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. The government-owned entity’s financial results for FY21 were better than the previous financial year’s losses.

The top line for FY21 shows a 7.3 percent rise from Rs. 295 billion in FY20 to Rs. 317 billion, while net sales are up 2 percent year on year (YoY) at Rs. 296 billion. Administrative and selling expenses decreased by 6.7 percent and 74 percent respectively.

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. Other income during the period increased by 22 percent YoY from Rs 15.7 billion to Rs. 19.2 billion.

SSGC’s share price was trading at Rs.10.76 on the NSE on Friday, up by 1.32 percent from Thursday’s close. SSGC reported earnings per share of Rs. 2.57 for the first three months of FY19, up from Rs. 24.14 in the same period in FY20.