Karachi/Islamabad: In a remarkable financial reversal, Sui Southern Gas Company (SSGC) posted a consolidated profit of Rs8.3 billion for the fiscal year ending June 30, 2024, according to a notice filed with the Pakistan Stock Exchange (PSX).
This marks a sharp contrast to the Rs836 million loss recorded in the corresponding period last year, signaling a complete turnaround in the company’s financial performance.
Earnings per share (EPS) for the year surged to Rs9.41, a significant recovery from a loss per share (LPS) of Re0.95 during the previous fiscal year.
The dramatic swing into profitability was primarily driven by a substantial increase in other income, which more than doubled year-over-year.
Net Sales
Net sales, after tariff adjustments, rose to Rs465.8 billion in FY24, reflecting a 3.2% increase compared to Rs451.5 billion in the same period last year.
Despite this growth in revenue, cost of sales climbed nearly 8% to Rs455.5 billion, which pressured the company’s gross profit, bringing it down to Rs10.4 billion—a sharp decline of over 63% from the Rs28.2 billion gross profit recorded in the prior year.
However, the downturn in gross profit was offset by improved operational efficiency and non-core earnings.
On a consolidated basis, other expenses fell significantly to Rs32.2 billion, down by nearly 26% from Rs43.2 billion a year earlier.
Meanwhile, other income surged to Rs46.97 billion, up over 101% from Rs23.28 billion in the same period of the last fiscal year.
As a result, profit before finance cost and taxation soared to Rs25.1 billion, a jump of 206% from the Rs8.2 billion recorded in the previous year.
This figure reflects the company’s strengthened operating position and improved financial management during the period.
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The company’s finance cost also rose sharply, reaching Rs13.4 billion, up more than 55% from Rs8.6 billion last year.
Despite the increased financial charges, the overall profitability remained strong. SSGC paid Rs2.4 billion in taxes during FY24.
SSGC, responsible for the transmission and distribution of natural gas in Sindh and Balochistan, has seen a noteworthy recovery over the past year.
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The performance in FY24, including a Rs4.5 billion profit in the July–September quarter alone, reflects a broader trend of operational resilience and strategic gains in non-core income streams that have helped offset higher costs and finance expenses.
