Sui Northern Gas Pipes Limited Requests Additional Time for Financial Reporting

Karachi: Sui Northern Gas Pipes Limited has formally requested an extension for submitting its first quarter accounts for the period ended September 30, 2024, citing delays in the audit process and pending regulatory approvals.

The application for extension, filed under Section 237 of the Companies Act, 2017, seeks an additional month, extending the deadline to November 30, 2024. This request follows the company’s receipt of a previous approval from the Securities and Exchange Commission of Pakistan (SECP) and the Oil and Gas Regulatory Authority (OGRA), which allowed a 30-day extension for the annual general meeting and the submission of annual audited accounts for the fiscal year ended June 30, 2024.

According to information available from the Pakistan Stock Exchange (PSX), the extension is necessitated by incomplete audits and the pending finalization of the Financial Revenue Requirement (FRR) with OGRA. The results of the FRR are crucial for finalizing the financial statements and determining the opening balance sheet figures for the first quarter of the fiscal year 2023-24. As of now, these figures remain provisional and are subject to significant adjustments post-approval of the FRR.

The company highlighted that the interim financial statements required under IAS-34 (Interim Financial Reporting) are still provisional and unaudited. Finalized figures, crucial for investor and regulatory assessments, will only be available once the audits are complete and the FRR has been approved.

Sui Northern Gas Pipes Limited has a history of being granted similar extensions under comparable circumstances in previous years. The company has submitted all required documents with its application, including an affidavit and a bank challan for Rs. 1,000, as part of the filing process.

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