"The government is successfully materializing its resolve to make SOEs profitable" remarked Federal Minister for Maritime Affairs Syed Ali Haider Zaidi announcing the 34% jump in the profit figures of state owned Pakistan National Shipping Corporation. Though the global shipping industry experienced a dip in business in the last year, still PNSC's group revenues increased from RS 9.9 billion to Rs 10.9 billion, a total 10% increase. This increased the earning per share from Rs 12.42 last year to Rs 16.61 in the current year. Hence PNSC will contribute approx Rs 290 million in direct taxes and has already announced a dividend of Rs 2.00 for the year 2018/19 per share as compared to Rs 1.5 declared in 2017/18. PNSC declared a net profit of Rs 2.1 billion in fiscal year 2018/19 as compared to Rs 1.6 billion in 2017/18. This significant leap in 34% increase in the profit after tax is an indication that if managed properly, the SOEs has the requisite potential of generating revenues and increasing their assets on their own, said Ali Zaidi. It should be kept in mind that PNSC recently procured two vessels and their inclusion has not affected the financial health of the organization which earned high returns. This is not only remarkable, but an indication of the dedicated team that has made it possible, observed Ali Zaidi. We are geared up to revamp the public sector organizations and provide a conducive environment for a vibrant private sector. These steps will ensure the revival of our shipping industry and boost the Blue Economy of Pakistan, he concluded. *-*-*-*-*-*-*-*-*-*
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