ISLAMABAD: The Sui Northern Gas Pipelines Company Limited (SNGPL) has reinstated 716 sacked employees with back date. The reinstated employees include 195 executives and 521 other staff members belonging to different grades.
In a circular issued today, the SNGPL has informed the regulators that the company has fulfilled compliance to the Supreme Court of Pakistan’s order, dated Dec 17, 2021, in which the apex court reinstated the employees sacked in the past.
According to circular, the reinstated employees were relieved in August 2021 as per the ruling of the Supreme Court of Pakistan. However, on Dec 17, 2021, the apex court ordered the SNGPL to reinstate all the relieved staff members.
At present, the Sui Northern Gas Pipelines Company Limited (SNGPL), with its head-office in Lahore, is one of the two leading public sector gas distribution companies in the country. SNGPL has more capacity and network than the Sui Southern Gas Pipelines Company (SSGCL) with its headquarters in Karachi.
In 2021, the SNGPL has reported profit while the SSGC has reported a huge loss due to multiple reasons.
Sui Northern Gas Pipelines Limited (SNGPL) has announced a profit after tax of Rs5.917 billion (EPS: Rs9.33) for the period ended December 31, 2020.
The company reported a profit after tax of Rs4.696 billion (EPS: Rs7.40) in the year ended on December 31, 2019. Based on the declared profit, the company has proposed an interim cash dividend of 20 percent or Rs2/share for period under review, according to a company statement.
Moreover, it said the company had been able to earn historically high net profit amounting to Rs8.939 billion for the period ended March 31, 2021 as against profit of Rs5.779 billion during the corresponding period of the last year.
The EPS for the period under review was Rs14.09 as against Rs9.11 for the same period last year, the company said.
