The Sui Southern Gas Company (SSGC) made public its accounts for the year ended June 30, 2024, announcing a massive consolidated profit of Rs8.3 billion during the period.
The profit is a complete turnaround from a loss of Rs836 million incurred by SSGC in the same period of the preceding year, according to a notice sent to the Pakistan Stock Exchange (PSX) on Tuesday.
The company’s earnings per share (EPS) were recorded at Rs9.41 in the 12 months compared to a loss per share (LPS) of Re0.95 in the same period of the previous fiscal year.
The profit was driven by a massive gain made by the utility on account of other income.
SSGC’s net sales (after tariff adjustments) rose to Rs465.8 billion in July-June 2024 compared to Rs451.5 billion in the same period the previous year, an increase of over 3%.
Complete turnaround: SSGC reports Rs4.5bn profit in July-Sept quarter
On the other hand, the company’s cost of sales increased to Rs455.5 billion, a jump of nearly 8%.
Resultantly, the company, which is involved in the transmission and distribution of natural gas in Sindh and Balochistan, posted a gross profit of Rs10.4 billion, a decrease of over 63% as compared to a gross profit of Rs28.2 billion in SPLY.
On a consolidated basis, the company saw its other expenses stand at Rs32.2 billion compared to Rs43.2 billion, a decline of nearly 26%.
On the other hand, SSGC’s other income rose to Rs46.97 billion, compared to Rs23.28 billion in SPLY, up over 101%.
Consequently, SSGC’s profit before finance cost and taxation clocked in at Rs25.1 billion in FY24, as compared to an operating profit of Rs8.2 billion in SPLY, an increase of 206%.
The cost of finance increased to Rs13.4 billion in the period ended July 30, 2024, compared to Rs8.6 billion in SPLY, a jump of over 55%.
During the period SSGC paid only Rs2.4 billion in taxes.
