KARACHI, Oct 30: The Sui Southern Gas Company’s 54th annual general meeting was on Thursday informed of a profit after tax of Rs991 million for the year ending on June 30, 2008, as against Rs290 million in the previous financial year, reflecting an increase of 242pc.

The AGM was held to approve the annual financial statements for the fiscal year. SSGC chairman Salim Abbas Jilani presided over the meeting.

According to a press release, the shareholders unanimously approved the annual audited accounts as presented and declared 12.5pc dividend amounting to Rs1.25 per share of Rs10. Consequently, the earnings per share too increased from Rs0.43 in 2007 to Rs1.48 this year.

During 2007-08, the company undertook massive rehabilitation of gas pipeline network, reinforcing of gas distribution operations at optimum pressures and crackdown on gas theft. These initiatives bore fruit when at 6.6pc, the company recorded its lowest-ever UFG which is nearly one per cent lower compared to 7.4pc during the corresponding period last year.

While the transmission network capacity increased by 215 mmcfd during the year, distribution network of 2,079 km was laid replacing 545 km old network.

The meeting adopted the audited report of the company for the year ended June 30 together with the chairman’s review and directors report.