Sunday, September 25, 2022

SNGPL profit increases 69% in FY21

Sui Northern Gas Company Ltd (SNGPL) announced on Monday that profit after tax (PAT) for the first quarter (July-September) of FY21 jumped 69.20 percent to Rs3.181bn compared to Rs1,880 billion in the same period last year.

A spokesperson, while sharing the company’s latest financial figures, said that due to the reduction in financial cost by Rs1.176 billion and decrease in the gloss of unaccounted gas (UFG) by Rs 648 million, the company despite all the Economic, Financial, Circular Debt Challenges and The prevailing lockdown situation due to Covid-19 witnessed an increase in earnings during the first quarter of 2020-21.

Earnings per share (EPS) increased to Rs5.01 in Y21 from Rs2.96 in the corresponding quarter 2019-20.

Moreover, the spokesperson said that the SNGPL PAT fell by more than 15% to Rs5.998 billion (EPS Rs9.46) in FY20 from Rs7.076 billion (EPS Rs11.16) in 2018-19. The company has proposed a final cash dividend of 40% for FY20.

Revealing the audited report for the year 2019-20, the spokesperson said that due to the increase in the percentage of UFG and other issues, there was a reduction in the SNGPL’s profitability index during the year.

The reduction in profitability is due to the increase in the percentage of UFG (line losses/gas theft, technical losses, etc.) from 11.86% to 12.32% and, consequently, to the increase in the disallowance of UFG from Rs10 .528 billion to Rs11,742 billion.

Although UFG volumes have decreased from 52.5 BCF in the previous year to 48.3 BCF during the current year, the increase in UFG percentage is primarily due to the decrease in the availability of native gas volumes during the year.

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