Sui Northern Gas Pipelines quarterly profit rises 62%

By MG News | November 20, 2024 at 03:07 PM GMT+05:00

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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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