Karachi October 04, 2022: During the year, Pakistan International Bulk Terminal Limited (PIBTL) has handled 8,243,495 tons cargo in fiscal year 2022 against 10,071,090 tons last year mainly due to economic slowdown in the country, leading to suboptimal production by the industrial sector who are the major users of the coal.
On the global front, commodity prices, coal in particular, touched all-time high coupled with increased freight costs. Consequently, the local users of imported coal switched to Afghan coal due to exorbitantly high price of coal in the international market. However, a simultaneous increase in demand for imported coal has been witnessed from power generation sector which supported the volume of the Company throughout the year.
“Corresponding to the business performance, the management of your Company is focusing on strategies to bring more efficiency in cargo handling operations and to focus on volume consolidation” says company Chairman Capt. Haleem Ahmad Siddiqui.
The Terminal, being dedicated for bulk handling of Coal, Clinker and Cement, stands committed to its objective of providing unparalleled services to its customers at international standards of efficiency and pollution control.
During the year, the Company has fully prepaid outstanding loans from local banks amounting to Rs. 5,490 million from the proceeds of new long term loan at economical terms as disclosed in the financial statements of the Company.
During the year, the Company has posted loss after taxation primarily due to the impact of currency devaluation on USD denominated foreign loans.
