LAHORE – Sui Northern Gas Pipelines Limited (SNGPL) convened its 60th Annual General Meeting (AGM) of shareholders on Thursday at Avari Hotel, Lahore.
The shareholders approved the annual audited financial statements for the fiscal year ended June 30, 2024. The company achieved its highest ever profitability, recording a profit before tax of Rs. 29,843 million and a profit after tax of Rs. 18,977 million, translating into earnings per share (EPS) of Rs. 29.92. This marks a substantial increase from the previous year’s profit after tax of Rs. 10,564 million and EPS of Rs. 16.66.
The shareholders also approved the highest ever final cash dividend of Rs. 7.50 per share (75%) for the year ended June 30, 2024 on the recommendations of the Board. They also approved the re-appointment of M/s. A.F. Ferguson & Co., Chartered Accountants, as external auditors for the financial year 2024–25.
A notable achievement during the year was the significant reduction in Unaccounted for Gas (UFG). Overall UFG losses dropped from 5.15% to 4.93%, leading to the lowest disallowance in 18 years. Through proactive field interventions, the adoption of technology, and stringent monitoring protocols, the Company saved over 1,269 MMCF of gas, reinforcing its commitment to operational efficiency and environmental stewardship.
A detailed interactive session with the shareholders was held. A number of suggestions were noted and the shareholders were responded to their satisfaction.
Mr. Saadat Ali Khan, Chair the meeting, While Ms. Faaria Rehman Salahuddin, Mr. Ahmed Chinoy, Directors, Mr. Faisal Iqbal, DMD (S), Mr. Saqib Arbab DMD (Ops), Mr. Kamran Akram, Chief Financial Officer and Mr. Imtiaz Mehmood, SGM (Corporate Affairs) / Company Secretary, were also present in person. Mr. Amer Tufail, Managing Director, Mr. Tariq Iqbal Khan, Mr. Muhammad Ramzan, Ms. Saira Najeeb Ahmed and, Mr. Zafar Abbas Directors attended the meeting via video link. Senior Management of the Company was also present at the Annual General Meeting (AGM).
