Gas sales pull up SNGP's profits considerably
MG News | July 24, 2019 at 04:51 PM GMT+05:00
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% |
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