2022
Annual Report
Shaping a Brighter Future
Continuity that drives endless opportunity
The thematic essence of the cover page of Pakistan International Container Terminal's (PICT) report, "Shaping a Brighter Future - Continuity that Drives Endless Opportunity," epitomizes the company's unwavering focus on providing unparalleled customer service. Renowned for its customer-centric approach, PICT remains steadfast in its pursuit of operational excellence, as well as its commitment to expanding its services to meet the ever-changing demands of the industry. Through its unwavering dedication to continuity and innovation, PICT is primed to lead the charge in revolutionizing the container terminal landscape in Pakistan, heralding boundless possibilities for its customers and stakeholders alike.
Contents
Page 3 | Vision and Mission |
Page 4 | Core Values |
Page 5 | Company Information |
Page 7 | Profile of the Board of Directors |
Page 9 | Chairman's Review |
Page 10 | Directors' Report |
Page 11 | |
Page 25 | Key Operating & Financial Data |
Page 27 |
Page 28 Review Report to the Members on Statement of Compliance
Page 29 | Statement of Compliance with Listed Companies (Code of |
Page 32 | Corporate Governance) Regulations, 2017 (the Regulations) |
Independent Auditors' Report to the Members | |
Page 37 | Financial Statements |
Page 75 | Pattern of Shareholding |
CORE VALUES
GROWTH
Our purpose in doing our work is to grow: grow as individuals, expand as a business, and progress as a global organisation. More than sustaining lives, we work because of self-worth and dignity. As we further improve ourselves personally and professionally, we believe that the stability and continuous growth of PICT follows.
DILIGENCE
We work hard at our tasks, believing in performing dutifully, and in committing to first-rate work. Beyond duty, we are willing to go the extra mile. Our company has no room for mediocrity. Focused, punctual and dedicated are a few indisputable attributes PICT employees possess.
COMPASSION
We care; we respect. We support each other to ensure that PICT remains viable, and that relations with stakeholders of the port community are stable. We work to sustain our families, pay our dues, or help a relative or a neighbor in need. We value and strive to promote workplace harmony, recognising the vital role that interdependence has played in PICT's ceaseless effort to achieve excellence.
ACCOUNTABILITY
We value our work and take responsibility for our actions. We also carry a positive attitude, believing that by working with optimism and self-fulfillment, we produce positive results for the company and for ourselves. PICT management and employees give worth to being employed.
03 | 04 |
Company Information
Board of Directors
Chairman
Mr. Hans-Ole Madsen
(Non-Executive Director)
Directors (in alphabetical order)
Mr. Arnie D. 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 C. Mora-Suarez
(Non-Executive Director)
Mr. Rune Rasmussen
(Independent Director)
Company Secretary
Mr. Umair Iqbal Siddiqui
Audit Committee
Chairman
Mr. Rune Rasmussen
Members
Mr. Arnie D. 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 C. Mora-Suarez
Key Management
Chief Executive Officer
Mr. Khurram Khan
Chief Financial Officer
Mr. Muhammad Hunain
External Auditors
EY Ford Rhodes
Chartered Accountants,
Progressive Plaza, Beaumont Road,
P.O. Box 15541, Karachi-75530
Legal Advisor
Usmani & Iqbal
Bankers
Bank Islami Pakistan Limited
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.pk
Website: 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
05 | 06 |
Profile of the Board of Directors
Mr. Hans-OleMadsen has over 37 years of international experience within the Port, Shipping & Logistic industry. Mr. Madsen is the Senior Vice President, Regional Head for Europe, Middle East and Africa of International Container Terminal Services, Inc. Alongside he is a Director of several other ICTSI group companies. Mr. Madsen spent 27 years with the A.P. Moller Maersk Group in various international senior positions.
Mr. Gordon Alan P. Joseph, FICD is a Fellow of the Institute of Corporate Directors. Mr. Joseph is the Honorary Consul of Kingdom of the Netherlands to the Philippines and has served as the Chairman of the Executive Committee of the Metro Cebu Development Coordinating Board and as Chairman of the Infrastructure and Power Committees of the Regional Development Council, for Region VII in the Central Philippines. He has also served as a Director of the Mactan Cebu International Airport Authority. He is a major shareholder and CEO of Philpacific Insurance Brokers, Inc., the 5th largest insurance broker and risk management advisory company in the Philippines. Mr. Joseph has a Bachelor's degree from De La Salle University, Manila in 1979.
Mr. Rune Rasmussen has more than 17 years of extensive experience in Asset Management, directing large investment projects and portfolios, business transformations and facilitating change management. He had been holding senior management roles in Valais Investment Management, Dexia Bank and Acuma Wealth Management in past. Mr. Rasmussen holds Master's degree in economics from University of Copenhagen.
07
Mr. Bilal Shahid has more than 16 years of diversified professional experience in the development of seaports, managing port operations, multinational logistics services, transport, warehousing, stevedoring, and off-dock container terminal operations. He has been the Director in numerous companies of the Bilal Group. He is a Certified Public Accountant (CPA) from New Jersey, US and also holds B.Sc. in Accounting from Louisiana State University (LSU).
Ms. Lirene C. Mora-Suarez has been associated with ICTSI since April 2007. She is currently serving as the Director, Global Corporate Legal Affairs Department of ICTSI. She is a seasoned lawyer with more than 18 years of experience. She was awarded "2019 Woman Lawyer of the year" and was Young Lawyer of the Year 2019 finalist by Asian Legal Business Philippine Law Awards. Ms. Lirene received her Juris Doctor degree in Law and Bachelor of Arts degree in Philosophy (Summa Cum Laude) from the University of Philippines.
Mr. Jacob Christian Gulmann has been associated with ICTSI since 2013, first as Director of Business Development and presently as Managing Director of ICTSI's terminal operations in Onne, Nigeria. Prior to this Mr. Gulmann was with the A.P. Moller Maersk Group where he held positions in finance and business development. Mr. Gulmann is a graduate of Oxford University.
Mr. Arnie D. Tablante was appointed on September 15, 2021 as the Treasurer of ICTSI. Prior to such role, he was the Risk and Capital Director of ICTSI. Concurrently, he is a Director and Treasurer of Cavite Gateway Terminal, Inc., Falconer Aircraft Management, Inc., IW Cargo Handlers, Inc., South Cotabato Integrated Port Services, Inc., Abbotsford Holdings, Inc., Cordilla Property Holdings, Inc., a Treasurer of Intermodal Terminal Holdings, Inc., Motukea International Terminal Ltd., South Pacific International Container Terminal Ltd., Aeolina Investments Limited and Crixus Limited. Prior to joining ICTSI, he was already a seasoned banker, having been connected with Union Bank of the Philippines. Mr. Tablante received his Master's Degree in Business Administration from the Asian Institute of Management and holds a Bachelor of Science degree in Industrial Management Engineering from the De La Salle University.
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Pakistan International Container Terminal Ltd. published this content on 09 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2023 08:59:03 UTC.