LAHORE: Sui Northern Gas Pipelines Limited (SNGPL) on Friday held a corporate briefing session at the Pakistan Stock Exchange about Vision 2025, financial performance and future outlook of the largest downstream integrated gas company serving more than 7 million consumers. The briefing was conducted by SNGPL Managing Director Ali J Hamdani in the presence of CFO Faisal Iqbal, SGM (Business Development) Syed Jawad Naseem, SGM (Distribution) Qaiser Masood, and Company Secretary Imtiaz Mehmood.
Analysts, investors and shareholders were informed that the company, with its extensive network of more than 145,000 kilometres in Punjab, Khyber Pakhtunkhwa, Islamabad and Azad Jammu & Kashmir, held around 30 percent share in the country’s overall energy mix, with a 70 percent share in the gas sector, which included LNG supply.
Hamdani informed that the profitability of the company stood at Rs6 billion in FY 2019-20, while the first quarter profitability for FY 2020-21 increased to Rs3.2 billion as compared to Rs1.9 billion in the last year. This increase in profitability was due to interest rate reduction and significant reduction in UFG which shows the relentless commitment towards a total turnaround of the company.
“The country’s indigenous supplies are continually decreasing and its gas supplies now comprise of around 55 percent RLNG,” he said, adding that the dependence on RLNG would therefore continue to increase being cheaper than alternate fuels.
Government of Pakistan is planning to introduce weighted average cost of gas which should mitigate and reduce the high price of RLNG for the public at large. While briefing about the future outlook of the company, the management highlighted the future vision and targets, which included diversification/integration of existing business, enhancing the use of modern technology to increase the efficiency, continuous up gradation and rehabilitation of gas infrastructure, improvement in customer services and complaints redressal through E-Kacheri.