Karachi: The Sui Southern Gas Company Limited (SSGC) has announced its financial results for the half-year ending December 31, 2024, revealing a decision by the Board of Directors to not declare any cash dividends, bonus shares, or rights shares for the period. The announcement was made following a board meeting held on August 9, 2025, conducted via Zoom.
According to the financial results, the SSGC has been navigating regulatory changes following the expiration of an exemption from compliance with IFRS 14, previously granted by the Securities and Exchange Commission of Pakistan. As a State-Owned Enterprise, the company is currently pursuing further exemptions through the Cabinet Committee on State-Owned Enterprises to address the implications of the financial reporting standards.
The company's financial disclosures, as outlined in the attached annexures, have been prepared in accordance with the applicable accounting and reporting standards in Pakistan for interim financial reporting. The review of the condensed unconsolidated interim financial statements did not indicate any major discrepancies, although some adjustments were noted.
The report highlights ongoing legal challenges faced by SSGC, which include material litigations and claims pending in various courts. These cases pose an uncertain outcome and remain outside the control of the company's management. Additionally, a significant accrued markup amounting to Rs. 320,148 million, related to government-controlled exploration and production companies, has not been recognized following governmental advice and a legal opinion.
Furthermore, the company continues to address unresolved matters with Sui Northern Gas Pipelines Limited (SNGPL) and other issues predating June 2020. Efforts are underway to seek resolution for these long-standing matters.
According to information available from the Pakistan Stock Exchange (PSX), Sui Southern Gas Company Limited's stock exhibited a Minor move in its trading activity following the financial results announcement. The company operates within the designated market category of the Oil & Gas sector.