Staff Reporter Karachi
Corporate Briefing session of Sui Northern Gas Pipelines Limited (SNGPL) was held on Friday at Pakistan Stock Exchange, Karachi.
Managing Director SNGPL Ali J. Hamdani briefed the analysts, investors and shareholders about the Vision 2025, financial performance and future outlook of SNGPL.
The analysts, investors and shareholders in large number attended the session and shown keen interest in the briefing conducted by the Company’s team led by the Managing Director Ali Javaid Hamdani. Mr. Faisal Iqbal, Chief Financial Officer; Syed Jawad Naseem, SGM(Business Development); Mr. Qaiser Masood, SGM(Distribution) and Mr. Imtiaz Mehmood, Company Secretary were also present. The Management briefed audience about the Company’s vision and mission, history and its latest financial results.
It was informed that Company’s glorious history spans more than 50 years and is the largest downstream integrated gas company serving more than 7 million consumers through an extensive netw ork of more than 145,000 kilometers in Punjab, Khyber Pakhtunkhwa, Islamabad and Azad Jammu & Kashmir.
The Company’s share in country’s overall energy mix is around 30% while its share in gas sector is approximately 70% including supply of LNG to meet the energy demand of the Country.
The Managing Director highlighted the profitability of the Company which stood at 6 Billion Rupees in FY 2019-20.
The first quarter profitability for FY 2020-21 has increased to Rs 3.2 Billion as compared to Rs. 1.9 billion in the last year.
This increase in profitability is due to interest rate reduction and significant reduction in UFG which shows the relentless commitment of the Company towards a total turnaround of the Compny.
MD SNGPL said that the country’s indigenous supplies are continually decreasing and its gas supplies now comprise of around 55% RLNG. The dependence on RLNG will therefore continue to increase being cheaper than alternate fuels.
Government of Pakistan is planning to introduce weighted average cost of gas which should mitigate and reduce the high price of RLNG for the public at large.
