SNGPL witnesses 83pc increase in profit for FY21: Ali J Hamdani

Karachi: The Sui Northern Gas Pipelines Limited (SNGPL)’s profitability has increased from Rs5.99 billion in FY2019-20 to Rs10.99 billion in FY2020-21, demonstrating 83 per cent growth. 

SNGPL Managing Director Ali J Hamdani said during a corporate briefing at the Pakistan Stock Exchange, Karachi on Friday, says a press release.

He briefed analysts, investors and shareholders about the company’s performance and future prospects of the company.

The SNGPL MD cited reduction in UFG and financial charges, operational excellence and technological solutions as the key contributing factors behind it.

Hamdani also informed that the company’s profitability for the first quarter of FY 2021-22 stood at Rs3.03 billion.

Hamdani acknowledged the role of the management and Board of Directors in the current turnaround and profitability of the company, saying technology utilization as well as network upgradation initiatives also greatly contributed to the growth of the company.

He briefed the participants on initiatives of SCADA installation, GIS mapping of network, launch of mobile apps to further improve customer services and establishment of kiosks at public places. MD SNGPL emphasized on human resource capacity building to achieve sustainable success.  

Highlighting the energy sector’s situation, MD SNGPL said that due to depleting indigenous gas resources, RLNG now has 53% share in gas supplies which will continue to increase. He said that the Company is aware of RLNG short supply owing to various global and regional dynamics and hence it is exploring alternative options to mitigate energy shortfall.

The SNGPL MD also hinted that the company has been approached for fast track development work on recent gas discoveries in North Waziristan including Bannu in Khyber Pakhtunkhwa.

Sharing future outlook of the company, the Company Management said that the Company is weighing in diversification possibilities in areas like LPG cylinder sale, solar power, bio gas, EPC, and sale and sharing of acquired technical expertise among others. 

The SNGPL MD also expressed deep grief on loss of lives and properties due to floods in various parts of the Country. He assured that SNGPL will make every possible effort to help the affected families.

Senior Management of the company including Faisal Iqbal, CFO; Syed Jawad Naseem, SGM (BD); Saqib Arbab, SGM (Distribution); Imran Yousaf, SGM (ES); Kamran Akram, GM (Accounts); and Imtiaz Mehmood, Company Secretary were also present on the occasion. The session was attended in large numbers by the analysts, investors and shareholders who showed keen interest in the briefing conducted by the Company’s team led by the Managing Director Ali J Hamdani.

The briefing was followed by Question and Answer session in which all the queries were responded by the Managing Director and Senior Management.