LAHORE: SNGPL declared historic high profit before tax Rs 5,171 million for the six months period ended December 31, 2016 and after tax profit of Rs 3,603 million for the period under review.
Resultantly, the earnings per share for the six months period are Rs 5.68 as against Rs 0.34 loss per share during the preceding period. Gas sales during the period remained Rs 152,313 million, which is 27% high as compared to corresponding period sales of Rs. 119,675 million. The board of directors of the company approved the results in a meeting held on Wednesday.
For achieving the highest profit milestone, special emphasis has been given to control the menace of unaccounted for gas (UFG) losses of the company.
Resultantly, the UFG losses have been reduced from 9.76% (December 2015) to 7.75% as on December 31, 2016. Accordingly the UFG disallowance, which directly erodes the company’s profit, has been reduced to almost 50% viz Rs 2,214 million as compared to Rs 4,321 million during the corresponding period.
Moreover, disallowance on account of provision for doubtful debts has also been reduced to the tune of Rs 270 million as against Rs 1226 million during the preceding period.
In addition to above, the company has successfully completed/commissioned 348km transmission lines with diameters ranging from 8″ to 42″ during the period, coupled with distribution lines and installation of town border stations and compression stations. As a result of committed efforts, the fixed operating assets of the company have increased by Rs 17,163 million, in order to earn 17.5% guaranteed rate of return thereon.
