LAHORE: The Sui Northern Gas Pipelines Limited (SNGPL) is celebrating 60 years of its journey. The Annual General Meeting of shareholders of SNGPL was held on Wednesday at local hotel, Lahore.
The shareholders of the company approved the Annual Accounts for the FY 2022-23. During the year the company earned profit after tax of Rs 10,564 million with EPS of Rs 16.66. The shareholders also approved Cash Dividend of 45% i.e. Rs 4.50 per share on the recommendations of the Board of Directors. Moreover, the shareholders of the company approved appointment of A.F Ferguson, Chartered Accountant as Auditors for FY 2023-24.
The Chairman, Muhammad Ismail Qureshi, apprised the shareholders that the company achieved significant progress during the fiscal year 2022-23, despite stringent challenges.
He added that the company’s profitability has increased from Rs 10.36 billion to Rs 10.56 billion, showcasing resilience in a dynamic regulatory environment.
He also highlighted the key factors contributing to this stable profit stream including strategic operational improvements across several areas, particularly in reducing Unaccounted for Gas (UFG) losses. The UFG losses dropped from 5.58% to 5.15%, resulting in a volumetric reduction of 5.9 BCF and a monetary saving of nearly Rs 6 billion.
While highlighting operational excellence and technological advancements, the Chairman stated that the company made notable strides in operational optimization and digitization initiatives.
He mentioned significant measures to combat UFG losses include the segmentation and isolation of industrial clusters, the installation of advanced monitoring technologies, such as cyber locks and IoT-based pressure transducers. In addition, mega projects aimed at de-bottlenecking the network were initiated in major cities like Islamabad, Rawalpindi, and Lahore, where larger diameter pipelines and new Sales Meter Stations (SMSs) were installed to enhance capacity and reliability.
Ongoing digitization efforts include online industrial consumers monitoring through SCADA and implementation of Company wide GIS- system for improved documentation and network management.
A detailed interactive session with the shareholders was held. A number of suggestions were noted and the shareholders were responded to their satisfaction.
Muhammad Ismail Qureshi, Chairman, Tariq Iqbal Khan, Faaria Rehman Salahuddin, Saadat Ali Khan, Directors, Faisal Iqbal, DMD (S), Kamran Akram, Chief Financial Officer and Imtiaz Mehmood, SGM (Corporate Affairs)/Company Secretary, were also present in person while Ahmed Chinoy and Muhammad Ramzan, Directors attended the meeting via video link. Senior Management of the company was also present at the Annual General Meeting (AGM).
Copyright Business Recorder, 2024
Comments
Comments are closed.