SNGPL net profit up 83pc in FY21

KARACHI: Sui Northern Gas Pipelines Limited (SNGPL) net profit jumped 83 percent to Rs10.986 billion in the year ended June 30, 2021, translating into earnings per share (EPS) of Rs17.32, a bourse filing said on Monday.

The gas utility company posted a net profit of Rs5.998 billion with EPS of Rs9.46 in the year ended June 30, 2020. The company announced a final cash dividend of Rs5/share, ie 50 percent for the year ended June 30, 2021. This is in addition to interim cash dividend of Rs2/share, ie 20 percent for the period ended December 31, 2020.

Revenue from contracts with customers grew 7.43 percent to reach Rs644.504 billion in FY21 up from Rs618.527 billion in FY20. Tariff adjustment was lower at Rs113.122 billion in the fiscal year.

The company also announced its Q1 profit for FY22. SNGPL net profit for the quarter ended September 30, 2021 declined 4.7 percent to Rs3.032 billion from Rs3.181 billion in the same month in 2020. The EPS was Rs4.78 in Q1FY21 and Rs5.01 in Q1FY20.

Sales registered a growth of 83.6 percent year-on-year to stand at Rs260.718 billion in Q1FY22, from Rs141.969 in the same quarter during the preceding fiscal year. The spike was on account of growth in RLNG imports along with a twofold hike in import prices because of massive rise in international oil prices.

Gross margins shrank to 5 percent from 8 percent on the back of higher cost of sales, which stood at Rs30.544 billion in the quarter under review compared to Rs24.145 billion in the same quarter in FY21.