ISLAMABAD: State-Owned Enterprises (SOEs) have started to transform into profit-earning entities due to better policies introduced by the present government, said Minister for Maritime Affairs Syed Ali Haider Zaidi.
“The government is successfully materialising its resolve to make SOEs profitable organisations,” he said, while announcing a 31% increase in profit of Pakistan National Shipping Corporation (PNSC) during the last fiscal year.
The PNSC declared a net profit of Rs2.1 billion in fiscal year 2018-19 as compared to Rs1.6 billion in 2017-18, Zaidi said. “This significant increase in the after-tax profit is an indication that if managed properly, the SOEs have the requisite potential of generating revenues and increasing assets on their own,” he added.
Despite the global industry facing a decline, the corporation’s revenue stood at Rs10.9 billion in 2018-19 compared to Rs9.9 billion of the corresponding period of last year, showing a 10% increase, he informed.
