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PNSC approved financial results for the year ended June 30, 2024

The National Flag Carrier, Pakistan National Shipping Corporation (PNSC), convened its 46th Annual General Meeting for the financial year 2023-24 on October 28 2024 in Karachi. Mr. Sultan A. Chawla, Chairman of the PNSC Board of Directors, chaired the meeting with all Executive Directors and other senior company officials.

The corporation’s members approved the financial results for the year ended June 30, 2024. According to the results, PNSC (Group) earnings per share are Rs.152.81, up from Rs.227.11 in the comparable period last year. PNSC has declared a final cash dividend of Rs.25 per share (250%), which is also the highest ever in the corporation’s history.

Earlier, PNSC had announced an interim dividend of Rs.10 per share (100%), making the total cash dividend for the year Rs.35 per share (350%) and 50 Bonus shares for every 100 shares held, i.e. (50%), by the corporation’s members.

Cumulatively, the Group achieved a turnover of Rs.46.36 billion and profit after tax of Rs.20.18 billion, which is the second highest in PNSC history, compared to a turnover of Rs.54.60 billion and profit after tax of Rs.29.99 billion last year. Last year’s profit included non-recurring events such as gain on sale or disposal of vessels amounting to Rs.3.34 billion and exchange gain of Rs.3.04 billion. The members of the Corporation also approved the reappointment of auditors for the year ending June 30, 2025.

Chairman PNSC concluded his address by thanking the participants and expressing his hope for PNSC’s continued performance and better results in the future.

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