The shareholders of Sui Northern Gas Pipelines Limited (SNGPL) have approved a 45% cash dividend for the fiscal year 2022-23. The company is celebrating its 60-year journey. The Annual General Meeting (AGM) of SNGPL’s shareholders was held on Wednesday, August 21, 2024, at Pearl Continental Hotel, Lahore. The shareholders approved the annual accounts for the fiscal year 2022-23, during which the company earned a post-tax profit of PKR 10,564 million, with an earnings per share (EPS) of PKR 16.66. The shareholders also approved the Board of Directors’ recommendation of a 45% cash dividend, equivalent to PKR 4.50 per share. Additionally, the shareholders approved the appointment of Messrs A.F. Ferguson, Chartered Accountants, as auditors for the fiscal year 2023-24.
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Chairman Muhammad Ismail Qureshi informed the shareholders that the company made significant progress during the fiscal year 2022-23 despite facing challenging circumstances. He noted that the company’s profit increased from PKR 10.36 billion to PKR 10.56 billion, reflecting the company’s resilience in a dynamic regulatory environment. Key factors contributing to this steady profit included strategic operational improvements in various sectors, particularly in reducing unaccounted-for gas (UFG) losses. UFG losses decreased from 5.58% to 5.15%, resulting in a financial saving of approximately PKR 6 billion and a gas saving of 5.9 billion cubic feet (BCF).
Highlighting operational improvements and technological advancements, the Chairman stated that the company made significant strides in operational efficiency and digitization efforts. He mentioned key measures to address UFG losses, including the segregation of industrial clusters, the installation of advanced monitoring technologies such as cyber locks, and IoT-based pressure transducers. Additionally, mega projects were initiated in major cities like Islamabad, Rawalpindi, and Lahore to remove network bottlenecks by installing large-diameter pipelines and new sales meter stations (SMS) to enhance capacity. Ongoing digitization efforts include online monitoring of industrial consumers through SCADA and the implementation of GIS systems across the company for better network management.
A detailed interactive session with the shareholders was held, where several suggestions were made, and satisfactory responses were provided to shareholder queries.
Chairman Muhammad Ismail Qureshi, Director Tariq Iqbal Khan, Director Ms. Faria Rahman Salahuddin, Director Saadat Ali Khan, Mr. Faisal Iqbal, Deputy Managing Director (Services), Mr. Kamran Akram, Chief Financial Officer, and Mr. Imtiaz Mahmood, Senior General Manager (Corporate Affairs) / Company Secretary, were also present in person, while Director Ahmed Chinoy and Director Muhammad Ramzan participated in the AGM via video link. The company’s senior management was also present at the AGM.
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