SNGPL shareholders Approve 40% Cash Dividend for FY 2021-22

SNGPL shareholders have approved a 40% Cash Dividend for FY 2021-22.

The 58th Annual General Meeting of shareholders of Sui Northern Gas Pipelines Limited (SNGPL) was held on Tuesday, August 01, 2023, at Pearl Continental Hotel, Lahore.

The shareholders of the Company Approved the Annual Accounts for the FY 2021-22 with a profit before tax of Rs. 15.50 billion, profit after tax of Rs. 10.37 billion, and Earning Per Share of Rs.16.34.

The shareholders also approved a Cash Dividend of 40% i.e. Rs. 4.0 per share on the recommendations of the Board of Directors of SNGPL. The Shareholders of the Company also re-appointed M/s. Yousaf Adil, Chartered Accountant as Auditors of SNGPL for FY 2022-23.

Shareholders of the Company also approved the circulation/dissemination of Annual Audited Financial Statements through QR-enabled codes and web links notified by the Securities and Exchange Commission of Pakistan. Gas Supply from Wali Gas Field Injected into SNGPL’s Network

The Chairperson, Ms. Roohi Raees Khan, apprised the shareholders that despite numerous economic and financial challenges, SNGPL continued to deliver excellent results.

She further announced that the Company has declared dividends for the sixth consecutive year.

Chairperson appreciated the efforts of the Management and UFG Control. She also appreciated the staff, and skilled manpower for their dedicated efforts for achieving the ambitious targets set by the Board.

A detailed interactive session was held. A number of queries from the shareholders were responded to by the Management to their satisfaction.

Ms. Roohi Raees Khan, Chairperson, Mr. Manzoor Ahmed, Dr. Sohail Razi Khan,
Mr. Mohammad Haroon, Directors, Mr. Amer Tufail, Managing Director, Mr. Faisal Iqbal, Chief Financial Officer and Mr. Imtiaz Mehmood, Company Secretary were present in person while Mr.Ali Tahir, Mr. Shahbaz Tahir Nadeem, Syed Akhtar Ali, Directors attended the meeting via video link. Senior Management of the Company was also present at the Annual General Meeting (AGM).

The Chairperson, in the presence of the esteemed Board of Directors, expressed sincere appreciation for the exemplary endeavors undertaken by the Board Members, Management, and Staff.

Particular acknowledgment was extended to the Ministry of Energy (Petroleum Division) for their steadfast support and invaluable guidance throughout the course of operations.

Mr. Amer Tufail, MD while acknowledging the support of the Board and the Ministry of Energy (Petroleum Division) informed the shareholders that the sustainability of the Company’s results had been possible with the able guidance of the Board and dedicated efforts by the team.