SNGPL announces momentous Q2 and Q3 Profits for FY21-22

SNGPL announces momentous Q2 and Q3 profits for FY21-22 and recommends a 25% interim cash dividend for Q2 FY21-22.

In a historic development, Sui Northern Gas has announced its highest ever half-yearly and nine monthly profits for the periods ended December 31, 2021, and March 31, 2022.

A profit after tax of Rs. 6,887 million was declared for the second quarter of FY 2021-22 as compared to a profit after tax of Rs. 5,917 million during the corresponding period of last year. EPS of Rs. 10.86 was achieved as compared to EPS of Rs. 9.33 during the corresponding period.

For the third quarter of FY 2021-22, a profit after tax of Rs. 9,437 million was achieved as compared to a profit after tax of Rs 8,939 million during the corresponding period of last year. An EPS of Rs 14.88 was achieved as compared to an EPS of Rs 14.09 during the corresponding period of last year. The Company has also proposed an interim cash dividend of 25% in the 2nd quarter of FY 2021-22.

The historic increase in the Company’s profitability came as a result of the implementation of the UFG Reduction Plan in true and letter spirit under the esteemed leadership of Managing Director SNGPL Ali J. Hamdani. It is pertinent to mention here that SNGPL was able to bring down UFG both in volume and percentage from 15,011 MMCF (7.56%) and 24,755 MMCF (8.45%) to 13,286 MMCF (7.22%) and 21,248 MMCF (7.79%) in the respective 2nd and 3rd quarters of FY 2021-22.

MD SNGPL Ali J. Hamdani in his statement said that he strongly believes in SNGPL’s capability to rise above any challenges that come its way. He acknowledged the role of company management and employees in achieving highly encouraging financial results, noting the Board of Directors, whose unending support paved the way for the success.

MD SNGPL further said that the company is focusing on a multi-pronged strategy to reduce the potential risks to the company’s profitability while exploring business diversification opportunities to provide a sustainable future for the Company. He expressed hope that with the hard work of the management and employees, the company will continue to outshine its own performance in the future too.