SNGPL declares 20% cash dividend, posts Rs 6b net profit

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Staff Reporter
Karachi

SNGPL has earned profit after tax of Rs. 5,917 million and EPS of Rs. 9.33 for the period ended December 31, 2020 as compared to profit after tax of Rs. 4,696 million and EPS of Rs. 7.40 during the corresponding period of last year. Based on the declared profit, the Company has proposed an interim cash dividend of 20% i.e. Rs. 2 per share for period ended December 31, 2020.

Moreover, SNGPL has been able to earn historically high net profit amounting to Rs. 8,939 million for the period ended March 31, 2021 as against profit of Rs. 5,779 million during the corresponding period of last year. The earnings per share for the period under review is Rs. 14.09 as against earnings per share of Rs. 9.11 for the same period last year.

Despite all odds, including prevailing Covid-19 situation the company has been able to reduce the UFG losses during the periods under review, both in volumetric and %age terms from 20,893 MMCF (10.39%age) (Jul-Dec-19) to 15,011 MMCF (7.56%age) (Jul-Dec-20) which has resulted into saving of Rs 2,819 million to the Company which accumulated to Rs 4,137 million by March 31, 2021 as a result of reduction of UFG losses from 33,935 MMCF (11.15%age)
The above substantial reduction in UFG losses was made possible due to joint concerted efforts of the Board and the Management alike.

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