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Sui Southern Reports Record Profit of Rs. 2.263 Billion for FY21

As of the end of the fiscal year, Sui Southern Gas Company Limited (SSGC) had a consolidated profit after taxes of $1.3 million

A consolidated profit after tax of Rs. 2.263 billion was reported by Sui Southern Gas Company Limited (SSGC) for its fiscal year (FY) ended June 30, 2021.

According to financial statistics, the government-owned company reported losses of Rs. 21 billion during the same period in FY20.

FY21’s top line was Rs. 317 billion, an increase of 7.3 percent from FY20’s Rs. 295 billion. A year ago, net sales were Rs. 290 billion, an increase of 2% year over year (YoY).

Administrative and selling expenditures reduced by 6.7 percent in FY21 from Rs. 4.94 billion in FY20, whereas other operating expenses decreased by 74% from Rs. 1.797 billion to Rs. 0.464 billion.

During the period, other income increased by 22% YoY from Rs. 15.7 billion to Rs. 19.2 billion. While FY21 saw a reduction of 36% YoY in the company’s financial costs to Rs. 4.62 billion.

A 29.4% decrease in impairment losses against financial assets was recorded by the end of FY21 compared to FY20, when the company incurred impairment losses of Rs. 10.35 billion.

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

On Friday, the company’s stock closed up 0.14 percent, or 1.32 percent, with 5.1 million shares traded.

Written by Aly Bukshi

The editorial staff at IPIN is a team of news publishing experts led by Aly Bakshi. We publish interesting and informative news/articles all over the world. Our aim is to provide readers with the latest and most up-to-date information possible.