Financial results for the 2nd quarter accounts for the period ended december 31, 2024

;*!

Sui"Northern Gas

CA/PSX/ ) Thru: Pf/CARS 7 Courier

November 01, 2025

The General Manager,

Pakistan Stock Exchange Limited, Stock Exchange Building,

Stock Exchange Road, KARACHI.

The Executive Director/HOD,

Offsite-II Department, Supervision Division. Securities and Exchange Commission of Pakistan 63, NIC Building, Jinnah Avenue, Blue Area, ISLAMABAD.

Subject: FINANCIAL RESULTS FOR THE 2N* QUARTER ACCOUNTS FOR THE PERIOD ENDED DECEMBER 31, 2024

Dear Sir,

Please be informed that the Board of Directors of SNGPL in its meeting held on November 01, 2025 at 02:30 p.m. at Lahore, recommended the following:

1. Cash Dividend:

2. Bonus Shares:

3. Right Shares:

4. Any Other Entitlement / Corporate Action:

   NIL NIL NIL NIL

5. Any Other Price-Sensitive Information: NIL

The financial results of the Company for the 2"d Quarter Accounts for the period ended December 31, 2024 alongwith qualified opinion of the auditors are annexed, herewith, as follows:

1. Statement ofProfit / Loss for the period ended December 31, 2024 along with appropriations, Earning

   / (Loss) Per Share and comparative figures of immediately preceding corresponding period (Annex-A);

2. Statement of Financial Position as at December 31, 2024 (Annex-B);

3. Statement of Changes in Equity for the period ended December 31, 2024 (Annex-C); and

4. Statement of Cash Flows for the period ended December 31, 2024 (Annex-D);

The Auditors in their report to the members have emphasized as under:

"We draw attention to note 14.1 to the interim financial statements which explains that the settlement of circular debt, including tariff adjustment is dependent upon the resolution of

*°B*teiedC}fflce:

iii i Northen Gas Pipeliices ink it ccl,

2 I -Ka shrnir Road. La1aoi'e, Pakistan.

*-92 42-9S O82 OOO-06

Heart O fflce:

Corpoi-ate Affairs De}oartiiaent.

.5'u F heir, Gas Holise,

2 I -Kaslaweir Road, I..ahere. rak ist:aii 92-42 -9920 1 3 '9

Sui Northern Gas

intercorporate balances by the Government of Pakistan and increase in gas prices or subsidy by the Government of Pakistan to the Company. Our conclusion is not modified in this respect".

The Quarterly Report of the Company for the period ended December 31, 2024 will be transmitted through PUCARS separately, within the specified time.

Thanks and regards.

Yours sincerely,

SGM (Corporate Affairs) / Company Secretary

Encls: As above.

Register erl O fftce:

Henri ci rnce:

Su i Northern Gas P 'ipeliries Lim ited,

2 1 -Kasliinir Roacl, Lahore, Pakistan.

-9242-990 82000-0iS

C'cir}aorate A ftnirs D epartin erat.

5i'^ F loor, Gas Hoiise,

2 I -Ka slain i r Rna d, Isa lieu e, Pak istan .

-92-42-9920 1 369

SUI NORTHERN GAS PIPELINES LIMITED

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED)

FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED DECEMBER 3x,* *4

Three-month period ended

Annex A Six-month period ended

December s1, December 3i, December si, December 3i,

* °4 > *3 * >4 * *3 (Restated) (Restated)

Rupees in thousand Rupees in thousand

13.593›482 *5›968›797

Earnings per share - basic and diluted (in Rupees) o4

5-*3

Annex A

The Auditors M/s A.F Ferguson & Co. Chartered Accountants have expressed a qualified opinion due to non-compliance with presentation requirements of IFRS i4 following the expiry of SECP's exemption on June 3o, 2O>4-

"Quote"

As disclosed in note 3.2 to the accompanying interim financial statements, the Company, as a gas utility engaged in rate-regulated activities, has recognized Regulatory Deferral Account (RDA) balances in accordance with International Financial Reporting Standard (IFRS) 14 'Regulatory Deferral Accounts'. However, the Company has not complied with the presentation requirements of IFRS i4. as detailed below. These departures do not impact the retained earnings of the Company.

1. IFRS i4requires that the 'net movement in Regulatory DeferralAccount balances' be presented as a separate line item in the condensed interim statement of profit or loss, with a subtotal for profit or loss excluding such movements. The Company has instead added the 'net movement in RDA balances' with 'revenue from contracts with customers' as 'Tariff adjustment' and has not presented the required subtotal. Had the Company complied with the requirement, the condensed interim statement of profit or loss would have presented:

   1. A separate subtotal, 'Profit/(loss) for the period before net movement in regulatory deferral account balances' amounting to Rs 23.3 9 715 llllOn (for the six-month period ended December 3i, 2O23: I(99›467.216)million)];

   2. Removal of the 'Tariff adjustment' line item by an amount of Rs is.s6o.26i million (for the six-month period ended December 3i, 2023: (io6,49O704) million);

      C. Inclusion of a separate line item, 'Net movement in regulatory deferral account balances' amounting to Rs (•5.56O.26i million) (for the six-month period ended December 3i, 2023: io6.49 7 4 IRillion), presented after 'profit for the period'.

      'Profit for the period and net movement in RDA balances' and 'profit for the period' as per accompanying condensed interim financial statements would have remained the same.

2. IFRS i4requires that Regulatory Deferral Account assets andliabilities be presented separately from other assets and liabilities. The Company has classified RDA balances within 'Other receivables' without separate line item presentation. Had the requirement been followed, a separate line item, 'Regulatory deferral account balances' amounting to Rs 849.836.993million (June 3o, 2024: Rs 865›397254million), would have been presented after the subtotal of total assets, with a corresponding decrease in 'Other receivables', classified as a current asset and included in total assets.

3. IFRS i4 mandates separate presentation of basic and diluted Earnings Per Share (EPS) calcrtlated by excluding the net movement in RDA balances. The Company has not presented this EPS in the condensed interim statement of profit or loss. Had the requirement been followed, EPS would have been presented as:

- Basic and diluted EPS (excluding net movement in RDA balances): 3675 (for the six-month period ended December 3i, 2023: Rs (is6.83)/

Basic and diluted EPS (including net movement in RDA balances): Rs 12.2z (for the six-month

period ended December 3i, 2023: RS 11. 7)

"Unquote"

Annex A

Company considers that the qualification is limited to presentation aspects and have no impact on Profit for the year and net movement in 'Regulatory Deferral Account balances' and 'profit for the year' as per annexed financial statements. Company's exemption renewal request isunder consideration with the Federal Government through Ministry of Energy (Petroleum Division).

SUI NORTHERN GAS PIPELINES LIMITED

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT DECEMBER Ayr. zo

Un-Audited Audited

December 31.eoz4 June 3o.eoz4

tRupees n thousand)

Annex B

Un-Audited Audited

December 3i.zoo June 3 .= =4

(Rupees tn thousand)

EQUITY AND LIABILITIES

Share capital and reserves

Share capital Revenue reserves Total equity

Non-cum-ent liabilities

Lon8 term financing from financial institutions - secured Long term financing - unsecured

Lea.se liabilities Security deposits Deferred grant Contract liabilities

Employee benefit obligations

Current liabilines Trade and other payables Current portion of:

Contract liabilities Deferred grant Lease liabilities

Long term financing from financial institutions - secured Long term financing - unsecured

Provision for taxation Unclaimed dividend

Interest / mark-up accrued on loans and other payables

Short term borrowings from financial institutions - secured

CONTINGENCIES AND COMMITMENTS

*9.34 ,3*9

68,o6e zz,6*3,S 7 68.o8z,yyi

53•39 •99

05,643.45*

* 7'*3 '°55

c,38*,84o*589

6*o *,oss

,OO55q8

eS,S6S,633 i6.i60•7°6 8°5›8M›9°4

t,z ,oooeoo

ASSFIS

Non-current assets Property, plant and equipment Intangible asset.s

Right-of-use assets Deferred taxation Long term loans Employee benefits

Long term deposits and prepayments

Current assets Stores and spare parts Stock-in-trade

Trade debts

Loans and advances

Trade deposits and short term prepayments Accrued interest

mher receivables

Contract assets Sales tax recoverable

Cash and bank balances

*,3EO,395, 3

3*8•7*6.966

i,3e3,68o,9S8

i.658.o66,94*

i.658.o66,94* i,64*›4°7 9M

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE SIX-MONTH PERIOD ENDED DECEMBER 31, * >4

Annex C

- --------------------(Rupees in thousand)-------------------------------

Balance as at July oi, z =3 (audited)

Transactions with owners in their capacity as owners recognised directly in equity:

- Final dividend for the year ended June 3o, zozz @ Rupees i s per share

Total comprehensive income for the six months ended December 3i, z°>3

Profit for the period

Other comprehensive income for the period

6,34>,i67

4,+>7,68z

48o,ooo

34,635,746

(95+.3 s)

-

-

-

-

7› *3›488

7› ^3.g88

7, *3,488

7,°*3,48

39.>43,4 8

(9S+•3 s)

7› >3›488

45,585.595

7›°>3.488

Balance as at December 3 *3 I»-audited) ›34>,i67 4 •7 7›9 9 s ,657758

Balance as at July oi, z »4 (•udited)

Transactions with owners in their capacity as owners recognised directly in equity:

- Final dividend for the year ended June 3o, zo83 @ Rupees 4 s per share

Total comprehensive income for the six months ended December 3'. 2O>4:

Profit for the period

Other comprehensive income for the period

4›+>7›68z

•$8O,OOO

(°, 53•975)

7›749,454

7.749.454

7.749.454

7›749›4S4

57' 5°›#5*

(z,853,975)

7›749›4T4

6q,i9z,8i8

7›749›4S4

Balance as at December 3i, • 4 t•n-audited) 6,34*,IH7 4›+>7›68z s8,i38, 8 «*.746,i;jo 6g,o88,z97

SUI NORTHERN OAS PIPELINES LIMITED

CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE SIX-MONTH PERIOD ENDED DECEMBER 3i, * *4

Annex D

Six-month period ended December 3i, December 3i,

(Rupees in thousand)

CASH FLOWS FROM OPERATING ACTIVITIES

Cash generated from operations Finance cost paid

Payments of lease liabilities - interest Minimum tax and income tax paid

Employee benefit obligations / contributions paid Increase in security deposits

Receipts against government grants and consumer contributions Decrease/(increase) in long term loans

Increase in long term deposits and prepayments

Net cash inflow from operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Payments for property, plant and equipment Payments for intangible assets

Proceeds from disposal of property, plant and equipment Return on bank deposits

Net cash outflow from investing activities CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from long term financing from financial institutions - secured Repayment oflong term financing - unsecured

Repa3 ment oflong term financing from financial institutions - secured Payments oflease liabilities - principal

Repayment of short term borrowings Proceeds from short terin borrowings Diindend paid

Net cash inflow from financing activities

Net increase in cash and cash equivalents

Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period

49 IO7›*3

( 54,lQ1) (l 755›*54) (7›534›7*5)

(*› 5 ›7 9J

5›37 ›7l6

757›*2l

**7› *

(zo,85o,385)

(49,893)

35› /O

5oo,g2z

(>>›3 4.>93)

(ias.6io)

5.214

8•4•55

(45›395)

(eo,364 126)

4,15 › 9*

9,1O9›*57

(lliZ›4 4›591)

(io3.s55.3341

51,387,O7>

(i6,87 › 9 )

(1,94 .786)

(6,oi6,g14)

(l,44l,764J 721,i84

97 ›33 (>95•7Os)

(z6i)

z6.s21,O73

(u1,6oo,139)

is.s69.57

.490.5*

(1Ol,945•544)

(81,455› 3>)