Tuesday November 28, 2023

SNGPL profit declines 5.66pc

By News Desk
August 23, 2023

KARACHI: Sui Northern Gas Pipelines Ltd. (SNGPL), Pakistan's largest gas distribution company, reported a 5.66 percent decline in profit for the fiscal year 2021-22, despite achieving a record revenue of over Rs1 trillion.

The company attributed the lower earnings to a reduced rate of return on assets and a super tax imposed by the government.

The company's managing director, Amer Tufail, briefed analysts, investors and shareholders about the company's performance and future prospects at a corporate briefing session held on Tuesday at Lahore Stock Exchange Plaza.

He said that the company has reduced its gas losses (UFG) from 8.60 percent to 8.06 percent in the last fiscal year, and expects to add up to 100 MMCFD of gas volumes to its network by the end of this year from new discoveries.

Tufail also said the company is planning to transform from a natural gas utility into an energy company over the next five years, by implementing various initiatives, achieving excellence in business operations, and pursuing new business opportunities. He said that the company aims to protect its core business, grow smarter and maintain its position in the energy sector.

The briefing was followed by a question and answer session, in which the company's senior management responded to the queries of the participants in a positive manner. The session was attended in large numbers by the analysts, investors and shareholders in person and over Zoom.