SNGP Q3 2023 profit jumps 44% to Rs3.7bn

July 26, 2024 (MLN): Sui Northern Gas Pipelines Limited (PSX: SNGP) experienced a rise of 43.8% YoY in its profitability during the third quarter of 2023, with its profit after tax rising to Rs3.71 billion [EPS: Rs5.84].

That compares with a profit of Rs2.58bn [EPS: Rs4.06] in the same period last year (SPLY).

Going by the results, the company's top line expanded by 13.3% YoY to Rs389.41bn as compared to Rs343.76bn in SPLY.

The cost of sales rose by 7.8% YoY but was lesser than proportionate to sales rise, which improved the gross profit by 93.6% YoY to Rs42.32bn in Q3 2023.

The gross margins improved to 10.9% as compared to 6.4% in SPLY.

During the period under review, other income rose 34.4% YoY to stand at Rs11.5bn in Q3 2023 as compared to Rs8.56bn in SPLY.

On the expense side, the company's administrative expenses rose 5.6% YoY to Rs2.31bn, selling and distribution expenses rose 13.7% YoY to Rs2.37bn, and other operating expenses rose 13.7% YoY to Rs471.81m.

The company’s finance cost skyrocketed by 106.9% YoY and stood at Rs42.6bn as compared to Rs20.59bn in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs2.37bn against the Rs1.75bn paid in the corresponding period of last year, depicting a rise of 35.1% YoY.

Amount in thousand except for EPS

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