Sui Northern Gas Pipelines quarterly profit rises 62%
MG News | November 20, 2024 at 03:07 PM GMT+05:00
November 20, 2024 (MLN): Sui Northern Gas Pipelines Limited (PSX: SNGP) earned a net profit of Rs3.7 billion [EPS: Rs5.83] during the quarter ending March 2024, up 62.3% from the profit of Rs2.28bn [EPS: Rs3.6] in the same period last year (SPLY).
Its shares sank over 4% during intraday trade Wednesday.
The company's gas sales rose 46.8% to Rs365.32bn as compared to Rs248.95bn in SPLY.
The tariff adjustment continued to benefit the company, amounting to Rs69.16bn. However, it was 44.4% lower when compared to SPLY.
Gross profit jumped by 92.7% to Rs46.62bn in Q3 FY24.
During the period under review, other income increased 11.0% to stand at Rs10.88bn in Q3 FY24 as compared to Rs9.8bn in SPLY.
On the expense side, the company's selling cost rose 25.7% from a year ago to Rs2.99bn, administrative expenses rose 61.0% to Rs2.84bn, while other operating expenses fell 87.7% to Rs319.14m.
The company’s finance cost surged by 103.3% and stood at Rs45.3bn as compared to Rs22.28bn in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs2.36bn against an expense paid worth Rs1.38bn in the corresponding period of last year, an increase of 71.8%.
| Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Mar-24 | Mar-23 | % Change | |
| Sales | 365,324,930 | 248,951,932 | 46.75% |
| Add: Tariff Adjustment | 69,157,684 | 124,425,936 | -44.42% |
| Cost of sales | (387,862,704) | (349,180,271) | 11.08% |
| Gross Profit/ (loss) | 46,619,910 | 24,197,597 | 92.66% |
| Selling cost | (2,987,311) | (2,377,423) | 25.65% |
| Administrative expenses | (2,838,380) | (1,762,823) | 61.01% |
| Net impairment loss on financial assets | 9,329 | (1,319,107) | - |
| Other Income | 10,875,640 | 9,797,620 | 11.00% |
| Other Operating Expenses | (319,139) | (2,599,149) | -87.72% |
| Finance Cost | (45,296,413) | (22,280,403) | 103.30% |
| Profit/ (loss) before taxation | 6,063,636 | 3,656,312 | 65.84% |
| Taxation | (2,363,277) | (1,375,618) | 71.80% |
| Net profit/ (loss) for the period | 3,700,359 | 2,280,694 | 62.25% |
| Basic earnings/ (loss) per share | 5.83 | 3.60 | 61.94% |
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