LAHORE: SNGPL declared historical high profit before tax Rs. 8,743 million for the nine months period ended March 31, 2017 and after tax profit of Rs. 6,104 million for the period under review. Resultantly, the Earnings Per Share for the nine months period is Rs. 9.63 per share as against Re. 0.002 profit per share during the preceding period. Gas Sales during the period remained Rs. 224,192 million, which is 25% high as compared to corresponding period sales of Rs. 179,762 million. The Board of Directors of the Company approved the results in a meeting held on April 25, 2017.
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 9.73% (March 2016) to 7.66% as on March 31, 2017. Accordingly the UFG disallowance, which directly erodes the Company’s profit, has been reduced to almost 50% viz Rs. 3,196 million as compared to Rs. 6,492 million during the corresponding period. Moreover, disallowance on account of Provision for doubtful debts has also been reduced to the tune of Rs. 327 million as against Rs. 1,737 million during the preceding period.
The Board of Directors appreciated the efforts of the management and employees of the Company and directed for further improvement of operational and financial results by the completion of current financial year.
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