Pakistan International Container Terminal : Transmission of Quarterly Report for the period ended March 31, 2022 of Pakistan International Container Terminal Limited

Vision & Mission Statements

Company Information

Directors' Report

Condensed Interim Financial Statements

COMPANY INFORMATION

Board of Directors Chairman

Mr. Hans-Ole Madsen

(Non-Executive Director)

Directors

Mr. Arnie Dizon Tablante

(Non-Executive Director)

Mr. Bilal Shahid

(Non-Executive Director)

Mr. Gordon Alan P. Joseph

(Independent Director)

Mr. Jacob Christian Gulmann

(Non-Executive Director)

Ms. Lirene Coloquio Mora-Suarez

(Non-Executive Director)

Mr. Rune Rasmussen

(Independent Director)

Company Secretary Mr. Adil Siddique

Audit Committee Chairman

Mr. Rune Rasmussen Members

Mr. Arnie Dizon Tablante Mr. Bilal Shahid

Chief Internal Auditor Mr. Moammar Raza

Risk Management Committee Chairman

Mr. Gordon Alan P. Joseph Members

Mr. Bilal Shahid

Mr. Hans-Ole Madsen

Human Resource & Remuneration Committee Chairman

Mr. Gordon Alan P. Joseph Members

Mr. Hans-Ole Madsen

Ms. Lirene Coloquio Mora-Suarez

Key Management

Chief Executive Officer Mr. Khurram Aziz KhanChief Financial Officer Mr. Muhammad Hunain

External Auditors EY Ford Rhodes

Chartered Accountants, 6th Floor, Progressive Plaza, Beaumont Road, P.O. Box 15541, Karachi-75530

Legal Advisor

Usmani & Iqbal, 111/II, 27th Street, Phase VI, Khayaban-e-Muhafiz, D.H.A, Karachi

Bankers

Faysal Bank Limited Habib Bank Limited National Bank of Pakistan Samba Bank Limited

Standard Chartered Bank (Pakistan) Limited United Bank Limited

Registered & Terminal Office

Berths 6-9, East Wharf, Karachi Port, Karachi UAN: +92-21-111 11 7428 (PICT)

Fax : +92-21-3285-4815

Email:investor-relations@pict.com.pkWebsite:www.pict.com.pk

Share Registrar/ Transfer Agent CDC Share Registrar Services Limited 99-B, Block 'B', SMCHS,

Main Shahra-e-Faisal, Karachi- 74400

Tel: +92-21-111-111-500 Fax: +92-21-34326053

DIRECTORS' REPORT

FOR THE QUARTER ENDED MARCH 31, 2022

We the undersigned for and on behalf of the Board of Directors hereby present un-audited condensed interim financial statements of the Company for the quarter ended March 31, 2022.

BUSINESS PERFORMANCE REVIEW

Global container terminal industry continues to experience Covid-19 disruptions during 2022 in the form of lockdowns, port congestions and low vessels schedule reliability. Resultantly Pakistan container market declined during Q1 2022. The uncertain political situation, growing inflation and Pak Rupee depreciation has further impacted the trade.

These Global and local factors have also impacted the Volumes handled by your Company, which handled 108,824 containers during Q1-2022 as compared to 126,528 containers handled in the corresponding period last year.

Excess capacity available at Karachi Port remains a challenge that is being mitigated through various commercial and operational strategies backed up by continued quality services. Your Company remains determined in providing enduring value for all its stakeholders and has continually endeavoured to retain sustainable market share.

OPERATING AND FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2022

(Rupees in million)

Your Company recorded revenue of Rs. 3,036 million which is 4% higher than the same period last year. Through operational excellence and concerted efforts for cost optimization, your Company posted a Gross Profit of Rs 1,392 million. The Net Profit for the quarter remained at Rs. 929 million which is 3% lower than the corresponding period last year.

FUTURE OUTLOOK

Geopolitical events are negatively impacting previous expectations for Global trade growth in 2022. Shocks to the sourcing of key materials and higher global transportation costs will depress trade growth further than the current expectations. Elevated sea freight rates and international port congestion remain major sources of trade disruption. These logistics obstacles are not expected to dissipate until late 2022.

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