. This growth is aided by the increase in revenue by 23% over the same period the previous year and increased market share.
Future Outlook
The global maritime supply chain vulnerabilities, driven primarily by the Covid-19 disruptions and its knock-on effects on shipping and ports, such as port congestions and schedules unreliability, may continue to disrupt supply chains in 2022. These are expected to normalize by the Years 2023-24. World Trade Organization expects a 4.0% rise in trade growth in 2022, with the total volume of global trade remaining below the pre-pandemic trend. Your Company endeavours to retain the sustainable market share of Karachi Port through digitally enhanced experience for the customers, offering customer-centric services, and delivering enduring value for all its stakeholders.