LAHORE: Corporate briefing session of Sui Northern Gas Pipelines Limited (SNGPL) was held here on Tuesday at Lahore Stock Exchange Plaza, Lahore. Managing Director SNGPL Amer Tufail briefed the analysts, investors and shareholders about the Company’s performance and its future prospects.
While addressing the event, Management of the company briefed the participants that the Company has achieved a milestone of revenue exceeding Rs1.0 trillion first time in the history and further stated that the Company’s profitability has witnessed a reduction of 5.66% mainly due to reduction in change of ROA rate under WACC from 17.43% to 16.6% and imposition of super tax by the Federal Government. Moreover, the Management of the Company highlighted that the Company’s gas losses (UFG) has reduced from 8.60% in FY 2020-21 to 8.06% in FY 2021-22.
Highlighting the energy sector’s situation, Management of the Company informed that due to depleting indigenous gas resources, RLNG now has approx. 50 percent share in gas supplies which may continue to increase depending upon supply and demand situation in the Country. The Management of the Company especially appreciated the efforts of the Government with the help of which it is expected that up to 100 MMCFD gas volumes will be added in the system by the end of this year. MD SNGPL further briefed that amongst the new discoveries, gas from Wali well has already been added in the Company’s network while indigenous gas from Shewa well is likely to be injected at the end of the current year.
Sharing future outlook of the Company, the Company’s Management said that the Company is weighing in on transforming from “Natural Gas Utility” into “Energy Company”, over the period of next 5 years. Over a period of time, Company aims to protect its core by implementing various initiatives; achieve excellence in business operations; and grow smarter and maintain its position in the energy sector by investing in right resources and pursuing new business opportunities.
Senior Management of the Company including Faisal Iqbal, CFO; Syed Jawad Naseem, SGM (BD); Qaisar Masood, SGM (Distribution); and Imtiaz Mehmood, Company Secretary were also present on the occasion.
Copyright Business Recorder, 2023
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