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

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By MG News | December 05, 2024 at 02:32 PM GMT+05:00

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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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