Lahore: Sui Northern Gas Pipelines Limited (SNGPL), one of Pakistan's prominent utility companies, reported substantial growth in its latest financial results, showcasing a notable surge in revenue and profit for the period ending March 31, 2024. The company's unaudited condensed interim statement of profit or loss highlights significant financial achievements compared to the same period last year.
For the nine months ending March 31, 2024, SNGPL's revenue from contracts with customers, particularly gas sales and tariff adjustments, amounted to 989,866.92 million Pakistani Rupees, showing a considerable increase from 972,469.28 million Pakistani Rupees recorded in the previous year. This rise in revenue underscores the company's robust performance in the gas sector.
The gross profit for the quarter ending March 31, 2024, stood at 57,495.55 million Pakistani Rupees, compared to 51,360.05 million Pakistani Rupees for the same quarter in 2023. According to information available from the Pakistan Stock Exchange (PSX), this reflects the company's ability to maintain a strong profit margin amidst fluctuating market conditions.
Operating profit for the nine months increased to 150,224.84 million Pakistani Rupees, up from 131,212.43 million Pakistani Rupees in the corresponding period of the previous year. Despite facing higher finance costs and taxation, the company achieved a profit of 13,749.56 million Pakistani Rupees for the period, a significant rise from the 5,350.60 million Pakistani Rupees profit recorded in 2023.
Earnings per share also saw an increase, with basic and diluted earnings per share for the nine months ending March 31, 2024, reaching 16.91 Pakistani Rupees, up from 13.24 Pakistani Rupees in the previous year. This growth indicates SNGPL's improved financial health and operational efficiency.
SNGPL's financial results for the period ending March 31, 2024, reflect the company's strategic positioning in the energy market and its continued focus on optimizing operational efficiencies to drive profitability.