KARACHI, Oct 25: The board of directors of the Sui Northern Gas Pipelines Limited (SNGPL), which met on Friday, proposed cash dividend at 20 per cent for the year ended June 30,2002. The company also reported after tax profit of Rs1,856 million on net sales of Rs37,030 million for the year, up from net profit of Rs1,338 million on sales of Rs34,070 million the previous year. The company has called the annual general meeting (AGM) on November 26, at Lahore.

Meanwhile, the shareholders of Sui Southern Gas Company Limited (SSGC) approved the cash dividend of 17.5 per cent for the year ended June 30, 2002 at the AGM held on Friday at Karachi. The meeting also appointed Taseer Hadi Khalid and Company, as auditors for the financial year 2002-03. SSGC reported pretax profit amounting to Rs 2,154 million for the year, up 9 per cent from Rs 1,975 million the previous year. Earning per share worked out at Rs2.14 for 2002, higher than Rs1.93 in 2001.

SSGC chairman Aitzaz Shahbaz introduced the new MD Munawar Baseer Ahmad to the shareholders. The chairman observed that as per agreements, KESC and Wapda were being regularly supplied 100 to 120 mmcfd and 53 mmcfd gas, respectively. He stated that after the start of Bhit Gas Field in April 2003, SSGC would receive about 270 mmcf gas daily, whereas Sawan and Zamzama Gas Fields would provide 119 to 170 mmcf and 97.5 to 130 mmcf gas daily in October 2003, respectively. “After receiving more gas from all these fields, the company would be able to enhance its supplies by 50 per cent”, the chairman stated and added that by the end of 2003, KESC and Wapda would receive sufficient quantity of gas to meet their full requirements for power generation.