Natural Gas Distribution Co. (NGDC) posted a drop of 24% in H1 2022 net profit after Zakat and tax to SAR 930,000, compared to SAR 1.229 million in the year-earlier period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 44.93 | 43.25 | (3.8 %) |
| Gross Income | 4.32 | 3.39 | (21.5 %) |
| Operating Income | 1.33 | 0.97 | (26.8 %) |
| Net Income | 1.23 | 0.93 | (24.3 %) |
| Average Shares | 5.00 | 5.00 | - |
| EPS (Riyals) | 0.25 | 0.19 | (24.3 %) |
The profit drop was attributed to lower revenue, after Saudi Aramco suspended gas supply last May. The company also cited higher operational consumption as a result of the addition of new fixed assets.
Shareholders equity, no minority interest, came in at SAR 54.617 million as of June 30, 2022, down from SAR 54.714 million a year earlier.
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