SNGPL approves 40pc dividend

LAHORE: Shareholders of Sui Northern Gas Pipelines Ltd (SNGPL) approved the annual accounts for FY2019-20 with profit after tax of Rs5,998 million translating into EPS of Rs9.46 at the 56th annual general meeting.

The meeting also approved payment of final dividend at the rate of Rs4/share of Rs10 each, ie 40 percent for the year ended June 30, 2020.

Shareholders re-appointed M/s Yousaf Adil, Chartered Accountant as Auditors for FY 2020-21.

Chairperson Roohi Raees Khan informed the shareholders that despite numerous economic, financial challenges, SNGPL remained focused on yielding good results under the wise guidance of the board of directors along with consistent efforts of the management and staff.

The company declared the dividend for the third consecutive year. She also briefed the shareholders about the board’s first-ever visit to Khyber Pakhtunkhwa and meeting with the province chief minister.

She appreciated the role of Khyber Pakhtunkhwa government in supporting the process of laying the distribution network in the areas of Karak etc, the highest UFG loss areas, which has resulted in significant reduction in UFG losses.

She further informed that the board was also in the process of formulating a 5-year strategic business plan under the new MD, who would undertake the digitisation processes to improve efficiency and transparency. A detailed interactive session was held on the occasion.