NGDC profit declines 16% to SAR 1.5M in H1 2024

25/08/2024 Argaam Exclusive

Natural Gas Distribution Co. (NGDC) posted a 16% decline in H1 2024 net profit to SAR 1.5 million, compared to SAR 1.8 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 47.68 54.32 13.9 %
Gross Income 4.50 4.04 (10.1 %)
Operating Income 1.48 1.16 (21.9 %)
Net Income 1.78 1.49 (16.2 %)
Average Shares 5.00 5.00 -
EPS (Riyals) 0.36 0.30 (16.2 %)


Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 47.68 54.32 13.9 %
Gross Income 4.50 4.04 (10.1 %)
Operating Income 1.48 1.16 (21.9 %)
Net Income 1.78 1.49 (16.2 %)
Average Shares 5.00 5.00 -
EPS (Riyals) 0.36 0.30 (16.2 %)

The profit drop was attributed to the customers' lower consumption of natural gas during the first half of this year.

 

On the other hand, revenues increased due to the rise in the price of natural gas sold to customers, which was driven by higher prices of natural gas supplied by Aramco and the Ministry of Energy's adjustment of the natural gas selling tariff at the end of the first quarter of 2024.

 

Shareholders' equity, no minority interest, amounted to SAR 57.09 million by the end of the current period, compared to SAR 56.26 million a year earlier.

 

Historical Data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2020

44.49

2.49

0.50

H2 2020

44.76

1.93

0.38

H1 2021

44.93

1.23

0.25

H2 2021

44.66

1.25

0.25

H1 2022

43.25

0.93

0.19

H2 2022

47.76

2.36

0.47

H1 2023

47.68

1.78

0.36

H2 2023

44.81

1.99

0.39

H1 2024

54.32

1.49

0.3
 

View More Financial Results

 

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Share Price

Natural Gas Distribution Co.
62.10
(1.90) (2.97 %)

Natural Gas Distribution Co. (NGDC)

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Financial Ratios
Current
Market Cap (M Riyal) 310.50
Enterprise Value (EV) (M) 304.52
Shares Outstanding ((M)) 5.00
Book Value (BV) ( Riyal) 11.62
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
Price/book 5.34
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