ISLAMABAD: Corporate briefing session of Sui Northern Gas Pipelines Limited (SNGPL) was held on Friday at Pakistan Stock Exchange, Karachi. Managing Director Sui Northern Gas Pipelines Limited (SNGPL) Ali J Hamdani briefed the analysts, investors and shareholders about the Company’s performance and future prospects of the Company.
While addressing the event, MD SNGPL, Ali J Hamdani said that the Company’s profitability has increased from Rs5.99 billion in FY 2019-20 to Rs10.99 billion in FY 2020-21 demonstrating 83% growth.
He cited reduction in UFG and financial charges, operational excellence and technological solutions as the key contributing factors behind it. He also informed that the company’s profitability for the first quarter of FY 2021-22 stands at Rs3.03 billion.
In a statement MD SNGPL, Ali J Hamdani acknowledged the role of the management and Board of Directors in the current turnaround and profitability of the Company. He also said that technology utilization as well as network up-gradation initiatives also greatly contributed to the growth of the Company.
He briefed the participants on initiatives of SCADA installation, GIS mapping of network, launch of mobile apps to further improve customer services and establishment of kiosks at public places. MD SNGPL emphasized on human resource capacity building to achieve sustainable success.
Highlighting the energy sector’s situation, MD SNGPL said that due to depleting indigenous gas resources, RLNG now has 53% share in gas supplies which will continue to increase. He said that the Company is aware of RLNG short supply owing to various global and regional dynamics and hence it is exploring alternative options to mitigate energy shortfall. MD SNGPL also hinted that the company has been approached for fast track development work on recent gas discoveries in North Waziristan including Bannu in Khyber Pakhtunkhwa.
Sharing future outlook of the company, the Company Management said that the Company is weighing in diversification possibilities in areas like LPG cylinder sale, solar power, bio gas, EPC, and sale and sharing of acquired technical expertise among others.
MD SNGPL also expressed deep grief on loss of lives and properties due to floods in various parts of the Country. He assured that SNGPL will make every possible effort to help the affected families.
Senior Management of the Company and a large numbers by the analysts, investors and shareholders who showed keen interest in the briefing conducted by the Company’s team led by the Managing Director Ali J Hamdani attended the event.
The briefing was followed by Question and Answer session in which all the queries were responded by the Managing Director and Senior Management in a very positive manner.
Copyright Business Recorder, 2022
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