Gas sales pull up SNGP's profits considerably

MG News | July 24, 2019 at 04:51 PM GMT+05:00

0:00

July 24, 2019 (MLN): Sui Northern Gas Pipeline (SNGP) Limited witnessed nearly 31% improvement in its nine-monthly bottom-line gains (Rs.7.8 billion, EPS: Rs.12.33 per share) marked as of March 31, 2019.

As per the company’s financial statement issued to the Pakistan Stock Exchange (PSX), the profits boosted on the back of a tremendous surge in gas sales which grew from Rs.293.5 billion last year to Rs.489.2 billion this year, thereby marking a growth of 67%, YoY.

The impact was so effective that although SNGP’s finance cost grew by 2.7x, the profit before tax (Rs.11.4 billion) observed a rise of 32.5%, YoY.

Apart from this, SNGP drew attention to another matter in its notification, enlightening that the company recognized a revenue of Rs.23.8 billion for July 1, 2017 to December 31, 2018 out of which Rs.6.66 billion were recognized on account of ‘Take of Pay’ arrangements with certain consumers.

Now these amounts have been disagreed and disputed by the said consumers informed SNGP, adding that the matter has already been referred to an expert for determination under the dispute resolution mechanism specified with respect to gas sales agreement.

Financial Results for the nine months ended March 2019, ('000 Rupees)
	Mar-19	Mar-18	% Change
Gas Sales	489,244,370	293,516,917	66.68%
Differential margins	53,559,206	44,291,315	20.92%
Cost of gas sales	(514,688,135)	(323,025,044)	59.33%
Gross profit	28,115,441	14,783,188	90.19%
Other operating income	12,799,001	10,491,304	22.00%
Selling cost	(4,739,714)	(3,702,667)	28.01%
Administrative expenses	(5,151,193)	(4,947,904)	4.11%
Other operating expenses	(2,219,423)	(1,638,334)	35.47%
Operating profit	28,804,112	14,985,587	92.21%
Finance cost	(17,422,058)	(6,393,637)	172.49%
Profit before taxation	11,382,054	8,591,950	32.47%
Taxation	(3,562,602)	(2,611,399)	36.43%
Profit for the period	7,819,452	5,980,551	30.75%
Earnings per share - basic and diluted (in Rs.)	12.33	9.43	30.75%

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	152,740.38 147.44M	-1.01% -1551.88
ALLSHR	91,858.47 324.25M	-0.86% -800.10
KSE30	46,223.61 86.89M	-1.45% -681.25
KMI30	219,130.92 66.08M	-1.15% -2553.50
KMIALLSHR	59,625.28 139.61M	-0.93% -562.17
BKTi	42,104.46 39.09M	-2.02% -866.56
OGTi	32,077.87 10.13M	-1.27% -414.19

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	70,985.00	71,480.00 69,755.00	625.00 0.89%
BRENT CRUDE	108.96	109.25 105.05	0.31 0.29%
RICHARDS BAY COAL MONTHLY	99.40	0.00 0.00	-11.80 -10.61%
ROTTERDAM COAL MONTHLY	123.30	0.00 0.00	0.00 0.00%
USD RBD PALM OLEIN	1,083.50	1,083.50 1,083.50	0.00 0.00%
CRUDE OIL - WTI	95.43	95.58 92.47	-0.12 -0.13%
SUGAR #11 WORLD	15.34	15.47 15.27	-0.03 -0.20%