Karachi June 26 2023: Sui Northern Gas Pipeline Limited (SNGP) share price drop PKR 2.09 or 4.9 percent after the result announcement at Pakistan Stock Exchange.
The share closes the trading at PKR 40.54 after being traded between the range of 43.0 to PKR 43.5 through out the day with total volume of 12.5 million shares.
Company announced final cash dividend of PKR 1.5 per share for the year ended June 30, 2022. This is in addition to interim cash dividend of PKR 2.50 per share for the period ended December 2021.
Company operating profit increased 106 percent to PKR 34.17 billion for 2022 due to take or pay adjustment of PKR 13.76 billon of prior years
However, profit of the company drop to PKR 10.36 billion for the year ended June 2022 when compared with profit of PKR 10.98 billion for the previous year given higher finance cost.
Company booked finance cost of PKR 57.29 billion for the year ended June 2022 compared with PKR 40.03 billion booked last year.
The settlement of circular debt, including tariff adjustment receivable determined or deferred by OGRA is dependent upon the resolution of intercorporate balances by the Government of Pakistan, and increase in gas prices or subsidy by the Government of Pakistan to the Company.