Gas Arabian Services Co. posted an 18% drop in its 2021 net profit after Zakat and tax to SAR 60.1 million, compared to SAR 73.3 million a year earlier.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 322.01 | 386.46 | 20.0 % |
| Gross Income | 117.06 | 104.70 | (10.6 %) |
| Operating Income | 66.50 | 37.37 | (43.8 %) |
| Net Income | 73.31 | 60.06 | (18.1 %) |
| Average Shares | 158.00 | 158.00 | - |
| EPS (Riyals) | 0.46 | 0.38 | (18.1 %) |
The lower profit was attributed to an increase in the cost of revenue during 2021, as the cost of supplying the materials used in technical support and maintenance services projects rose on an annual basis.
The company also reported higher general and administrative expenses in 2021, amid the positive impact of the government initiatives, through the financial support of SANED programs, among others, that mitigated the COVID-19 impacts on the 2020 net profit.
Shareholders' equity, after minority interest, amounted to SAR 278.166 million, compared to SAR 240.359 million a year earlier.
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