LAHORE - The 56th Annual General Meeting of shareholders of Sui Northern Gas Pipelines Limited (SNGPL) was held on Thursday at a local hotel. 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 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.
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. She appreciated the role of 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 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 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.