Staff Report
Sui Northern Gas Pipelines Limited (SNGPL) shareholders have approved a 40 percent cash dividend for the financial year 2019-20.
Shareholders of SNGPL held its 56th Annual General Meeting on Thursday to consider approval of cash dividend. The shareholders of the company approved the Annual Accounts for the FY 2019-20 with profit after tax of Rs. 5,998 million translating into EPS of Rs 9.46.
The shareholders also approved a Cash Dividend of 40% i.e. Rs. 4.0 per share on the recommendations of the Board of Directors of SNGPL. Moreover, the shareholders of the company re-appointed M/s. Yousaf Adil, Chartered Accountant as Auditors for FY 2020-21.
The Chairperson, Ms. Roohi Raees Khan informed the shareholders that despite numerous economic, financial challenges, SNGPL remained focused on yielding good results under the wise guidance of the Board of Directors along with consistent efforts of the Management and staff.
She added that the company declared the dividend for the third consecutive year.
She also briefed the shareholders about the Board of Directors’ first-ever visit to Khyber Pakhtunkhwa and meeting with the Chief Minister Khyber Pakhtunkhwa.
Chairperson appreciated the role of the Khyber Pakhtunkhwa Government in supporting the process of laying of Company’s distribution network in the areas of Karak etc., the highest UFG loss areas, which has resulted in a significant reduction in UFG losses.
She further informed that the Board is also in the process of formulating 5 years strategic business plan under the dynamic leadership of the newly appointed Managing Director who would undertake the digitization processes to improve efficiency and transparency.
A detailed interactive session was held. A number of suggestions were noted and the shareholders were responded to their satisfaction.
Ms. Roohi Raees Khan, Chairperson, Ali J. Hamdani, Managing Director, Mohammad Haroon, Ahmad Aqeel and Dr. Sohail Razi Khan, Directors, Faisal Iqbal, Chief Financial Officer, Imtiaz Mehmood, Company Secretary were present in person while Sualeh Ahmad Faruqui, Muhammad Haroon ur Rafique, Afan Aziz, and Syed Akhtar Ali, Directors attended the meeting via video link. Senior Management of the Company was also present at the Annual General Meeting (AGM).
The Chairperson, Board of Directors, acknowledged the commendable efforts made by the Board Members, Management, Staff, and especially the Ministry of Energy (Petroleum Division) for their constant support and guidance.
SNGPL has earned profit after tax of Rs.5,998 million and EPS of Rs. 9.46 as compared to profit after tax of Rs 7,076 million and EPS of Rs. 11.16 during the corresponding period of last year.
Based on the declared profit, SNGPL had proposed a final cash dividend of 40% for FY 2019-20 earlier
