Karachi: Pakistan National Shipping Corporation (PNSC) has announced its financial results for the nine-month period ended March 31, 2026, reporting a consolidated profit after tax of Rs7.51 billion, down from Rs15.44 billion recorded in the corresponding period last year. The company’s earnings per share (EPS) stood at Rs37.89, compared with Rs77.94 in the same period of FY2025.

According to the financial statements approved by the Board of Directors at its meeting held on April 29, 2026, PNSC did not recommend any cash dividend, bonus shares, right shares, or any other corporate action for shareholders.

During the first nine months of FY2026, the national carrier generated Rs36.56 billion in total revenue, an increase from Rs28.40 billion in the same period last year. Revenue from the shipping business rose significantly to Rs31.81 billion, while income from other operating activities reached Rs4.49 billion, reflecting stronger business activity across the company’s core operations.

Despite the improvement in revenue, profitability came under pressure due to higher operating expenses and a substantial increase in other expenses. Gross profit increased to Rs11.46 billion, but operating profit declined to Rs9.45 billion, compared with Rs17.67 billion a year earlier. Finance costs also increased to Rs991 million, further weighing on the bottom line.

PNSC’s consolidated balance sheet showed a significant expansion in total assets, which climbed to Rs174.52 billion as of March 31, 2026, compared with Rs113.82 billion at the end of June 2025. The increase was largely driven by higher investments in property, plant and equipment and stronger current asset holdings. Total equity attributable to shareholders improved slightly to Rs102.48 billion, while long-term financing increased as the corporation continued investing in fleet and business expansion.

For the third quarter alone, PNSC posted a profit after tax of Rs1.63 billion, translating into quarterly earnings per share of Rs8.22, compared with Rs7.06 billion and Rs35.65 EPS in the corresponding quarter of the previous year.

The latest results indicate that while PNSC continues to benefit from growing shipping revenues, rising costs and financing expenses have moderated earnings during FY2026. The company’s decision to retain earnings rather than distribute dividends suggests a continued focus on strengthening its financial position and supporting future investment plans.