GASCO’s net profit doubles in Q1 2019

12/05/2019 Argaam Exclusive

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Share Price

National Gas and Industrialization Co. (GASCO)

National Gas & Industrialization Co.’s (GASCO) net profit more than doubled year-on-year during the first quarter of 2019 to SAR 85.79 million on higher gas sales and higher other investment revenue.

When compared to previous quarter, net profit rose almost seven times on higher gas sales, lower selling & marketing expenses, lower general & administrative expenses and higher other investment revenue.



Current Quarter Comparison (M)

Compared With The
Item Q1 2018 Q1 2019 Change‬
Revenues 490.48 495.28 1.0 %
Gross Income 64.58 67.59 4.7 %
Operating Income 33.86 32.33 (4.5 %)
Net Income 38.83 93.17 139.9 %
Average Shares 75.00 75.00 -
EPS (Riyals) 0.52 1.24 139.9 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2010 406.12 4.2 % 25.64 (10.1 %) 16.25 29.6 % 0.22
Q2 2010 383.76 3.4 % 28.45 42.4 % 21.40 97.7 % 0.29
Q3 2010 385.00 1.0 % 42.73 (3.1 %) 26.97 (29.2 %) 0.36
Q4 2010 406.46 0.6 % 49.67 46.4 % 25.54 119.0 % 0.34
Q1 2011 417.26 2.7 % 20.96 (18.3 %) 8.92 (45.2 %) 0.12
Q2 2011 410.88 7.1 % 41.71 46.6 % 36.45 70.3 % 0.49
Q3 2011 402.50 4.5 % 35.12 (17.8 %) 26.95 (0.1 %) 0.36
Q4 2011 440.84 8.5 % 46.27 (6.8 %) 34.03 33.2 % 0.45
Q1 2012 447.13 7.2 % 43.36 106.9 % 34.97 292.3 % 0.47
Q2 2012 416.02 1.3 % 42.07 0.9 % 33.81 (7.2 %) 0.45
Q3 2012 429.06 6.6 % 44.11 25.6 % 29.16 8.2 % 0.39
Q4 2012 459.49 4.2 % 56.80 22.8 % 41.44 21.8 % 0.55
Q1 2013 457.70 2.4 % 43.49 0.3 % 36.39 4.1 % 0.49
Q2 2013 437.49 5.2 % 50.50 20.0 % 37.90 12.1 % 0.51
Q3 2013 440.07 2.6 % 46.27 4.9 % 37.06 27.1 % 0.49
Q4 2013 452.53 (1.5 %) 41.51 (26.9 %) 2.58 (93.8 %) 0.03
Q1 2014 459.99 0.5 % 44.02 1.2 % 33.53 (7.9 %) 0.45
Q2 2014 445.11 1.7 % 45.19 (10.5 %) 38.25 0.9 % 0.51
Q3 2014 436.94 (0.7 %) 54.00 16.7 % 43.99 18.7 % 0.59
Q4 2014 456.13 0.8 % 43.81 5.5 % 36.48 1312.9 % 0.49
Q1 2015 482.46 4.9 % 45.82 4.1 % 41.68 24.3 % 0.56
Q2 2015 474.91 6.7 % 54.47 20.5 % 27.42 (28.3 %) 0.37
Q3 2015 453.64 3.8 % 41.59 (23.0 %) 32.50 (26.1 %) 0.43
Q4 2015 496.02 8.7 % 52.33 19.5 % 40.29 10.5 % 0.54
Q1 2016 511.22 6.0 % 63.03 37.6 % 50.28 20.6 % 0.67
Q2 2016 503.70 6.1 % 44.05 (19.1 %) 23.03 (16.0 %) 0.31
Q3 2016 454.05 0.1 % 52.65 26.6 % 30.37 (6.6 %) 0.40
Q4 2016 506.99 2.2 % 72.28 38.1 % 43.06 6.9 % 0.57
Q1 2017 520.06 1.7 % 63.49 0.7 % 64.98 29.2 % 0.87
Q2 2017 499.38 (0.9 %) 46.16 4.8 % 37.79 64.1 % 0.50
Q3 2017 460.19 1.4 % 55.56 5.5 % 38.73 27.5 % 0.52
Q4 2017 505.52 (0.3 %) 114.02 57.7 % (14.15) (132.9 %) (0.19)
Q1 2018 490.48 (5.7 %) 64.58 1.7 % 38.83 (40.2 %) 0.52
Q2 2018 474.75 (4.9 %) 60.69 31.5 % 32.36 (14.4 %) 0.43
Q3 2018 449.05 (2.4 %) 62.31 12.2 % 34.60 (10.6 %) 0.46
Q4 2018 486.30 (3.8 %) 47.00 (58.8 %) (13.42) 5.2 % (0.18)
Q1 2019 495.28 1.0 % 67.59 4.7 % 93.17 139.9 % 1.24

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 7.91 % 8.34 % 5.49 %
Q2 2010 8.39 % 8.74 % 6.12 %
Q3 2010 8.28 % 8.56 % 5.40 %
Q4 2010 9.26 % 8.72 % 5.70 %
Q1 2011 8.90 % 8.29 % 5.06 %
Q2 2011 9.57 % 9.02 % 5.90 %
Q3 2011 9.01 % 8.57 % 5.84 %
Q4 2011 8.62 % 8.83 % 6.79 %
Q1 2012 9.78 % 10.16 % 8.20 %
Q2 2012 9.78 % 10.19 % 8.00 %
Q3 2012 10.14 % 10.73 % 8.01 %
Q4 2012 10.64 % 11.35 % 7.81 %
Q1 2013 10.58 % 11.37 % 7.63 %
Q2 2013 10.93 % 11.85 % 7.71 %
Q3 2013 10.98 % 11.93 % 8.06 %
Q4 2013 10.17 % 9.58 % 5.92 %
Q1 2014 10.18 % 9.85 % 6.08 %
Q2 2014 9.85 % 9.63 % 6.17 %
Q3 2014 10.29 % 10.17 % 6.59 %
Q4 2014 10.40 % 12.07 % 8.47 %
Q1 2015 10.37 % 11.85 % 8.81 %
Q2 2015 10.71 % 12.05 % 8.08 %
Q3 2015 9.94 % 11.28 % 7.40 %
Q4 2015 10.18 % 11.29 % 7.44 %
Q1 2016 10.92 % 11.49 % 7.77 %
Q2 2016 10.23 % 10.29 % 7.44 %
Q3 2016 10.79 % 10.28 % 7.33 %
Q4 2016 11.74 % 10.92 % 7.81 %
Q1 2017 11.71 % 10.75 % 8.23 %
Q2 2017 11.84 % 11.24 % 9.00 %
Q3 2017 11.95 % 11.26 % 9.02 %
Q4 2017 14.07 % 12.23 % 9.53 %
Q1 2018 14.33 % 12.38 % 8.63 %
Q2 2018 15.27 % 12.76 % 8.46 %
Q3 2018 15.71 % 12.90 % 8.68 %
Q4 2018 12.34 % 9.28 % 4.86 %
Q1 2019 12.47 % 9.13 % 7.70 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 75.00 (0.92) 1.14 13.73
Q2 2010 75.00 (0.78) 1.29 13.23
Q3 2010 75.00 (0.93) 1.14 13.81
Q4 2010 75.00 1.20 1.20 13.36
Q1 2011 75.00 1.10 1.07 13.22
Q2 2011 75.00 1.30 1.27 13.77
Q3 2011 75.00 1.30 1.27 13.92
Q4 2011 75.00 1.42 1.51 13.72
Q1 2012 75.00 1.77 1.86 13.69
Q2 2012 75.00 1.73 1.82 14.14
Q3 2012 75.00 1.76 1.85 14.03
Q4 2012 75.00 1.86 1.82 14.56
Q1 2013 75.00 1.88 1.79 14.04
Q2 2013 75.00 1.93 1.83 14.55
Q3 2013 75.00 2.04 1.93 14.29
Q4 2013 75.00 1.52 1.41 13.31
Q1 2014 75.00 1.48 1.45 13.35
Q2 2014 75.00 1.49 1.48 13.47
Q3 2014 75.00 1.58 1.58 13.62
Q4 2014 75.00 2.03 2.03 13.53
Q1 2015 75.00 2.14 2.14 13.75
Q2 2015 75.00 1.99 1.99 13.80
Q3 2015 75.00 1.84 1.84 13.88
Q4 2015 75.00 1.89 1.89 14.03
Q1 2016 75.00 2.01 2.01 14.18
Q2 2016 75.00 1.95 1.95 14.22
Q3 2016 75.00 1.92 1.92 14.33
Q4 2016 75.00 1.96 2.06 14.93
Q1 2017 75.00 2.15 2.18 15.46
Q2 2017 75.00 2.35 2.38 15.53
Q3 2017 75.00 2.46 2.39 15.75
Q4 2017 75.00 1.70 2.52 21.45
Q1 2018 75.00 1.35 2.25 15.59
Q2 2018 75.00 1.28 2.18 15.23
Q3 2018 75.00 1.22 2.22 15.19
Q4 2018 75.00 1.23 1.23 21.98
Q1 2019 75.00 1.96 1.96 24.50

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 NEG 20.06 1.67
Q2 2010 NEG 15.29 1.49
Q3 2010 NEG 16.94 1.39
Q4 2010 15.68 15.68 1.41
Q1 2011 16.53 16.99 1.38
Q2 2011 14.71 15.06 1.39
Q3 2011 13.64 13.97 1.28
Q4 2011 13.54 12.69 1.40
Q1 2012 13.96 13.24 1.80
Q2 2012 12.14 11.54 1.49
Q3 2012 11.99 11.40 1.50
Q4 2012 9.79 9.98 1.25
Q1 2013 10.65 11.15 1.42
Q2 2013 10.30 10.86 1.37
Q3 2013 11.27 11.89 1.61
Q4 2013 17.51 18.84 2.00
Q1 2014 19.24 19.63 2.13
Q2 2014 19.96 20.07 2.20
Q3 2014 21.82 21.82 2.53
Q4 2014 16.04 16.04 2.41
Q1 2015 14.67 14.67 2.28
Q2 2015 15.32 15.32 2.21
Q3 2015 14.61 14.61 1.94
Q4 2015 13.44 13.44 1.81
Q1 2016 10.85 10.85 1.53
Q2 2016 13.97 13.97 1.91
Q3 2016 12.76 12.76 1.71
Q4 2016 16.89 16.05 2.21
Q1 2017 15.06 14.88 2.10
Q2 2017 13.62 13.47 2.06
Q3 2017 12.91 13.30 2.02
Q4 2017 17.99 12.11 1.42
Q1 2018 22.42 13.45 1.94
Q2 2018 24.08 14.12 2.02
Q3 2018 22.10 12.16 1.78
Q4 2018 22.73 22.73 1.27
Q1 2019 16.28 16.28 1.30

Business Segments (Million)

Compared With The
Period Sale of gas Sale of cylinders Sale of tanks Sale of extensions and other business Other revenues Commercial projects Cages revenues Sales return

Current
Market Cap (M Riyal) 6,450.00
Enterprise Value (EV) (M) 6,240.17
Shares Outstanding ((M)) 75.00
EPS ( Riyal) (TTM) 3.11
Book Value (BV) ( Riyal) 25.84
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 27.69
P/E (TTM) 27.69
Price/book 3.33
Return on Average Assets (%) (TTM) 9.2
Return on Average Equity (%) (TTM) 12.2

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