Pakistan International Bulk Terminal Limited (the Company or PIBT) was incorporated under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017) on March 22, 2010, as a private limited company. Subsequently, it was converted to an unquoted public limited company and later on, listed on the Pakistan Stock Exchange on December 23, 2013.

The Company was established in 2010 as a private limited entity and, in the same year, entered into a 30-year Build-Operate-Transfer (BOT) agreement with the Port Qasim Authority. It was initially a wholly owned subsidiary of Pakistan International Container Terminal Limited (PICT). In the early 2000s, PICT distributed PIBT shares to its shareholders as a specie dividend and later diluted its holding by selling a major stake in PICT to International Container Terminal Services, Inc. Currently, the Company forms part of the Marine Group of Companies, which comprises a network of 15 associated entities. Premier Mercantile Services (Pvt.) Ltd. (PMS) serves as the Group's flagship company

The primary business of the Company is terminal management for the handling the import of coal and clinker/cement exports. Major demand for imported coal is being generated from cement manufacturers and coal power plants. In 2010, the Company entered into a Built Operate Transfer (BOT) contract with Port Qasim Authority (PQA) for the construction, development, operations and management of a coal and clinker/cement terminal at Port Muhammad Bin Qasim. The contract is for a period of thirty years, extendable for another 30 years. The Company commenced its commercial operations in July 2017. PIBT has the annual capacity to handle-12mln tons of coal import and-4mln tons of cement/clinker export.

As of March 31, 2026, approximately 47% of the Company’s shares are held by associated companies, undertakings, and related parties. Of this, Premier Mercantile Services (Private) Limited, the investment arm of the Marine Group of Companies, holds the major portion at around 43%. The directors, CEO, and their spouses and minor children collectively own about 3.4% of the shareholding, with the majority of this portion attributed to Mr. Sharique Azim Siddiqui, the CEO. Approximately 38% of the shares are held by the general public, while the remaining shares are owned by mutual funds, insurance companies, and other corporate investors.

The Company's shareholding has evolved over the period and is expected to remain stable, going forward.

The Marine Group of companies is a large and diversified cargo handling and logistics group in Pakistan. The group has been in business since 1964. Considering its operating history and experience in the business, sponsors' understanding of the terminal handling business is considered strong

Premier Mercantile Services - the major shareholder- is an investment wing of the Marine Group. PMS has shareholding in the other related businesses as well, as it acts as an investment vehicle for the group. The sponsor of the company has historically demonstrated support through subscription of right issue and guarantees.

The Board of Directors comprises seven members, including two independent directors, three non-executive directors, and two executive directors.

Capt. Haleem Ahmad Siddiqui, the Chairman of the Board of Directors, is a seasoned professional in the industry. He has experience of over five decades. He is also the Chairman of the Marine Group of Companies. Capt. Siddiqui has served in the Pakistan Flag Vessel and was instrumental in establishing the Marine Group of Companies. Other members of the Board are also highly qualified professionals and have sufficient experience in managing the company's affairs.

Three sub-committees of the Board are in place: the Audit Committee, the HR & Remuneration Committee, and the Risk Management Committee, all of which are chaired by independent directors. The Audit Committee held four quarterly meetings during the financial year ended June 30, 2025, while the HR & Remuneration Committee met once, and the Risk Management Committee convened three times during the year. Adequate attendance was observed across all Board and sub-committee meetings, and the minutes were properly recorded and maintained.

The external auditors of the Company are M/s Yousuf Adil & Co., Chartered Accountants, which is QCR-rated and classified as Category A on the State Bank of Pakistan’s panel of auditors. The auditors issued an unqualified opinion on the financial statements for the financial year ended June 30, 2025.

A well-defined yet lean organizational structure exists. The organization is split into three broad divisions: (i) Operations (ii) Engineering and (iii) Support. Among these divisions, functions are segregated into various departments wherein clear lines of responsibility are defined for each cadre. The Company's head office is situated in Karachi city, while the terminal is situated at Port Qasim. Responsibilities are clearly divided among the different department heads.

Mr. Sharique Azim Siddiqui, the CEO of the Company, has an overall experience of more than two decades. He also served as CEO of Marine International Container Terminal and headed the implementation of the project which comprises an Inland Container Depot in Lahore with direct railway connectivity for operating dedicated freight trains between Karachi and Lahore. He currently serves as the Managing Director of Marine Group of Companies. He did his Bachelor's and Master's of Arts in Economics from Tufts University, Boston, USA. He is supported by an experienced and able management team.

All department heads are responsible for the management of their departments. Mr. Asad Zaidi manages the operations division, whereas engineering related matters are handled by Mr. Basit Alvi, GM Engineering. Mr. Arsalan Iftikhar Khan, FCA, is the CFO of the Company. Mr. Arsalan possesses 24 years of experience in corporate finance, taxation, budgeting and planning.

Fully mechanized infrastructure with a strong MIS, to assist the reporting needs of the management, strengthens the control environment.

The corporate structure of the Company is diverged into various departments, each having an effective Internal Control System. MIS and technological infrastructure is strong with a high degree of automation, positively impacting the overall control environment of the Company.

Total coal demand in Pakistan is estimated at 16–22 million metric tons per annum in FY26, up from the previous year and primarily driven by the power generation sector (~70% share). The industry continues its strong shift toward indigenous Thar coal due to energy security and foreign exchange constraints. Lower international coal prices have further supported higher coal demand in FY26. Most cement manufacturers have adopted local coal blends, while the power sector is increasingly relying on Thar-based plants (currently ~3,300 MW capacity). Imported coal-based plants face lower dispatch due to higher operating costs. As a result, imported coal volumes have moderated and stabilized at lower levels (around 4–6 million MT annually), as Thar coal progressively substitutes imports in both power and industrial sectors. The government is actively encouraging blending and greater utilization of local coal to reduce import dependence and energy costs.

PIBT enjoys the distinction of being the sole commercial terminal operator providing handling services to local coal importers. The company has shown strong recovery in FY26, with coal handling volumes reaching 6.91 million tons in the first 10 months, already exceeding the full-year FY25 volume of 4.79 million tons, with two months still remaining. This compares to 6.41 million tons handled in FY24. In 1Q FY26, the Company handled 1.87 million tons of cargo, up significantly from 1.18 million tons in the same period last year. In response to market dynamics, the Company’s strategic diversification into alternative business ventures (including the upcoming Reko Diq copper-gold concentrates handling) is expected to provide additional revenue stability and enhance long-term growth.

The Company's core revenue continues to be driven primarily by coal handling services, as clinker and cement handling have remained negligible. During 9M FY26, the Company recorded net revenue of PKR 11,695 million, a substantial recovery compared to PKR 9,969 million for the full year FY25, demonstrating strong growth momentum. This rebound is largely attributable to a sharp increase in cargo volumes, which reached 5.51 million tons in 9M FY26, exceeding the 4.79 million tons handled in the entire previous fiscal year. The recovery was supported by a shift in customer sector contribution. In 1Q FY26, the power sector accounted for 41% of handling volumes, but this share declined sharply to 6% by 3Q FY26, reflecting regulatory tightening on Independent Power Producers (IPPs) and changes in the government's energy purchase policy. Meanwhile, the cement sector's share remained relatively stable, ranging between 27% and 44% over the first three quarters of FY26.

FY26 has seen a strong recovery. In 9M FY26, gross profit rose to PKR 3,861 million and net profit reached PKR 2,127 million, driven by a 56% increase in cargo handling volumes (5.51 million tons vs. 3.53 million tons in 9M FY25), lower finance costs due to ongoing debt repayment, and improved operational efficiency following the resumption of normal terminal operations. This recovery stands in contrast to FY25, when the Company's financial performance weakened significantly. During FY25, gross profit declined to PKR 2,059 million (FY24: PKR 4,533 million) and gross margin contracted to 20.7% from 32.7%, resulting in a net loss of PKR 258 million. The decline was primarily due to lower cargo volumes, a fire incident that disrupted operations in November 2024, and elevated finance costs.

The volumes handled by PIBT may face potential challenges due to increased use of Thar coal and the import of Afghan coal by road, which could reduce demand for terminal services. In the past, a fire incident temporarily disrupted operations, but the terminal has since resumed normal activities. To enhance sustainability and diversify revenue, PIBT signed a definitive agreement with Reko Diq Mining Company (RDMC) on December 15, 2025, to handle and export copper‑gold concentrates. The agreement makes PIBT the primary export gateway for the Reko Diq project. As part of this collaboration, RDMC will invest $150 million to develop dedicated storage and handling facilities at PIBT's terminal, forming a key component of the project's broader $7.7 billion total investment. Commercial exports are expected to start in 2028, aligning with the project's first production. This initiative is expected to provide long‑term stability by broadening the Company's cargo base and diversifying revenue streams.

PIBT's working capital requirements primarily arise from financing through trade receivables. These receivables are utilized for two key purposes: (i) servicing fixed, project-related debt obligations, and (ii) meeting variable royalty payments to Port Qasim Authority (PQA) at approximately 35% of gross revenue. During periods of lower cargo volumes, the Company deferred certain PQA payments, which increased its finance costs and created cash flow strain. However, with the strong revenue recovery in FY26 (9M FY26 net revenue of PKR 11,695 million), the situation has improved. Estimated PQA royalty payable for the period is PKR 4,708 million, and no material deferral or dispute has been disclosed as of March 31, 2026. To maintain long-term stability, the Company needs to sustain handling volumes of approximately 7–7.5 million tons per year.

The Company's coverage indicators have improved significantly during FY26, driven by the strong recovery in cargo volumes. Interest coverage rose to 7.0x in 9M FY26 (up from 4.5x in 1Q FY26), while debt service coverage reached 0.9x, indicating sustained operational recovery and improved financial flexibility. This improvement stands in contrast to FY25, when coverage indicators weakened considerably due to a net loss and a significant decline in profitability. Interest coverage declined to 2.2x in FY25 from 2.9x in the previous year, largely due to higher finance costs, while the debt service coverage ratio fell to 0.4x from 0.8x, reflecting increased pressure on financial flexibility and debt repayment capacity.

The Company's leverage has continued to improve during FY26. As of March 31, 2026, total borrowings declined further to PKR 5,184 million, down from PKR 6,895 million in FY25. The debt-to-equity ratio improved to approximately 23% (from 30% in FY25 and 39.7% in FY24), reflecting sustained deleveraging and a stronger capital structure. This improvement is primarily due to continued scheduled repayments of both foreign and local loan facilities. Foreign debt is expected to be fully repaid by June 2026, while local debt will be fully retired by June 2029.