SSGC Profit Plunges 59% to Rs3.44B Amid Debt Crisis

KARACHI: Sui Southern Gas Company Limited (SSGC) (PSX: SSGC) suffered a catastrophic 59% profit collapse to Rs3.44 billion for FY2025 (ended June 30) from Rs8.29 billion last year, bludgeoned by circular debt and skyrocketing financing costs.

EPS cratered to Rs3.91 from Rs9.41. Revenue crawled 0.8% to Rs450.70 billion, while gross profit dipped 3.3% to Rs12.34 billion. Finance costs exploded to Rs12.15 billion; taxes surged.

Auditors slapped a qualified opinion, flagging Rs28.54 billion unrecoverable from K-Electric, Rs21.77 billion from Pakistan Steel Mills—both financially crippled. SSGC skipped Rs370.66 billion in markup from state E&P firms on government orders.

Board limped with a Re0.50/share dividend. The results scream sector rot—legacy debt and operational hemorrhage devouring profits.