The Board of Directors of Sui Northern Gas Pipeline Company Limited (SNGPL), at their 322nd meeting held on Friday, approved the annual accounts of the company for the year ended 30 June, 2005, and proposed a cash dividend of 30 percent to its shareholders for the year 2004-05.
According to results announced by the meeting, the company has earned sales revenue of Rs 84,710 million during the year under review, as compared to Rs 64,226 million during the previous year, posting an increase of 32 percent over last year. The profit before tax increased from Rs 3,664 million during 2003-04 to Rs 4,280 million during the year under review, showing an improvement of 17 percent.
The profit after tax of the company for the year ended 30th June, 2005 stood at Rs 2,755 million as against Rs 2,297 million during previous year, showing an improvement of 20 percent over the previous year.
Similarly the gas throughput during the year under review was 537,086 MMCF as compared to 452,338 MMCF during the previous year ie an increase of 19 percent over previous year. The company has added Rs 7,434 million in its average operational fixed assets during the year, which has enabled the company to achieve the financial results stated above. The financial charges were Rs 914 million as against Rs 967 million for the previous year.
According to a spokesman of the company, the directors lauded the management for achieving excellent results on account of capital formation, reduction of financial costs and austerity measures in addition to cordial relationship between the management and the workers.