Staff Reporter
Lahore The company is celebrating its 60-year journey. Annual General Meeting of Shareholders of Sui Northern Gas Pipelines Limited (SNGPL) was held on Wednesday, August 21, 2024 at Pearl Continental Hotel, Lahore. The shareholders of the company approved the annual accounts for the financial year 2022-23. This year the company made a profit after tax of Rs 10,564 million and earnings per share stood at Rs 16.66. The shareholders also approved 45% cash dividend ie Rs 4.50 per share on the recommendation of the Board of Directors. In addition, the shareholders of the company also approved the appointment of M/s AF Ferguson, Chartered Accountants, as auditors for the financial year 2023-24. – Achieved significant progress despite tough challenges during 2023. He added that the company’s profit increased to Rs 10.56 billion from Rs 10.36 billion, which shows the company’s resilience in a dynamic regulatory environment. He cited key factors behind this stable profit base as strategic operational improvements in several areas, particularly reduction in unaccounted gas (UFG) losses. UFG losses reduced from 5.58% to 5.15%, resulting in 5.9 BCF of gas and financial savings of around Rs.6 billion. Highlighting the operational improvements and technological advancements, the Chairman said that the company made significant progress in operational capacity and digitization initiatives. He mentioned key measures to tackle UFG losses including decentralization and isolation of industrial clusters, installation of advanced monitoring technologies such as cyberlocks and IoT-based pressure transducers. In addition, mega projects were launched to address network bottlenecks in major cities such as Islamabad, Rawalpindi and Lahore, where large-diameter pipelines and new sales meter stations (SMS) were installed to increase capacity. Increase in Ongoing digitization initiatives include implementation of GIS system across the company for online monitoring of industrial users through SCADA and better network management. A detailed interactive session with shareholders was held. Various suggestions were made and shareholders were satisfactorily answered as per their queries. Chairman Mohammad Ismail Qureshi, Director Tariq Iqbal Khan, Director Ms. Faria Rehman Salahuddin, Director Saadat Ali Khan, Ms. Faisal Iqbal, Deputy Managing Director (Services), Ms. Kamran Akram, Chief Finance Officer and Ms. Imtiaz Mehmood, Senior General Manager (Corporate) Affairs) / Company Secretary were also present in person while Director Ahmed Chinoy and Director Mohammad Ramzan participated in the general meeting through video link.
