GAS CEO says SAR 1.8B projects under implementation until 2026

Faisal K. Al-Dabal, CEO of Gas Arabian Services Co.

GAS Arabian Services Co.’s (GAS) CEO Faisal Al-Dabal said that the company achieved a 37% increase in revenues and a 29% higher net profit year-on-year (YoY) in the first half of 2024, buoyed by more purchase orders and new contracts.

In addition, the improved performance was driven by an increase in services and contracts implemented by the technical and supply departments in the commercial department.

In an interview with Argaam, Al-Dabal pointed out that the commercial sector contributed 56% to the company's revenues, while the technical services sector accounted for 42%.

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The volume of work under implementation at the beginning of the year amounted to SAR 731 million, Al-Dabal said, noting that the company added an additional SAR 1.6 billion during the first six months.

GAS completed work valued at SAR 481 million, while SAR 1.8 billion remains under implementation, with completion between 2024 and 2026.

The commercial, technical services and manufacturing sectors contributed to improving profit margins by 65%, 28%, and 7%, respectively, the CEO added.

As for the transfer of the legal reserve to the retained earnings account, he stated that the move aims to enhance the company's operations and support investors by distributing interim dividends or increasing capital if needed.

Al-Dabal highlighted that GAS maintains annual dividend distributions between 45% and 60% of the net profit, indicating that it seeks to increase the distribution rate.

Regaring the plan to trasition to TASI, the CEO confirmed that the company met all the conditions for the move, especially the liquidity condition, expecting file submission within two months.