The 57th Annual General Meeting of shareholders of Sui Northern Gas Pipelines Limited was held on Friday at Pearl Continental Hotel, Lahore.
The shareholders of the Company Approved the Annual Accounts for the FY 2020-21 with profit after tax of Rs. 10.99 billion translating into EPS of Rs. 17.32. The shareholders also approved Final Cash Dividend @50% i.e. Rs. 5.00 per share on the recommendations of the Board of Directors of SNGPL in addition to 20% i.e. Rs. 2.00 per share interim cash dividend already paid for the period ended December 31, 2020. Moreover, the Shareholders of the Company re- appointed M/s. Yousaf Adil, Chartered Accountants as Auditors for FY 2021-22.
The Chairperson, Ms. Roohi Raees Khan informed the shareholders that, SNGPL remained focused and robust despite existing market challenges including economic & financial and delivered positive and growth oriented results.
This has been achieved mutually with the able guidance of the Board of directors and the Management alike. She further elaborated the support of the Ministry of Petroleum and other key government stake holders have contributed to this achievement. She expressed pleasure in announcing that the Company declared the dividend for the fourth consecutive year.
The Chairperson briefed the shareholders about focus of the Board since the start of its tenure in July 2020. The top priority remained reduction of UFG losses from 12.32 % to 8.6 % (approximately15BCF), this reduction has a manifold effect in terms of loss of precious national resources, adverse environmental effects and a dent to the profitability of the Company.
To maintain this trend a 3 years sustainability program has been introduced to maintain this positive trend. She added that Digitization drive combined with Cost controls and customer service are being continuously focused upon.
She appreciated the role of the Management under the leadership of the Managing Director who are working continuously to provide best services to the customers. The Chairperson shared the new regulations for SOEs formulated by the Government, which would bring more transparency and efficiency in operations of SOEs.
Managing Director in his message to the shareholders stated that the global energy crisis has impacted our country and company also. The challenges faced are complex including indigenous gas depletion, RLNG spot cargoes and massive domestic demand. He also stated that SNGPL is a part of the Energy value chain of the country and its his endeavor with his team to overcome and resolve these issues as they arise. MD said that though natural gas reserves are depleting but there has been a discovery in the North and SNGPL is working on putting a pipeline network and this would add additional gas. The main focus the MD stated at SNGPL is to build a strong Human resource pool of highly capable technical. Finance/ IT resources. He stated that your company has the largest number of engineering resources which is an asset to be exploited for the benefit of the country. He also briefed about the future strategy for human resource development and business diversification plan apart from engaging in various pipeline construction projects with National and Multinational Companies. He assured the shareholders that SNGPL will find new avenues of business to enhance its profitability.
Ms. Roohi Raees Khan, Chairperson, Mr. Ali J. Hamdani, Managing Director and Dr. Sohail Razi Khan, Director, Mr. Amer Tufail DMD (S), Mr. Faisal Iqbal, Chief Financial Officer and Mr. Imtiaz Mehmood, Company Secretary were present in person while Mr. Sualeh Ahmad Faruqui, Syed Zakria Ali Shah and Mr. Manzoor Ahmed, Directors and Mr. Haroon ur Rafique attended the meeting via video link. Senior Management of the Company was also present at the Annual General Meeting (AGM).
The Chairperson -Board of Directors acknowledged the commendable efforts made by the Board Members including the Managing Director, Management, Staff and especially appreciated the guidance and support of the Ministry of Energy (Petroleum Division).