SSGC posts Rs7bn profit in H1 FY24

MG News | August 29, 2025 at 05:27 PM GMT+05:00

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August 29, 2025 (MLN): Sui Southern Gas Company Limited (PSX: SSGC) informed its financial results for the six months ended June 30, 2024, posting an improvement in profitability despite pressure on revenues and higher administrative costs.

The company reported a net profit of Rs7.06 billion, up 8.47% from Rs6.50bn in the same period last year. Earnings per share rose to Rs8.01, compared to Rs7.38 in H1 2023, reflecting an 8.54% year-on-year increase.

Revenue from contracts with customers in the gas segment stood at Rs244.09bn, marking a 38.21% increase from Rs176.60bn a year ago.

However, tariff adjustments turned negative at Rs19.75bn, against a positive Rs56.40bn in the corresponding period last year. As a result, net revenue fell slightly by 3.72% to Rs224.34bn.

Cost of revenue declined 3.49% to Rs217.02bn, which helped contain margin pressure. Still, gross profit slipped 9.93% to Rs7.32bn, from Rs8.13bn in H1 2023.

Administrative and selling expenses increased 7.15% to Rs3.71bn, while other operating expenses dropped 23.64% to Rs0.50bn. The company booked a higher allowance for expected credit losses at Rs2.38bn, more than tripling from Rs0.71bn last year.

Other income fell sharply by 77.89% to Rs0.73bn, compared to Rs3.31bn last year, limiting relief from non-core sources. Despite this, operating profit improved by 7.95% to Rs13.54bn, compared to Rs12.54bn in H1 2023.

Finance costs rose marginally by 1.75% to Rs6.72bn. Consequently, profit before levy and taxation stood at Rs7.55bn, down 18.33% from Rs9.25bn in the same period last year.

Minimum tax differential decreased significantly to Rs0.30bn, from Rs2.26bn last year, while final tax rose more than six times to Rs2.97m. Profit before taxation reached Rs7.25bn, reflecting a 3.75% growth.

Taxation expenses dropped sharply by 59.72% to Rs194m, providing strong support to the bottom line.

As a result, SSGC posted a net profit of Rs7.06bn for the half year, compared to Rs6.50bn last year, maintaining growth momentum in earnings despite challenging operating conditions.

STATEMENT OF PROFIT OR LOSS FOR THE SIX MONTHS ENDED JUNE 30, 2024 (Rs.000)
Descriptions	31-Dec-24	31-Dec-23	Change%
Revenue from Contracts with Customers - Gas Segment	244,091,531	176,603,152	38.21%
(Less)/Add: Tariff adjustments	(19,746,570)	56,401,610
Net revenue	224,344,961	233,004,762	-3.72%
Cost of revenue	(217,022,469)	(224,874,668)	-3.49%
Gross profit	7,322,492	8,130,094	-9.93%
Administrative and selling expenses	(3,709,240)	(3,461,582)	7.15%
Other operating expenses	(497,673)	(651,753)	-23.64%
Allowance for expected credit loss	(2,383,832)	(707,168)	237.10%
Other income	731,747	3,309,591	-77.89%
Operating profit	13,541,867	12,544,143	7.95%
Finance cost	(6,719,317)	(6,603,455)	1.75%
Profit before levy and taxation levy	7,554,297	9,250,279	-18.33%
Minimum tax differential	(301,408)	(2,262,322)	-86.68%
Final tax	(2,966)	(392)	656.63%
Profit before taxation	7,249,923	6,987,565	3.75%
Taxation	(194,639)	(483,245)	-59.72%
Profit for the period	7,055,284	6,504,320	8.47%
Earning per share - basic and diluted	8.01	7.38	8.54%

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