Sui Southern Reports Huge Rs. 2.263 Billion Profit for FY21

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

According to the government-owned entity’s financial results, it turned a corner in FY21 after reporting losses of Rs. 21 billion in the same period in FY20.

The top line for FY21 arrived at Rs. 317 billion, depicting a 7.3 percent YoY rise from Rs. 295 billion in FY20. Net sales during the period clocked in at Rs. 296 billion, up by 2 percent year on year (YoY) from Rs. 290 billion observed in the previous year.

Administrative and selling expenses 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 FY21.

Other income during the period increased by 22 percent YoY from Rs. 15.7 billion to Rs. 19.2 billion. Conversely, the finance cost of the company dipped 36 percent YoY to Rs. 4.62 billion during FY21.

The company’s impairment loss against financial assets stood at Rs. 7.3 billion by the end of FY21, indicating a 29.4 percent decrease from Rs. 10.35 billion recorded in FY20.

SSGC reported earnings per share of Rs. 2.57 during the period, as compared to a loss per share of Rs. 24.14 in the same period in FY20.

At close, the company’s scrip at the bourse was trading at Rs. 10.76, up by Rs. 0.14 or 1.32 percent with a turnover of 5.1 million shares on Friday.