AIRLINK 184.92 Decreased By ▼ -0.27 (-0.15%)
BOP 9.61 Decreased By ▼ -0.32 (-3.22%)
CNERGY 7.26 Decreased By ▼ -0.03 (-0.41%)
FCCL 36.43 Decreased By ▼ -0.21 (-0.57%)
FFL 14.34 Decreased By ▼ -0.19 (-1.31%)
FLYNG 24.28 Decreased By ▼ -0.64 (-2.57%)
HUBC 126.41 Decreased By ▼ -0.42 (-0.33%)
HUMNL 12.80 Decreased By ▼ -0.27 (-2.07%)
KEL 4.29 Decreased By ▼ -0.03 (-0.69%)
KOSM 5.94 Decreased By ▼ -0.12 (-1.98%)
MLCF 42.27 Decreased By ▼ -0.62 (-1.45%)
OGDC 198.51 Increased By ▲ 3.07 (1.57%)
PACE 6.08 Decreased By ▼ -0.21 (-3.34%)
PAEL 37.75 Decreased By ▼ -0.21 (-0.55%)
PIAHCLA 17.09 Increased By ▲ 0.19 (1.12%)
PIBTL 7.74 Decreased By ▼ -0.05 (-0.64%)
POWER 9.22 Decreased By ▼ -0.17 (-1.81%)
PPL 168.09 Increased By ▲ 0.20 (0.12%)
PRL 32.75 Decreased By ▼ -1.27 (-3.73%)
PTC 22.42 Decreased By ▼ -0.09 (-0.4%)
SEARL 101.88 Decreased By ▼ -2.09 (-2.01%)
SILK 1.07 Decreased By ▼ -0.12 (-10.08%)
SSGC 35.53 Decreased By ▼ -0.42 (-1.17%)
SYM 17.92 Decreased By ▼ -0.18 (-0.99%)
TELE 8.17 Increased By ▲ 0.15 (1.87%)
TPLP 11.70 Increased By ▲ 0.07 (0.6%)
TRG 66.12 Decreased By ▼ -0.04 (-0.06%)
WAVESAPP 11.79 Decreased By ▼ -0.34 (-2.8%)
WTL 1.53 Increased By ▲ 0.01 (0.66%)
YOUW 3.79 Decreased By ▼ -0.02 (-0.52%)
BR100 11,609 Increased By 39.9 (0.34%)
BR30 34,116 Increased By 81.8 (0.24%)
KSE100 110,323 Increased By 21.8 (0.02%)
KSE30 34,411 Increased By 24.5 (0.07%)

After much delay, the Sui Southern Gas Company (SSGC) made public its accounts for the quarter ended September 30, 2023, announcing a massive consolidated profit of Rs4.5 billion during the period.

The profit is a complete turnaround from a loss of Rs5.6 billion incurred by SSGC in the same period of the preceding year, according to a notice sent to the Pakistan Stock Exchange (PSX) on Thursday.

The company’s earnings per share (EPS) was recorded at Rs5.16 in the three-month period compared to a loss per share (LPS) of Rs6.32 in the same period of the previous fiscal year.

The profit was driven by a decline in the company’s cost of sales and other expenses.

SSGC incurs massive loss of Rs9.3bn in 6MFY23

SSGC’s net sales (after tariff adjustments) rose to Rs117.85 billion in July-September 2023 compared to Rs116.24 billion in the same period the previous year, an increase of over 1%.

On the other hand, the company’s cost of sales decreased to Rs112.1 billion, a decrease of over 1%.

Resultantly, the company, which is involved in the transmission and distribution of natural gas in Sindh and Balochistan, posted a gross profit of Rs5.8 billion, an increase of over 114% as compared to a gross profit of Rs2.7 billion in SPLY.

On a consolidated basis, the company saw its other expenses stand at Rs1.5 billion compared to Rs7.5 billion, a decline of over 80%.

On the other hand, SSGC’s other income rose to Rs6.1 billion, compared to Rs3.7 billion in SPLY, up over 67%.

Consequently, SSGC’s profit before finance cost and taxation clocked in at Rs8.3 billion in 3QCY23, as compared to a loss of Rs2.9 billion in SPLY.

The cost of finance increased to Rs3.3 billion in the quarter ended September 30, 2023, compared to Rs1.7 billion in SPLY, a jump of over 97%.

During the period SSGC paid only Rs464.3 million in taxes.

The company’s share price hit the upper limit of Rs35.89 on Thursday after increasing 10% or Rs3.26 during the session with over 85 million shares changing hands.

Comments

200 characters
Karamatullah Dec 06, 2024 11:06am
What was the delay that they took 15 months to report the same about this staggering profit .
thumb_up Recommended (0) reply Reply
Pakman Dec 06, 2024 01:14pm
That's similar way K.E using burdening consumers,making unjust tariffs and making Billions of profits, visualizing itself as inefficient.Shameless people running the company like any other govt dept.
thumb_up Recommended (0) reply Reply
Aam Aadmi Dec 06, 2024 05:01pm
Ok but where is the gas? I have none in my area. Naturally, when you have gas shedding for hours, you will go into profit.
thumb_up Recommended (0) reply Reply