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FY2021-22: Sui Northern Gas earns Rs10.9 billion profit after tax

The company recommends Rs50 cash dividend for the fiscal year 2020-21

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FY2021-22: Sui Northern Gas earns Rs10.9 billion profit after tax
GNN Media: Representational Photo

Lahore: The Sui Northern Gas Pipelines Limited (SNGPL) has earned Rs10.99 billion profit after tax in the fiscal year 2021-22.

According to a press release, the company earned profit before tax of Rs15.84 billion and EPS of Rs17.32 as compared to profit before tax of Rs8.42 billion, profit after tax of Rs5.99 billion and EPS of Rs9.46 during the corresponding period of last year.

Based on the declared profit, the company has proposed a final cash dividend of 50% (in addition of interim cash dividend at the rate of Rs2 per share of Rs10 each i.e. 20% already paid) for FY 2020-21.

Some of the significant factors which helped the company achieve the results are set out below:

a) Decrease in UFG percentage from 12.32% to 8.60% reducing UFG disallowance from Rs. 11.7 billion in FY 2019-20 to Rs 3.4 billion during the year ended June 30, 2021. The substantial reduction in UFG was made possible due to concerted efforts of the Board and the Management in setting an ambitious target for UFG reduction and achieving tangible results in respect of them. 

b) Re-negotiation of finance costs on the borrowing facilities coupled with reduction in interest rates by SBP helped Company reduce the finance cost by over Rs 8 billion.

Moreover, SNGPL has also declared its quarterly results for the first quarter ended                  September 30, 2021. During the period under review, the Company has earned profit before tax amounting to Rs 4.27 billion, profit after tax of Rs. 3.03 billion and EPS of Rs. 4.78 against a profit before tax amounting to Rs 4.47 billion, profit after tax of Rs. 3.18 billion and EPS of Rs. 5.01 for the corresponding period. 

Despite all the economic challenges and financial constraints, the Company has not only maintained its pace but is accelerating its momentum and is confident of promising results in future.

It is considered that the results have been achieved by timely completion of targets of infrastructure development and continuous focus of the Board of Directors on various initiatives taken by the Company. Management and staff of the Company are confident that performance of the Company will further enhance in the years ahead.

Sports

2nd ODI: Pakistan to face Netherlands today

Pakistan is leading the series by 1-0.

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2nd ODI: Pakistan to face Netherlands today

Rotterdam: The second One-Day International of the three match series between Pakistan and Netherlands will be played on Thursday (today) at Rotterdam.

The match will start at 02:00 pm.

Pakistan is leading the series by 1-0.

Pakistan squad

Babar Azam (c), Shadab Khan, Abdullah Shafique, Fakhar Zaman, Haris Rauf, Imam-ul-Haq, Khushdil Shah, Mohammad Haris, Mohammad Nawaz, Mohammad Rizwan, Mohammad Wasim Jnr, Naseem Shah, Salman Ali Agha, Shaheen Afridi, Shahnawaz Dahani, Zahid Mehmood

Netherlands squad

Scott Edwards (c), Musa Ahmad, Shariz Ahmad, Wesley Barresi, Logan van Beek, Tom Cooper, Aryan Dutt, Arnav Jain, Viv Kingma, Ryan Klein, Bas de Leede, Teja Nidamanuru, Tim Pringle, Max O'Dowd, Vikram Singh

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Pakistan

US Secretary of State extends full support to Pakistan’s flood victims

"We continue to work together to mitigate future impacts of the climate crisis in Pakistan"

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US Secretary of State extends full support to Pakistan’s flood victims

Washington: US Secretary of State Antony Blinken has reiterated the commitment to stand by Pakistan in hard times and extends full support to flood victims.

In a tweet, he said one million dollars will be given to Pakistan to build resilience against natural disasters. He said this amount is in addition to one hundred thousand dollars in immediate relief.

The US Secretary of State said we continue to work together to mitigate future impacts of the climate crisis in Pakistan.

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Technology

NASA's new rocket on launchpad for trip to Moon

The SLS rocket is 98 meters (322 feet) tall

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NASA's new rocket on launchpad for trip to Moon

Washington: NASA's giant new SLS rocket arrived at its launchpad Wednesday in Cape Canaveral ahead of a planned flight to the Moon in less than two weeks.

It will be the maiden voyage of the Artemis program -- America's quest to return humans to the Moon for the first time since the last Apollo mission in 1972.

The Artemis 1 mission, an uncrewed test flight, will feature the first blastoff of the Space Launch System rocket, which will be the most powerful in the world.

It will propel the Orion crew capsule into orbit around the Moon, and the spacecraft will remain in space for 42 days before returning to Earth.

Starting in 2024, astronauts will travel aboard Orion for the same trip, and the following year, at the earliest, Americans will once again set foot on the Moon.

The SLS rocket, in development for more than a decade, is 98 meters (322 feet) tall.

On Wednesday it stood at historic launch complex 39B, after a 10-hour overnight crawl from the assembly building.

"To all of us that gaze up at the Moon, dreaming of the day humankind returns to the lunar surface, folks, we're here. We are going back," NASA administrator Bill Nelson said earlier this month.

The Orion capsule will fly to the Moon and 64,000 kilometers (40,000 miles) beyond it -- further than any previous crewed spacecraft.

On the way back through Earth's atmosphere, traveling at 40,000 km per hour (25,000 mph), Orion's thermal shield will have to withstand a temperature that is half that of the surface of the sun.

Liftoff for the Artemis 1 mission is scheduled for August 29 at 8:33 am (1233 GMT). If it has to be postponed due to bad weather, the backup dates are September 2 and 5.

After the 42-day trip, the capsule is supposed to splash down in the Pacific and be picked up by a US Navy vessel.

In 2024, an Artemis 2 mission is scheduled to take astronauts up to orbit the Moon but without landing on it. That honor is reserved for Artemis 3, a mission scheduled for 2025 at the earliest.

The last time people walked on the Moon was with the Apollo 17 mission in 1972.

While the Apollo program featured only white male astronauts, NASA says the Artemis missions will land the first woman and first person of color on the Moon.

The hope is to use the Moon as a staging ground to develop technologies for sending humans to Mars.

SOURCE: AFP

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