Sui Northern Gas Pipelines Reports Significant Progress and Profitability in FY 2022-23

Lahore: In the fiscal year 2022-23, Sui Northern Gas Pipelines Limited (SNGPL) demonstrated substantial advancements and increased profitability. According to information available from the Pakistan Stock Exchange (PSX), the company’s Chairman, in his annual review, highlighted the company’s success in significantly reducing Unaccounted for Gas (UFG), boosting profit margins, and enhancing digital operations.

Throughout the year, SNGPL achieved a notable reduction in UFG, decreasing from 38.6 billion cubic feet to 32.6 billion cubic feet, a volumetric reduction exceeding 15%. This progress in managing UFG contributed significantly to the company’s operational efficiency. The fiscal year also saw SNGPL earning a profit after tax of Rs. 10,564 million, marking an increase from the previous year’s Rs. 10,366 million. The Earnings Per Share (EPS) also rose from Rs. 16.34 to Rs. 16.66.

The company’s integration of Geographic Information System (GIS) technology into its operations has revolutionized its service delivery, enabling precise consumer complaint resolutions and targeted operational improvements. This technological advancement is part of SNGPL’s broader strategy to optimize resource management and enhance the efficiency of its pipeline network.

SNGPL’s successful exploitation of new gas discoveries in the challenging terrains of Lakki Marwat adjacent to Bannu/North Waziristan has laid the foundation for future regional connectivity, reinforcing its commitment to expanding energy access. The company continues to play a crucial role in meeting the energy demands of over 7.5 million households and numerous industrial and commercial consumers, significantly impacting the national economy.

Operating in a tightly regulated environment, SNGPL navigates a complex landscape of gas purchase and sale regulations. The Federal Government and its institutions, holding a majority stake, influence the company’s alignment with the national socio-economic agenda, underscoring the importance of strategic adaptability in its operations.

Further, the company is exploring diversification strategies, including the supply of LPG cylinders and the solarization of its offices, as part of its sustainability and green initiatives. These efforts are aimed at establishing a resilient and financially robust energy sector leader, poised for long-term success.

As SNGPL continues to advance, the Board and management remain committed to upholding robust corporate governance practices to enhance accountability and safeguard stakeholder interests. The Chairman expressed gratitude to all stakeholders, particularly the employees, for their dedication and resilience, contributing to the company’s positive performance in a challenging economic landscape. He also acknowledged the support from the Government of Pakistan, the Ministry of Energy, and the Oil and Gas Regulatory Authority (OGRA), essential for the company’s ongoing success and growth.