SSGC Half-Year Profit Rises to PKR 6.69bn, Large Overdue Receivables from KE & PSML

KARACHI – Sui Southern Gas Company Limited (SSGC) has posted a profit after tax of PKR 6.69 billion for the half year ended December 31, 2024, up from PKR 5.82 billion in the same period last year, the company informed the Pakistan Stock Exchange (PSX).

Profit before levy and taxation stood at PKR 6.95 billion compared to PKR 8.08 billion in the prior year, while earnings per share (EPS) increased to PKR 7.59 from PKR 6.60. No cash dividend was announced.

The company’s financial statements highlight significant outstanding trade debts, including PKR 26.29 billion from K-Electric Limited (KE) and PKR 21.78 billion from Pakistan Steel Mills Corporation (PSML). A substantial portion of these receivables is overdue but classified as current assets, as management considers them recoverable.

However, KE and PSML have disputed the Late Payment Surcharge (LPS) on their balances, with SSGC deciding to recognize LPS from these entities only on a receipt basis since July 1, 2012.

Given PSML’s adverse financial condition and ongoing disputes with both KE and PSML, the company stated it is unable to determine the extent and timing of recoveries on these large overdue amounts.