ISLAMABAD: Sui Northern Gas Pipelines Limited (SNGPL) has reported a profit after tax of Rs10.56 billion for the fiscal year ending June 30, 2023, marking a modest increase of nearly 2% from the Rs10.37 billion earned during the same period last year.
According to the financial statements released to the Pakistan Stock Exchange (PSX) on Friday, the company’s Earnings per Share (EPS) rose to Rs16.66, up from Rs16.34 in the previous fiscal year. SNGPL has proposed a final cash dividend of Rs4.5 per share, equivalent to 45% of the nominal value, for FY23.
In terms of revenue, SNGPL generated Rs1.081 trillion from contracts with customers in FY23, reflecting a 0.5% year-on-year improvement. The company’s gross profit surged to Rs127.46 billion, a notable 49% increase from Rs85.52 billion in FY22. Additionally, other operating income grew significantly, reaching Rs36.29 billion, up over 69% from the previous fiscal year.
Despite these gains, SNGPL experienced a decline in operating income, which fell to Rs27.45 billion from Rs34.17 billion in FY22. The company’s operating profit, however, saw a substantial increase, rising to Rs136.29 billion, an 87% jump from Rs72.8 billion the previous year.
On the downside, SNGPL’s finance costs soared to Rs120.52 billion, a dramatic increase of over 110% year-on-year, primarily due to higher interest rates during the period.
For the quarter ending September 30, 2023, SNGPL reported a profit after tax of Rs3.7 billion, a significant 44% increase from Rs2.58 billion in the same quarter of the previous year. The EPS for this quarter was Rs5.84 per share.
SNGPL, incorporated in Pakistan under the Companies Act of 1913 (now Companies Act of 2017), is primarily engaged in the purchase, transmission, distribution, and supply of natural gas.
