SNGP reports 4% decline in net profits for 1QFY22

MG News | July 04, 2022 at 01:29 PM GMT+05:00

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July 4, 2022 (MLN): Sui-Northern Gas Pipeline Limited (SNGP) has announced its financial results for the quarter ended September 2021 as per which the company has reported a slight decline of 4.6% YoY in net profits.

As per the statement issued to PSX, the company’s net profits clocked in at Rs3 billion compared to Rs3.18bn in the same quarter last year.

During the review period, the company’s sales registered a growth of 83.6% YoY primarily due to a 10% growth in RLNG imports coupled with a 2x hike in import prices given the massive increase in international oil prices.

Despite higher revenues, the gross margins of the company shrank from 8% to 5% as the cost of gas sales amplified by 80% YoY to Rs30.5 billion in 1QFY22.

Operating profit during 1QFY22 depicted a growth of 9.4% YoY. The uptick was attributed to controlled UFG losses as well as lower other allowable expenses, a note by Arif Habib Limited said.

The finance cost of the company witnessed a dip of 16.4% YoY, primarily owing to lower borrowings which provided a cushion to the company’s profitability.

Moreover, the company’s effective tax rate remained unchanged at 29% in the period under review.

Meanwhile, the company also announced its FY21 results today wherein it reported net profits of Rs10.98 billion compared to Rs6 billion in FY20.

Alongside the result, the company announced a final cash dividend of Rs7.00/share for FY21.

Financial Results for the quarter ended September 31st 2021 ('000 Rupees)
	Sep-21	Sep-20	% Change
Revenue from contracts with customers-Gas Sales	260,718,200	141,969,230	83.64%
Add: Tariff adjustment	30,554,182	24,145,923	26.54%
Cost of gas sales	(278,784,557)	(154,915,799)	79.96%
Gross profit	12,487,825	11,199,354	11.50%
Other operating income	6,373,135	5,889,311	8.22%
Selling cost	(1,778,773)	(1,505,485)	18.15%
Administrative expenses	(2,053,434)	(1,903,746)	7.86%
Other operating expenses	(351,309)	(402,828)	-12.79%
Expected Credit Loss	(23,367)	118,297	-119.75%
Operating profit	14,654,077	13,394,903	9.40%
Finance cost	(10,384,404)	(8,916,006)	16.47%
Profit before taxation	4,269,673	4,478,897	-4.67%
Taxation	(1,237,515)	(1,298,367)	-4.69%
Profit for the period	3,032,158	3,180,530	-4.67%
Earnings per share - basic and diluted (in Rs.)	4.78	5.01	-4.59%

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