Sui Northern Reports Historic Rs30B Profit

Sui Northern Gas Pipelines Limited (SNGPL) has reported its highest-ever profit before tax of approximately Rs 30 billion for the fiscal year ending June 30, 2024. This remarkable achievement underscores the company's robust operational performance and strategic financial management.​

• Profit Before Tax: Rs 30 billion

• Profit After Tax: Rs 19 billion

• Earnings Per Share (EPS): Rs 29.92 (up from Rs 16.66 in the previous year)

• Final Cash Dividend: Rs 7.50 per share (75%)

SNGPL demonstrated exceptional resilience and operational efficiency, achieving notable milestones across all facets of its business. The company's focus on reducing Unaccounted for Gas (UFG) losses resulted in the lowest UFG rate in 18 years at 4.93%.

The company experienced a significant increase in revenue, driven by higher gas sales and improved tariff adjustments. This growth contributed to a 29.96% jump in gross profit to Rs 44.41 billion.

Despite a 39.7% increase in finance costs to Rs 38.04 billion, SNGPL managed to enhance its operating profit by 57.84% to Rs 67.88 billion, reflecting effective cost control measures

The Board of Directors commended the management's efforts in achieving these results, particularly highlighting the significant reduction in UFG losses. The board approved a final cash dividend of Rs 7.50 per share, reflecting the company's commitment to delivering value to its shareholders.

Following the announcement, SNGPL's share price experienced a positive uptick, closing at Rs 151.20 on the Pakistan Stock Exchange (PSX), marking a 2.5% increase. This surge indicates investor confidence in the company's financial health and prospects.​

​SNGPL's strategic focus on operational efficiency, cost management, and customer service positions the company for sustained growth. The management plans to continue investing in infrastructure development and technological advancements to enhance service delivery and meet the growing energy demands of Pakistan.

SNGPL's record-breaking profit in FY 2023–24 marks a significant milestone in Pakistan's energy sector. The company's strategic initiatives and operational excellence have not only delivered exceptional financial results but also set a strong foundation for future growth. As SNGPL continues to innovate and expand, it remains a pivotal player in ensuring energy security and economic development in Pakistan.​