SNGPL declared an unprecedented profit before tax of Rs5,171 million for the six months period ended December 31, 2016 and profit after tax of Rs. 3,603 million for the period under review. Resultantly, the earnings per share for the six months period amounted Rs. 5.68 per share as against Rs0.34 loss per share, during the preceding period. Gas Sales during the period remained Rs152,313 million, which is 27pc higher as compared to the corresponding period’s sales of Rs119,675 million. The board of directors of the company approved the results in a meeting held on February 22, 2017.
For achieving the highest profit milestone, special emphasis has been given to control the menace of Unaccounted for Gas (UFG) losses of the company. Consequently, the UFG losses have been reduced from 9.76pc (December 2015) to 7.75pc as on December 31, 2016. The UFG disallowance, which directly erodes the company’s profit, has been reduced to almost 50pc with Rs2,214 million, as compared to Rs4,321 million during the corresponding period. Moreover, disallowance on account of provision for doubtful debts has also been reduced to the tune of Rs270 million as against Rs1226 million during the preceding period.
In addition to the aforementioned information, the company has successfully completed/commissioned 348 kms transmission lines with diameters ranging from 8″ to 42″ during the period, coupled with distribution lines and installation of town border stations and compression stations. As a result of committed efforts, the fixed operating assets of the company have increased by Rs17,163 million, earning 17.5pc guaranteed rate of return thereon.