The Sui Southern Gas Company (SSGC) has made a massive profit of Rs8.3 billion the fiscal year ended on June 30, 2024.
SSGC has disclosed a major turnaround in its finances, recording a profit after tax for the financial year, compared to a loss of Rs836 million during the same period in the previous year, as per a notice filed with the Pakistan Stock Exchange (PSX) on Tuesday.
The earnings per share (EPS) of the company were Rs9.41 for the 12 months, compared to a loss per share (LPS) of Rs0.95 in the last fiscal year.
This return to profitability was due primarily to significant gains under the “other income” head.
SSGC’s net sales (after tariff adjustments) for July–June 2024 rose to Rs465.8 billion from Rs451.5 billion for the corresponding period of last year—a gain of more than 3%. However, the company’s cost of sales jumped almost 8%, to Rs455.5 billion.
Accordingly, SSGC, which has the responsibility for transmission and distribution of natural gas in Sindh and Balochistan, made a gross profit of Rs10.4 billion—down over 63% from Rs28.2 billion in the comparable period last year.
