New Risk • May 01
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 30% Last year net profit margin: 59% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (98% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (30% net profit margin). Announcement • Apr 20
Pakistan National Shipping Corporation to Report Q3, 2026 Results on Apr 27, 2026 Pakistan National Shipping Corporation announced that they will report Q3, 2026 results on Apr 27, 2026 Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to PK₨440, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 11x in the Shipping industry in Asia. Total returns to shareholders of 733% over the past three years. Declared Dividend • Feb 25
Dividend of PK₨5.00 announced Shareholders will receive a dividend of PK₨5.00. Ex-date: 6th March 2026 Payment date: 1st April 2026 Dividend yield will be 6.0%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is covered by earnings (25% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 42% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 47% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 24
Second quarter 2026 earnings released: EPS: PK₨10.92 (vs PK₨13.85 in 2Q 2025) Second quarter 2026 results: EPS: PK₨10.92 (down from PK₨13.85 in 2Q 2025). Revenue: PK₨10.6b (up 33% from 2Q 2025). Net income: PK₨2.16b (down 21% from 2Q 2025). Profit margin: 21% (down from 35% in 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 95% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to PK₨514, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 11x in the Shipping industry in Asia. Total returns to shareholders of 859% over the past three years. New Risk • Feb 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (29% accrual ratio). Minor Risks Dividend is not well covered by cash flows (95% cash payout ratio). Share price has been volatile over the past 3 months (6.6% average weekly change). Announcement • Feb 16
Pakistan National Shipping Corporation to Report Second Half, 2026 Results on Feb 23, 2026 Pakistan National Shipping Corporation announced that they will report second half, 2026 results on Feb 23, 2026 Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to PK₨697, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 10x in the Shipping industry in Asia. Total returns to shareholders of 1,216% over the past three years. Valuation Update With 7 Day Price Move • Jan 01
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to PK₨549, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 10x in the Shipping industry in Asia. Total returns to shareholders of 905% over the past three years. Reported Earnings • Nov 01
First quarter 2026 earnings released: EPS: PK₨18.75 (vs PK₨28.44 in 1Q 2025) First quarter 2026 results: EPS: PK₨18.75 (down from PK₨28.44 in 1Q 2025). Revenue: PK₨10.3b (up 7.0% from 1Q 2025). Net income: PK₨3.71b (down 34% from 1Q 2025). Profit margin: 36% (down from 59% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 92% per year, which means it is well ahead of earnings. Announcement • Oct 24
Pakistan National Shipping Corporation to Report Q1, 2026 Results on Oct 29, 2025 Pakistan National Shipping Corporation announced that they will report Q1, 2026 results on Oct 29, 2025 Upcoming Dividend • Oct 13
Upcoming dividend of PK₨23.00 per share Eligible shareholders must have bought the stock before 20 October 2025. Payment date: 18 November 2025. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 6.6%. Lower than top quartile of Pakistani dividend payers (7.1%). Lower than average of industry peers (8.0%). Announcement • Sep 29
Pakistan National Shipping Corporation, Annual General Meeting, Oct 28, 2025 Pakistan National Shipping Corporation, Annual General Meeting, Oct 28, 2025. Location: karachi Pakistan Declared Dividend • Sep 29
Final dividend of PK₨23.00 announced Shareholders will receive a dividend of PK₨23.00. Ex-date: 20th October 2025 Payment date: 18th November 2025 Dividend yield will be 7.0%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is covered by both earnings (25% earnings payout ratio) and cash flows (56% cash payout ratio). The dividend has increased by an average of 39% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 53% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Sep 28
Full year 2025 earnings released: EPS: PK₨103 (vs PK₨102 in FY 2024) Full year 2025 results: EPS: PK₨103 (up from PK₨102 in FY 2024). Revenue: PK₨37.6b (down 8.8% from FY 2024). Net income: PK₨20.4b (up 1.3% from FY 2024). Profit margin: 54% (up from 49% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 116% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to PK₨285, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 10x in the Shipping industry in Asia. Total returns to shareholders of 1,087% over the past three years. New Risk • May 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 30% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (30% accrual ratio). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to PK₨264, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 9x in the Shipping industry in Asia. Total returns to shareholders of 961% over the past three years. Announcement • Mar 19
Pakistan National Shipping Corporation Announces Resignation of Arif Habib from its Board of Directors Pakistan National Shipping Corporation (PNSC) announced the resignation of Mr. Arif Habib from its Board of Directors. The resignation became effective on March 17, 2025. Mr. Habib's departure from the board marks a significant change in the leadership of PNSC, a key player in the shipping sector. New Risk • Mar 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Feb 28
Second quarter 2025 earnings released: EPS: PK₨13.85 (vs PK₨16.26 in 2Q 2024) Second quarter 2025 results: EPS: PK₨13.85 (down from PK₨16.26 in 2Q 2024). Revenue: PK₨9.01b (down 8.9% from 2Q 2024). Net income: PK₨2.74b (down 15% from 2Q 2024). Profit margin: 30% (down from 33% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 114% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Feb 26
Dividend of PK₨10.00 announced Shareholders will receive a dividend of PK₨10.00. Ex-date: 3rd March 2025 Payment date: 26th March 2025 Dividend yield will be 9.2%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is well covered by both earnings (24% earnings payout ratio) and cash flows (38% cash payout ratio). The dividend has increased by an average of 37% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 51% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to PK₨418, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 10x in the Shipping industry in Asia. Total returns to shareholders of 1,530% over the past three years. Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to PK₨338, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 10x in the Shipping industry in Asia. Total returns to shareholders of 1,023% over the past three years. Reported Earnings • Oct 10
Full year 2024 earnings released: EPS: PK₨153 (vs PK₨227 in FY 2023) Full year 2024 results: EPS: PK₨153 (down from PK₨227 in FY 2023). Revenue: PK₨46.4b (down 2.8% from FY 2023). Net income: PK₨20.2b (down 33% from FY 2023). Profit margin: 44% (down from 63% in FY 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has increased by 96% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Oct 09
Dividend increased to PK₨25.00 Dividend of PK₨25.00 is 67% higher than last year. Ex-date: 18th October 2024 Payment date: 18th November 2024 Dividend yield will be 8.2%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is well covered by both earnings (16% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 32% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 58% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Oct 08
Pakistan National Shipping Corporation, Annual General Meeting, Oct 28, 2024 Pakistan National Shipping Corporation, Annual General Meeting, Oct 28, 2024. Location: at the jasmine hall beach luxury hotel, off:m.t.khan road, karachi Pakistan Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to PK₨370, the stock trades at a trailing P/E ratio of 2.4x. Average trailing P/E is 11x in the Shipping industry in Asia. Total returns to shareholders of 661% over the past three years. Buy Or Sell Opportunity • May 14
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 9.5% to PK₨336. The fair value is estimated to be PK₨279, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 46% over the last 3 years. Earnings per share has grown by 78%. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to PK₨327, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 12x in the Shipping industry in Asia. Total returns to shareholders of 557% over the past three years. New Risk • May 04
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Mar 01
Second quarter 2024 earnings released: EPS: PK₨24.39 (vs PK₨49.94 in 2Q 2023) Second quarter 2024 results: EPS: PK₨24.39 (down from PK₨49.94 in 2Q 2023). Revenue: PK₨10.6b (down 28% from 2Q 2023). Net income: PK₨3.22b (down 51% from 2Q 2023). Profit margin: 30% (down from 45% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 56% per year, which means it is significantly lagging earnings growth. Declared Dividend • Feb 29
Dividend increased to PK₨10.00 Dividend of PK₨10.00 is 100% higher than last year. Ex-date: 7th March 2024 Payment date: 1st April 2024 Dividend yield will be 8.3%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is well covered by both earnings (9% earnings payout ratio) and cash flows (12% cash payout ratio). The dividend has increased by an average of 45% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 92% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 10
Full year 2023 earnings released: EPS: PK₨227 (vs PK₨42.75 in FY 2022) Full year 2023 results: EPS: PK₨227 (up from PK₨42.75 in FY 2022). Revenue: PK₨54.8b (up 130% from FY 2022). Net income: PK₨30.0b (up 431% from FY 2022). Profit margin: 55% (up from 24% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 02
Second quarter 2023 earnings released: EPS: PK₨49.94 (vs PK₨5.96 in 2Q 2022) Second quarter 2023 results: EPS: PK₨49.94 (up from PK₨5.96 in 2Q 2022). Revenue: PK₨14.6b (up 170% from 2Q 2022). Net income: PK₨6.60b (up PK₨5.81b from 2Q 2022). Profit margin: 45% (up from 15% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
No independent directors There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Director Muhammad Ali Syed is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 27
First quarter 2023 earnings released: EPS: PK₨40.80 (vs PK₨4.81 in 1Q 2022) First quarter 2023 results: EPS: PK₨40.80 (up from PK₨4.81 in 1Q 2022). Revenue: PK₨14.4b (up 207% from 1Q 2022). Net income: PK₨5.39b (up PK₨4.75b from 1Q 2022). Profit margin: 37% (up from 14% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Oct 13
Upcoming dividend of PK₨5.00 per share Eligible shareholders must have bought the stock before 20 October 2022. Payment date: 18 November 2022. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 6.3%. Lower than top quartile of Pakistani dividend payers (12%). Lower than average of industry peers (21%). Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improved over the past week After last week's 17% share price gain to PK₨82.01, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 7x in the Shipping industry in Asia. Total returns to shareholders of 32% over the past three years. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 17% share price gain to PK₨67.02, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 7x in the Shipping industry in Asia. Total returns to shareholders of 24% over the past three years. Board Change • Apr 27
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: No independent directors. 7 non-independent directors. CEO & Chairman Rizwan Ahmed was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Upcoming Dividend • Oct 13
Upcoming dividend of PK₨3.00 per share Eligible shareholders must have bought the stock before 20 October 2021. Payment date: 18 November 2021. Trailing yield: 4.8%. Lower than top quartile of Pakistani dividend payers (10%). In line with average of industry peers (4.5%). Reported Earnings • Oct 03
Full year 2021 earnings released: EPS PK₨17.14 (vs PK₨18.27 in FY 2020) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2021 results: Revenue: PK₨12.8b (down 7.4% from FY 2020). Net income: PK₨2.27b (down 6.1% from FY 2020). Profit margin: 18% (in line with FY 2020). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 29
Third quarter 2021 earnings released: EPS PK₨0.23 (vs PK₨3.06 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: PK₨2.66b (down 18% from 3Q 2020). Net income: PK₨30.8m (down 92% from 3Q 2020). Profit margin: 1.2% (down from 12% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 17% share price gain to PK₨83.17, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 16x in the Shipping industry in Asia. Total loss to shareholders of 17% over the past three years. Reported Earnings • Mar 02
Second quarter 2021 earnings released: EPS PK₨2.62 (vs PK₨3.88 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: PK₨3.00b (down 8.0% from 2Q 2020). Net income: PK₨346.0m (down 32% from 2Q 2020). Profit margin: 12% (down from 16% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 11
New 90-day low: PK₨86.80 The company is down 5.0% from its price of PK₨91.63 on 13 November 2020. The Pakistani market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Shipping industry, which is up 24% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: PK₨96.91 The company is up 18% from its price of PK₨82.00 on 06 October 2020. The Pakistani market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping industry, which is up 55% over the same period. Announcement • Dec 06
Pakistan National Shipping Corporation Limited Announces Board Changes Pakistan National Shipping Corporation Limited announced that Mr. Imdad Ullah Bosal has been appointed as Director with effect from November 26, 2020 in place of Mr. Sohail Rajput. Is New 90 Day High Low • Dec 02
New 90-day high: PK₨96.70 The company is up 2.0% from its price of PK₨95.06 on 03 September 2020. The Pakistani market is down 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping industry, which is up 37% over the same period. Reported Earnings • Oct 31
First quarter earnings released Over the last 12 months the company has reported total profits of PK₨2.78b, up 12% from the prior year. Total revenue was PK₨14.5b over the last 12 months, up 22% from the prior year. Upcoming Dividend • Oct 09
Upcoming Dividend of PK₨2.25 Per Share Will be paid on the 17th of November to those who are registered shareholders by the 16th of October. The trailing yield of 2.5% is below the top quartile of Pakistani dividend payers (7.3%), and is lower than industry peers (3.3%). Reported Earnings • Oct 02
Full year earnings released - EPS PK₨18.27 Over the last 12 months the company has reported total profits of PK₨2.41b, up 9.9% from the prior year. Total revenue was PK₨13.8b over the last 12 months, up 27% from the prior year. Profit margins were 18%, which is lower than the 20% margin from last year. The decrease in margin was driven by higher expenses. 
