SNGPL earns Rs9,437 million profit after tax in second quarter of FY22

Lahore: The Sui Northern Gas Pipelines Limited (SNGPL) has announced Q2 and Q3 profits for FY2021-22 and recommended 25 per cent interim cash dividend for Q2 of FY2021-22.

The company has announced its highest ever half yearly and nine monthly profits for the period ended December 31, 2021 and March 31, 2022, says a press release.

Profit after tax of Rs6,887 million was declared for second quarter of FY 2021-22 as compared to profit after tax of Rs5,917 million during the corresponding period of last year. EPS of Rs10.86 was achieved as compared to EPS of Rs9.33 during the corresponding period. 

For third quarter of FY2021-22, profit after tax of Rs9,437 million was achieved as compared to profit after tax of Rs8,939 million during the corresponding period of last year. EPS of Rs14.88 was achieved as compared to EPS of Rs14.09 during the corresponding period of last year.

 The company has also proposed interim cash dividend of 25% in 2nd quarter of FY 2021-22.

The historic increase in the company’s profitability came as a result of implementation of UFG Reduction Plan in true and letter spirit under the esteemed leadership of Managing Director SNGPL Ali J Hamdani.

It is pertinent to mention here that SNGPL was able to bring down UFG both in volume and percentage from 15,011 MMCF (7.56%) and 24,755 MMCF (8.45%) to 13,286 MMCF (7.22%) and 21,248 MMCF (7.79%) in the respective 2nd and 3rd quarters of FY 2021-22. 

SNGPL MD Ali J Hamdani, in his statement, said the he strongly believes in SNGPL’s capability to rise above any challenges which comes its way. He acknowledged the role of Company management and employees in achieving the highly encouraging financial results, not to mention the honourable Board of Directors whose unending support paved the way for the success.

The SNGPL MD further said the company is focusing on multi pronged strategy to reduce the potential risks to the Company’s profitability while exploring business diversification opportunities to provide sustainable future to the Company.

He expressed hope that with the hard work of the management and employees, the Company will continue to outshine its own performance in future too.