Pakistan National Shipping Corporation (PNSC) has reported a significant increase in revenue for the financial year ended June 30, 2026, while maintaining profitability and recommending a final cash dividend of Rs10 per share.
According to the company’s financial results, consolidated revenue reached Rs59.55 billion, compared with Rs37.64 billion in the previous year. Income from the shipping business increased to Rs50.62 billion from Rs33.72 billion, while revenue from other operating activities rose to Rs8.57 billion from Rs3.59 billion.
Profit remains above Rs21 billion
PNSC recorded a gross profit of Rs21.51 billion during FY2026, compared with Rs11.22 billion a year earlier. Operating profit increased to Rs25.56 billion from Rs23.71 billion.
Profit before taxation stood at Rs22.33 billion, broadly higher than the Rs22.00 billion recorded in FY2025. After taxation, consolidated profit for the year amounted to Rs21.55 billion, compared with Rs20.45 billion in the previous year. Earnings per share also increased to Rs108.77 from Rs103.22.
The results indicate that the company’s core shipping-related revenue expanded substantially during the year, although higher finance costs and changes in other income affected the overall earnings picture.
Final dividend of Rs10 per share proposed
The PNSC Board of Directors approved the audited financial statements for the year ended June 30, 2026 and recommended a final cash dividend of Rs10 per share, equivalent to 100%. This is in addition to the Rs10 per share interim dividend already paid during the financial year.
The company also stated that its share transfer books will remain closed from October 22 to October 28, 2026, inclusive, for determining shareholders entitled to the final dividend.
Balance sheet expands significantly
PNSC’s consolidated total assets stood at Rs182.85 billion at June 30, 2026, compared with Rs113.82 billion at the end of FY2025. Non-current assets increased sharply, with property, plant and equipment rising to Rs95.30 billion from Rs30.88 billion.
The increase in assets was accompanied by higher liabilities. Total liabilities rose to Rs68.36 billion from Rs10.32 billion, while total equity increased to Rs114.49 billion from Rs103.50 billion.
Higher investment in fleet and operating assets
The consolidated cash-flow statement shows that PNSC spent approximately Rs69.83 billion on property, plant and equipment during FY2026, compared with Rs3.74 billion in the previous year. The company also received Rs43.71 billion in long-term financing during the year.
Net cash generated from operating activities amounted to Rs23.17 billion, up from Rs13.15 billion in FY2025. However, substantial investment expenditure resulted in a net decrease in cash and cash equivalents during the year, with year-end cash and cash equivalents standing at Rs12.40 billion.
Unconsolidated results show lower standalone profit
On an unconsolidated basis, PNSC generated revenue of Rs17.72 billion, compared with Rs6.92 billion in FY2025. Freight income from foreign-flag vessels increased to Rs13.42 billion from Rs5.28 billion, while service fees reached Rs1.50 billion.
Standalone profit for the year, however, declined to Rs5.25 billion from Rs6.68 billion, while earnings per share decreased to Rs26.48 from Rs33.72.
The company’s standalone financial position also reflects a substantial increase in long-term financing, while total assets rose to Rs143.85 billion from Rs128.36 billion.
Rs4 billion appropriation recorded during the year
The financial statements also disclose a Rs4 billion reduction in retained earnings related to a payment to the Government of Pakistan’s Prime Minister’s Austerity Fund 2026. The company states that the payment was made under a directive issued pursuant to Section 17(1) of the State-Owned Enterprises (Governance and Operations) Act, 2023, and approved by the Federal Cabinet.
Outlook reflected through investment activity
The FY2026 accounts show a year of substantial expansion in PNSC’s asset base and capital expenditure. While consolidated revenue and profit remained strong, the company also took on additional long-term financing and recorded significantly higher investment in property, plant and equipment.
Overall, PNSC’s FY2026 financial statements highlight strong growth in consolidated revenue, a modest increase in annual profit, higher earnings per share, and continued shareholder distributions through interim and proposed final dividends. The company’s substantial capital expenditure and financing activity were also prominent features of the year’s financial performance.
