Sui Southern Reports Huge Profits Rs. 2.263 billion for the 21st year

Sui Southern Gas Company Limited (SSGC) has finally announced a consolidated profit after tax of Rs. 2.263 billion in the fiscal year (FY) ended June 30, 2021.

According to the state-owned entity’s financial results, it turned a corner in FY21 after reporting losses of Rs. 21 billion in the same period in 2020.

The top line for FY21 came in at Rs. 317 billion, representing a 7.3% year-on-year rise from Rs. 295 billion in 2020. Net sales during the period stood at Rs. 296 billion, up 2 percent year-on-year (y-o-y) from Rs. 290 billion was observed in the previous year.

SG&A decreased by 6.7 percent from Rs. 4.94 billion in FY20 to Rs. 4.61 billion in FY21, while other operating expenses fell drastically by 74 percent from Rs. 1.797 billion to Rs. 0.464 billion in the 21st year.

Other income during the period grew by 22 percent year-on-year from Rs. 15.7 billion to Rs. 19.2 billion. In contrast, the company’s funding costs fell 36% year-on-year to Rs. 4.62 billion in FY21.

The company’s impairment loss against financial assets stood at Rs. 7.3 billion by the end of FY21, indicating a decline of 29.4 percent from Rs. 10.35 billion recorded in 2020.

SSGC reported earnings per share of Rs. 2.57 during the period, compared to a loss per share of Rs. 24.14 in the same period in 2020.

At the close, the company’s stock was trading at Rs. 10.76, increased by Rs. 0.14 or 1.32 percent on 5.1 million shares traded on Friday.



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