SNGPL posts a massive 69% profit during 1QFY20

By MG News | July 05, 2021 at 01:09 PM GMT+05:00

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July 5, 2021 (MLN): Sui Northern Gas Pipelines Limited (SNGPL) has revealed its financial performance for the 1QFY20 today, as per which the net profit of the company has increased whoppingly by 69.26% YoY to Rs3.18billion, compared to the profits of Rs1.88bn earned in the same period last year (SPLY).

This has translated into earning per share which clocked in at Rs5.01 against Rs2.96, compared to the SPLY.

The upsurge in profit is mainly attributable to the significant decline in the finance cost.

According to the financial results sent to PSX, the company witnessed a massive decline in its topline by 33.8% primarily due to a 3% decrease in RLNG offtake coupled with a massive 30% dip in International Brent Oil price to $43/bbl vs. $62/bbl in SPLY in lieu of a drastic erosion in aggregate demand post outbreak of COVID-19, a report by Arif Habib said.

On the cost front, the selling cost went up by 19.77%YoY from Rs1.26bn to Rs1.51bn. Moreover, administrative costs rose by 28.19% to Rs1.9bn.

On the other hand, the company has observed a notable cut of 19.6%YoY in finance cost to Rs8.9bn on the back of a sharp decline in policy rate by SBP in order to support businesses activities amid lockdown restrictions during Covid-19.

The company booked effective taxation at 29% during the said period.

Financial Results for the 1QFY20, ('000 Rupees)
	Sep-20	Sep-19	% Change
Gas Sales	141,969,230	214,441,752	-33.80%
Tariff Adjustment	24,145,923	9,434,196	155.94%
Cost of gas sales	(154,915,799)	(212,079,085)	-26.95%
Gross profit	11,199,354	11,796,863	-5.06%
Other operating income	5,889,311	5,779,351	1.90%
Selling cost	(1,505,485)	(1,256,982)	19.77%
Administrative expenses	(1,903,746)	(1,485,129)	28.19%
Other operating expenses	(402,828)	(510,119)	-21.03%
Expected Credit Loss	118,297	(520,155)	-122.74%
Operating profit	13,394,903	13,803,829	-2.96%
Finance cost	(8,916,006)	(11,029,023)	-19.16%
Profit before taxation	4,478,897	2,774,806	61.41%
Taxation	(1,298,367)	(894,637)	45.13%
Profit for the period	3,180,530	1,880,169	69.16%
Earnings per share - basic and diluted (in Rs.)	5.01	2.96	69.26%

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