SSGC reverses loss, earns Rs4.16bn profit in Q1

MG News | December 05, 2024 at 02:32 PM GMT+05:00
December 05, 2024 (MLN): Sui Southern Gas Company Limited (PSX: SSGC) reported a significant turnaround, posting a bumper profit of Rs4.16 billion [EPS: Rs4.72] compared to a loss of Rs5.59bn [LPS: Rs-6.35] in the same period last year (SPLY).
A slight improvement in income, reduced costs of sales and operating expenses, and a notable drop in taxation contributed to this positive financial outcome.
Going by the results, the company's top line improved 1.4% to Rs117.85bn as compared to Rs116.24bn in SPLY.
This was primarily due to higher tarruff adjustments, which amounted to Rs46.93bn, up by 3.07% compared to last year.
The cost of sales fell by 1.3% which coupled with improved topline, improved the gross profit significantly by 114.1% to Rs5.76bn in Q1 FY24.
The gross margins improved to 4.9% as compared to 2.3% in SPLY.
During the period under review, other income went up by 52.4% to stand at Rs5.41bn in Q1 FY24, another contributing factor.
On the expense side, the company's administration and selling expenses rose 20.9% YoY to Rs1.67bn.
Meamwhile, allowance for expected credit loss fell 7.2% YoY to Rs401.47m, and other operating expenses declined 80.5% YoY to Rs1.46bn.
The company’s finance cost increased by 96.7% and stood at Rs3.24bn as compared to Rs1.65bn in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs238.83m against the Rs903.82m paid in the corresponding period of last year, depicting a decrease of 73.6%.
Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000) | |||
---|---|---|---|
Sep 24 | Sep 23 | % Change | |
Net sales | 117,851,699 | 116,239,640 | 1.39% |
Cost of sales | (112,095,250) | (113,550,939) | -1.28% |
Gross Profit/ (loss) | 5,756,449 | 2,688,701 | 114.10% |
Administration and selling expenses | (1,668,302) | (1,379,424) | 20.94% |
Allowance for expected credit loss | (401,466) | (432,433) | -7.16% |
Other Income | 5,412,071 | 3,552,500 | 52.35% |
Other Operating Expenses | (1,457,997) | (7,471,259) | -80.49% |
Financial (charges) / income | (3,243,462) | (1,648,912) | 96.70% |
Profit/ (loss) before taxation | 4,397,293 | (4,690,827) | - |
Final tax / levies | (238,829) | (903,823) | -73.58% |
Net profit/ (loss) for the period | 4,158,464 | (5,594,650) | - |
Basic earnings/ (loss) per share | 4.72 | -6.35 | - |
Amount in thousand except for EPS
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