Karachi: Sui Southern Gas Company Limited (SSGC) has announced its financial results for the quarter ending September 30, 2023, revealing a significant turnaround from the previous year’s loss to a profit, according to information available from the Pakistan Stock Exchange (PSX). The company's board of directors, meeting on December 5, 2024, in Karachi, decided against issuing any cash dividends, bonus shares, or rights shares for the quarter.
For the stated period, SSGC reported unconsolidated revenue from gas sales of 70,921.82 million rupees, slightly up from 70,706.98 million rupees in the same quarter of 2022. The company also accounted for tariff adjustments of 46,929.88 million rupees, compared to 45,532.66 million rupees in the previous year. Consequently, net sales reached 117,851.70 million rupees, an increase from 116,239.64 million rupees in the corresponding quarter last year.
The cost of sales was recorded at 112,095.25 million rupees, marginally lower than last year’s 113,550.94 million rupees, resulting in a gross profit of 5,756.45 million rupees, marking a notable increase from the 2,688.70 million rupees posted in 2022.
Despite an overall increase in administrative and selling expenses to 1,668.30 million rupees from 1,379.42 million rupees, and other operating expenses decreasing significantly to 1,457.99 million rupees from 7,471.26 million rupees, the company achieved a profit before finance cost and taxation of 7,640.76 million rupees, a stark contrast to the loss of 3,041.92 million rupees recorded in the previous year.
After accounting for a finance cost of 3,243.46 million rupees, up from 1,648.91 million rupees, and taxation of 238.83 million rupees, down from 903.82 million rupees, the company reported a profit of 4,158.46 million rupees for the quarter. This represents a substantial recovery from the loss of 5,594.65 million rupees noted in the same quarter of 2022. Earnings per share for the period were calculated at 4.72 rupees, a significant improvement from the loss per share of 6.35 rupees reported last year.
In consolidated terms, SSGC reported a similar positive trend with a profit of 4,541.78 million rupees for the period, compared to a loss of 5,567.13 million rupees in the third quarter of 2022. Consolidated earnings per share were 5.16 rupees, contrasting with the loss per share of 6.32 rupees a year earlier.
The board did not propose any other corporate actions or price-sensitive information at the meeting. The financial outcomes indicate a robust recovery phase for SSGC, reflecting enhanced operational efficiencies and strategic tariff adjustments.