Pakistan National Shipping CorporationPSX: PNSC

Financial Results for the half year ended December 31, 2025

· Issued by Pakistan National Shipping Corporation

https://WWW.NORA.GOV. I*I€

Pakistan National Shipping Corporation

(ESTABLISHED UNDER ORDINANCE NO. XX OF 1979)

No.CAS/8927

The General Manager

Pal‹istan Stock Exchange Limited Stock Exchange Building

Stock Exchange Road Karachi.

23rd February, 2026

Subject: FINANCIAL RESULTS FOR THE HALF YEAR ENDED 31ST DECEMBER 2025

Dear Sir,

We have to inform you that the Board of Directors of our Corporation in their meeting

held on Monday, 23'd February, 2026 at 10:00 am at Karachi has approved the financial statement for the half year ended 31st December, 2025 and have recommended the following.

  1. Cash Dividend an Interim cash Dividend for the period ended 31st December 2025 at Rs.5/= per share i.e. 50%. This is in addition to Interim Dividend already paid at Rs. 5/= per Share i.e. 50%

  2. Bonus Shares

    Nil

  3. Right Shares

    Nil

  4. Any Other Entitlement / Corporate Action

    Nil

  5. Any Other Price-Sensitive Information

Nil

The Share Transfer Books of the Corporation will be closed from 09th March 2026 to 11th March 2026 (both days inclusive) to determine the entitlements of the shareholders. Transfers received at our Share Registrar's office, i.e., M/s. CDC Share Registrar Services Limited, CDC House, 99-B, Block B, S.M.C.H.S., Main Shahra-e-Faisal, Karachi (Phone No. + 92(21) 111-111-500) by the close of business on 08th March 2026 will be treated in time for the purpose of payment of above interim dividend to the transferees.

PNSC BUILDING, MOULVI TAMIZUDDIN KHAN ROAD. P.O. BOX NO. 5350, KARACHI-74000, PAKISTAN. PHONE : 021-99203980-99 (20LINES) FAX : 021-99203974 - 35636658

E-mail : communication pnsc.com.pk, Website : https://www.pnsc.com.pk

https://WWW.NONA.GOV. Plt

Pakistan National Shipping Corporation

(ESTABLISHED UNDER ORDINANcE NO. XX OF 1979)

The Financial results of the Corporation are attached.

The Half Yearly report of the Corporation for the Period ended 31*t December, 2025 will be transmitted through PUCARS separately within the specified time.

Yours Sincerely,

Muhammad Javid Company Secretary

CC: - Executive Director/HOD, Offsite-II Department, Supervision Division,

Securities & Exchange Commission of Pakistan, 63, NIC Building, Jinnah Avenue,

Blue Area, Islamabad.

PNSC BUILDING, MOULVI TAMIZUDDIN KHAN ROAD. P.O. BOX NO. 5350, KARACHI-74000, PAKISTAN. PHONE : 021-99203980-99 (20LINES) FAX : 021-99203974 - 35636658

E-mail : communication@pnsc.com.pk, Website : www.pnsc.com.pk

‌PWgTM NATIONAL gHlPPTN0 CORPORA£ON

coHsouoxrEo conoeHsEo inTeRiu szxzEmEuY or riunuciu eosinox

fUoaudft•d) (Audited)

December of, June 30,

20gg 2025

Aupe*• in '••o)

R+ght•of•uee aeeea

Current aeeets Storee and apares Grade debts

Loans and advanced

Trade deposits Ond enort•term prepayments

contract assec

Inlereet afion ed an aanx deqos)ta end ehort-term Investments Other receivab4ee

£QWTY A IBUTABL£ TO YHE OWNERS OF THE HOLDING COMPANY

200.000,000 (2025: 2g0,000,000) ordinary shares of Rs. 10 each

Capiai reserve

Revenue reserves

Remeasuremenl of gosh-retirement benefits obligaton - net of tax

SurNus on revalued of property, ptant and eauipment - •et or cx

eouiw crrsieuTuLg TO THE OWNER9 OF BE HOLDING COMPANY

NON6ONTROLLIN0 INTEREST

Non•current IIa&Itoee Leace iiaélities

Current portion of kmg-tern finenong current vanfi›n of fiaaa liabilrgea UWaimed dividend

16,121,136

g4,t 38

30,884.g0 I

6.712

+,607,802

85,911

91,241

US 353

3$,980.8s4

280,944

1,8t 3,355

3.472.311

585, 204

132,408

783,353

180,355

1, 027, 018

1.842,M0

113,833143

2 000 o00

I.080,851

15, 869

103,504, 364

849,688

1,084,698

1,1T9,368

10,271

1,159,199

1,884,887

2.2W,168

33/006

+80, 170

sca,8oo

2, 462

336, 964

30,$14

'4 1 885

8 084 8 T1

9,¥¥d,868

10,316,7 78

113.823.143

Fa ietan Nañonal Shipping Corporatlon

‌PAW9TAN NATIONAL gHIPPlNO CORPORATION

CONgOLIOATED CORDENgco INTERIM 8TA7EMEar OF PROFIT OF LOgg AND OTHER COMPREriEnsivE iHCOuE FOR THE QUARTER AND HALL YMR ENDED DECEMBER 31, 2026 IUNAUOITED)

REVENUE FROM CON7MC7 WITH CUgTOMERg

Inoome from eMppkig business

REVENUE FROM OTHERS

Rental Income

Fleat expansee

Quarter gndcd

2026 2OZ4 2026

g,e6g,$e1

7.859.282

16,g78,268

17.378,880

B09 449

1,007. 49

1666 0$$

2.307,g38

10,46¥,610

8,92 ,831

20,6d4,337

19.684,628

B7,660

82.464

1}3 740

1 3.846

d0,66f,380

9,009,295

20@Y@077

19,848,474

(8,3g1,262)

(6,870.777)

(15,337,071)

(12.802.178)

4g33g

66.725

6¥620

109,549

8,440.$e1)

(6,937.502)

{1$,406,gg1)

(13,011.727)

- Ru asc In ’000)

2024

GROSg PROFIT

Admlnlstratlve expenses

lmpelment reversal / (lose) on flnandal assats

Other expenses

oiner income

8¥3,4t6

1.807,116

1,BZ4,Bg1

3,350.881

OPERATING PROFIT

2,g d,216

3, 79.209

7,0B7,o77

10.187,428

(6g,¥'78)

(106,243)

(1Og,271)

(248,481)

2,60g,737

3,$72.966

6,g77,$O6

9.940.947

Levlea

{240,627)

(181.475)

(3dg,$2Y)

(318,8&4)

PROFIT BEFORE TAXATION

2.3gB,2¥0

3.3 1.481

8,$33,285

9,622,063

PROFIT FOR TWE PERIOD

EARI'IING9 PER 8HARE FOR PROFITATTRI8U7ABLE TO

EQUITY ttOLDER9 OF THE HOLDING COMPANY

- baalc And dlIvt•d

T6g¥ 7@

T585,W/

t4,O9&,$$1

(1,005.307

6,600

(68.S05)

74,17g

(86,060.

(481,63g

(t55,834)

(880,4fi3

(3S9,791;

1 g5,213

2,388, 89

3,278,787

4.801.839

J0.P2 13.85 20.87 4259

For Patten Naffonal Shagging Corporation

‌PWTSTM NA£ONAL SHIPPING CORPORATION

CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHES IN EQNS FOR THE YSAR ENDED DECEMBER 31.2025 {UNAUDITED)

4Mbutable to Ge owo•rs of the long Com •ny

M@ue on

Rcrnsaaurament of

Reyenuo roam o•

issuoa,

Balenee ae at July 01. 2024 laudltadt

Tio›mprtmnswei*cememrmsm‹t›denaed

FT cesh for tile yr er+dev J+z+e 30, 2024 (Rs. 25 per ordinary share of Rs.10 each)

Balance ee at July 01. W35 faudNzd)

09.382 526

2. 53 t25

9J .W. fi0d

15,W ’” 93,402.5g0

8.370.67J

839

0.376,6t0

660,317

1.980,051 134 ,W 128,307

09,477,100

(3,301,584)

(W,3 )

(A.A)

2,170,053 86.002.334

- 8.375.67 4

(0 317)

939

gg.M7, 0d

8,376,610

Other cornpret+ensue income / (bss) for the pertod

To cernora+ensive mcome lor +e period ended December 31, 2025

Sug us on revak+ation of property, plant end egñprnenl realised dur1ng 0+e yeera account of

FM cash divider+d for TI+e year ended Juta 30, 2025 (Rs. 23 per ordinary share of Rs,t 0 eoch)

jnjym d dend for One year ending June 30, Z026 (Rs. 5 per ordinary share of qs.10 each)

- 16,014

(4,6g6.165)

5.eN,t01

5,677.20t

{4,5 0,165)

Balance cc ¥t December 31. 2020 16,*21

For Pakistan National Shfpging Corporation

‌PxxcloHxd 9MPelxc conPowTioN

CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS FOR TNE HALF YEAR ENDEO DECEMBER 31, 2025 (UNAUDITED)

Half year ended

December 31,

2025 2024

CA9H FLOWS PROM OPERATING ACTIVITIES

Cash generated from operations

5,817,568

9.881.512

Employees' gratuity pald

(32,557)

(38,858

Employees' compensated absences paid

(8e,3r0)

[fi4,00t

Post-iotirement medical benefia paid

f12,314)

(8,081

Finance coals paid

(107,071)

283,548

Incorna Fax and levies paid

(6,575,779)

t1,799,753

Het cash (uced In)/ generated from operating activities

(1,199,523)

7,d96,167

CASH FLOW9 FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment Add/lion to intangible assala

Addltions to investment properties

Short-term investment made - net

ReMm on short lerm investment and bank balances received

Long-term loans

Dividend received

Net cash generated from / (uaed In) Investing activities

1,899,818

(8,983,078)

CASH FLOWS FROM FINANCING ACTIVITIES

Long-tern financing rapaid

Payment of principal of lease liabilities Payment of interest on lease liabilities

Net cash used In financing activities

(5,844,730)

(3.651.918)

Net decrease In cash and cash equivalents

(5,1c4,446)

(2.838,830)

Caeh and cash equivalents at the beginning of the period

18.346,232

Exchange (loss) / gain on cash and cash equivaBnts

70.523

Cash and cash equivalents at the end of the period

13.477.925

Rugeea In '000)

)

)

)

)

)

(6, 423,337)

(1.416,243)

(*5)

(18,823)

(68,800)

7,162.297

(7,753,026)

827,7t8

2,263,784

7,088

797

28,083

9,232

(435,016)

(435,004

(45j)

(878) f451)

(3.215,585)

For listan National Shipping Co/goration

‌pnxis7u unnouxL sHineI•o coRPoennou

uHcoxsoLioczeo conoexsEo INtEniu sTczzuEHT or r«u+Ic>L eosinou

December 31, June 30,

  • Rup ee In '000)—

TOTAL MgETS

200.000,000 ardina/y snaraa of As. 10 each Glued, aubsertbed and paid-up there capital

J,130,0$t

Capnal reserve

Revenue reserie - unappropriated proM

Remeaeuremant of post rati emenT benefits obligation - net of iax Surqlue on revaluation of property, pTanl end equipment • net of tax

72.846. 985

Propeñy. plant end equipment Righl-gf-uee ecsets

s,e‹1

6,712

¥,6O7,802

- Related parties (subeidlañes and an assmate)

¥8,116,888

+6.115,988

- Lislea companies and an other entlty

85,011

+6,201,699

91,241

155 253

Total non•current aeaeta

fi6,71 1,502

Agents’ and ownera‘ balanced

10,630

5,327

Loana and advances

Trade deposits and short-lerm prepaymenls Contract aeeets

Interest accrued on bank depoais and shaft-tern investments Other reueiysNes

Texetlon - net

Short-term Investments Caeh and bank belancaa

t06,g01

251,923

127,533

156,167

190,355

886,122

2,001,880

61,908,209

8.030 186

128.358.487

2 000 000

1,080,951

15.285,158

(380,202”

2 ^46 941

17. 78.740

1,08¥,690

10,27 1

1.158.199

2,2fi4', 168

105,2^'2.751

418.758

25.988

335,964

Non•cuwent liabllftiee

19,15g,691

Lease iiabii«+s Empkzyeee’ benefits

T/aoe and other qayaoes

Previaion ggainat damage claims

Current qodion of lean Ilablllges Acoued mark-up on long-tarrn financing

TOTAL LIWRI£E9

TOTAL EQUITY MD LTABILTWE9

1*4.9*W,136

128.3fi8,.•g7

Contract llebilfties

Current portion of long-tern financing Undalmed dividend

or Pakistan National Shipping Corporation

‌PAKI9TAH NATIONAL SHIPPING CORPORATION

UNCONSOLIOATEO CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREFIENSIVE INCOME FOR THE QUARTER MD HALF YEAR ENDED DECEMBER 31, 2025 (UNAUDITED)

REVENUE FROM CONTRACT WI7H CUSTOMERS

Freight income - foreign flag veseela

Service feee

(a,e01,1e0)

(1,215,485)

(e,026,830)

(1,709,795)

(432,02s)

(423,810)

{647,749)

(798,S42)

‹4e,33e)

(68,725)

(e8,620)

(109,549)

(239,0s4)

(128,546)

(412,712)

t182.200)

(7,47a)

(59,030)

(34,527)

(59.030)

(269,746)

(154,072)

(378,692)

(328,869)

1,565.634

2.270,630

3,256.487

4,656,537

Other operating activities

Quarter ended Half year ended

December 31. Decem0•r 3J,

2025 2024 2028 2024

3,043,644

1,169,183

8,s97,233

1.777,160

233,60g

308.682

4g7,749

627,024

21+.979

40,441

291,777

49,281

— —4Rupees In '000)—- —

REVENUE FROM OTHER9

Rental income

+,392,232

g7,Sg0

1.518,306

82.484

7,486,759

1z3.740

2,453,445

163,846

4,479,812

1,600,770

7,660,489

2,617,291

MPENDITURE

Fleet expenses

Vessel management exgensea

(3,982,$44)

(1,708,020)

(6,743,299)

(2,617,886)

GROG9 PROFIT / (LOS8)

4g7,268

(T 05.250)

817,200

(595)

Administrative expenses

Impaiment lose on financial assets

Otner expenses

Other income

J,069,5S6

1,927.982

2,431,558

4.086,438

OPERATING PROFIT

1,508.826

1,822,732

3,348,786

4,085,843

(z,617)

(103.204)

(105,020)

(240,466)

PROFIT BEFORE LEVIE6 AND TAXATION

1,514,309

1.719,528

3,243,736

3,845,377

Lev/ea

(212,70e)

(145.685)

(288,511)

(247,433)

PROFIT BEFORE TAXATION

1,301,600

1.573.843

2,8M,225

3,597,044

206,163)

(648.846)

(755,533)

(1,245,453)

PROFIT FOR THE PERIOD

1,085,437

924.997

2,199,692

2,352,481

-

(Rupees)

--

EARNINGS PER SMARE - baclc and dlluted

4.67

1 1.68

For BeXlstan National Shipping Corporation

‌PAKI8TAN NATIONAL SHIPPING CORPORATION

UNCON9OLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR TUE HALF YEAR ENDED DECEMBER 31, 2026 (UNAUDITEO)

euB¥cflbed

and paId•up

Capital reserve*

Revenue

reserve • una ropriat•e

profit

Remeaeurement of port-retirement banetlta obligation • ngt

Surplus on revaluation of property, plant and cqulpmont •

Balance as at July 01, 20M taudltad)

1,320.634

126.843

14.528,228

(390,796)

2, T67,806

17.75Z.716

Proci /or lhe qenod

Other comprehensive income for the period

Totel comprehenelve Income for the peñod ended December 31, 2024

2,352,4B1

-

2,352.491

Surplus on revaluation of property, plant end equipment realised during the year on account of incremental

deputation charged themon - net of tax

-

]7,090

-

(17,0B )

-

2.352,481

-

2.352.491

Traneact/om with owners In their cawclty, ea owners dlwUy recognised Tn coup

(Re. 25 par orglnsry share of Rs.10 eech)

Issue of bonue shares at to rare or son

660,317

-

(3,301,58d)

(680,317)

{3,S0J ,584)

Balance ae et oecembar at, zoz4

1.880,051

12 ,843

12,935, 15

(390,796)

2,150.710

16,e03,623

balance ae at July of, 2026 ‹audited)

1,880,85J

428,843

45,285, 458

(380,202)

2, 146.941

19.159,g01

Pfotil for the pe6od

Toial compref+ensive income for the i›ertoo ended

Final cess dfvéend for the year endc0 June 30, 2024

2,000,802

2,1gg,892

Order compiet›onsive income for the perioñ

Deoember 3J, 2025

Surplus on /ava/uegon o/ property, pent ano egulgmenl realized during the yeer on account of inoamental depredetlon charged Mreon - net of tax

Trancactlone with owners In their capacity, ae ownera

Final cash dividend for the year ended June 30, 2025 (Rs. 23 her ordinary’ ahare of Rs.10 eecñ)

Interim dividend for ihe year ending June 30.2028

{Rs. 5 her ordinary share of Rs.10 each)

18,$72

(4,668,186)

taeo,zozj z,Jao,oes

s,e1z,zz3

For Paklstan National Shipping Corporation

‌PAKISTAH MSIONAL SHIPPING CORPORATION

UNCON6OLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS FOR THE MLF YEAR E IDED DECEMBER 31, 2025 (UNAUDITED)

Half yegr ended

December 31,

Rupeea In ’000)-

CASH FLOWS FROM OPERATING ACTIVITIES

Cash (used in)/ generated from onarations

(459,873

) 9.176.548

Employees' gratuity paid

(32,557

(39,956j

Employees' ampensated absences paid

(89,370

(54,007

Post-retiremanl medical Benefits paid

(12,3]4)

(8,081

Flnence cost paid

(oioz,) (282,628)

Income tax and levies paid (g,5A4,J29) (1,726,585

Net caen (uaed In) / generated from operating actlvltles

( 205,T14)

7,065,281

CASH FLOWS FROM INVENTING ACTMTIES

Purchase of properly. plant and equipment

Purchase of intangible assets

(4f)

(18,823)

Addltions to investment properties

(68,800)

snort-tern investment - net

(7,753,026J

Return on snon tern investment end bank balances received

827z19

2,263,784

Long-term loans

7.089

797

Dividend received

24,083

9,232

Net cash generated from / (ueed in) lnveetlng activities

7,921.583

(8,354,806)

CASH FLOWS FROM FINANCING ACTIVITIES

Long-term financing repaid

Paymen! of principal of lease liabilities

Payment of inerest on lease liabilities

Dividend paid

Net cssh uead In financing activltlea

(3.85I.9T 8)

Net decrease in cash and cagh equivalents

(5,138,6g2)

Cash and cash equivalent at the beginning of the period

24,848,159

18,342,715

Exchange (loss) / gain on cash and cash equivalents

(125,568)

73.684

Caab and cash equivalents at the end of tbe period

13.474,956

2025 2024

)

) )

)

)

(435,016)

(435,004

(878)

(878)

(451)

(451)

(5,408,398)

(3.215.585)

jar Pak n National Shipping Corporation

Company analysis

Earlier from Pakistan National Shipping

All Pakistan National Shipping news releases