The Port Qasim Authority’s net profit increased by 29 percent in the fiscal year 2020-21.
The Minister for Maritime Affairs, Ali Zaidi, said that the net profit of the Port Qasim Authority (PQA) had soared 29 percent to Rs. 19.76 billion, indicating an increase of Rs. 4.4 billion from Rs. 15.35 billion. The total revenue had increased by 15.57 percent to Rs. 41 billion, as compared to Rs. 35 billion in the previous fiscal year.
Sharing the PQA’s yearly performance report in a tweet, Minister Zaidi revealed that in addition to posting record profits, the PQA’s yearly expenditures were cut by 2.18 percent in the last fiscal year while taxes to the tune of Rs. 8 billion were paid to the federal government.
Happy to report @QasimPort outstanding performance.
In 2020-21 PQA’s net profit went ⬆️ 29% to Rs 19.76 bn.
Meanwhile expenditures dropped by 2.18%.
PQA also paid taxes of Rs 8 bn.
Perfect example of a what happens when a State Owned Enterprise is run professionally!#BlueEconomy pic.twitter.com/RlrVPIUStJ
— Ali Haider Zaidi (@AliHZaidiPTI) January 4, 2022
Commending the encouraging development, the minister said it is a “perfect example of what happens when a State-Owned Enterprise is run professionally”.
Port Qasim is located in Karachi’s phitti creek of the Indus delta region. The port presently has 18 berths (15 in the private sector) with an annual handling capacity of 89 million tons. All commodities ranging from minerals oils, edible oil, coal, rice, wheat, cement to fertilizers, general cargo, containers, and LNG are being handled in the port at state-of-the-art terminals. It is the energy hub and only LNG Port of Pakistan.