Gasco posts lower net profit at SAR 71.7m in I2 of 2014

30/06/2014 Argaam Exclusive

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Share Price

National Gas and Industrialization Co. (GASCO)

National Gas and Industrialization Company (GASCO), a retailer of liquefied petroleum gas (LPG), reported SAR 71.7m net profit at the end of the first half of 2014, a 3% decrease compared to the same period last year, as shown in the following table:

Financials (M)

Item	6m 2013	6m 2014	Change‬
Revenues	895.18	905.10	1.1 %
Gross Income	93.99	89.21	(5.1 %)
Operating Income	68.56	64.59	(5.8 %)
Net Income	74.29	71.79	(3.4 %)
Average Shares	75.00	75.00	-
EPS (Riyals)	0.99	0.96	(3.4 %)

Current Quarter Comparison (M)

Compared With The

Item	Q2 2013	Q2 2014	Change‬
Revenues	437.49	445.11	1.7 %
Gross Income	50.50	45.19	(10.5 %)
Operating Income	37.66	32.88	(12.7 %)
Net Income	37.90	38.25	0.9 %
Average Shares	75.00	75.00	-
EPS (Riyals)	0.51	0.51	0.9 %

Item	Q1 2014	Q2 2014	Change‬
Revenues	459.99	445.11	(3.2 %)
Gross Income	44.02	45.19	2.7 %
Operating Income	31.71	32.88	3.7 %
Net Income	33.53	38.25	14.1 %
Average Shares	75.00	75.00	-
EPS (Riyals)	0.45	0.51	14.1 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	332.89	2.0 %	32.84	3.1 %	32.83	10.3 %	0.44
Q2 2005	308.34	3.0 %	27.49	13.3 %	57.47	135.8 %	0.77
Q3 2005	303.12	4.0 %	22.47	(11.3 %)	35.50	29.1 %	0.47
Q4 2005	336.43	(0.9 %)	45.41	(9.3 %)	48.72	25.2 %	0.65
2005	1,280.78	1.9 %	128.21	(2.5 %)	174.51	44.8 %	2.33
Q1 2006	334.91	0.6 %	34.95	6.4 %	30.59	(6.8 %)	0.41
Q2 2006	316.32	2.6 %	24.47	(11.0 %)	30.65	(46.7 %)	0.41
Q3 2006	328.68	8.4 %	34.52	53.6 %	22.52	(36.6 %)	0.30
Q4 2006	359.90	7.0 %	45.70	0.6 %	27.68	(43.2 %)	0.37
2006	1,339.81	4.6 %	139.64	8.9 %	111.44	(36.1 %)	1.49
Q1 2007	353.17	5.5 %	35.20	0.7 %	28.18	(7.9 %)	0.38
Q2 2007	330.21	4.4 %	24.12	(1.4 %)	38.80	26.6 %	0.52
Q3 2007	340.29	3.5 %	31.68	(8.2 %)	24.26	7.7 %	0.32
Q4 2007	365.83	1.6 %	48.98	7.2 %	43.64	57.6 %	0.58
2007	1,389.49	3.7 %	139.98	0.2 %	134.88	21.0 %	1.80
Q1 2008	375.78	6.4 %	22.62	(35.7 %)	29.27	3.9 %	0.39
Q2 2008	347.69	5.3 %	14.99	(37.8 %)	51.48	32.7 %	0.69
Q3 2008	364.39	7.1 %	33.34	5.2 %	27.25	12.3 %	0.36
Q4 2008	383.47	4.8 %	41.30	(15.7 %)	40.99	(6.1 %)	0.55
2008	1,471.33	5.9 %	112.25	(19.8 %)	148.99	10.5 %	1.99
Q1 2009	389.71	3.7 %	28.51	26.0 %	12.54	(57.2 %)	0.17
Q2 2009	371.09	6.7 %	19.97	33.2 %	10.82	(79.0 %)	0.14
Q3 2009	381.11	4.6 %	44.09	32.3 %	38.12	39.9 %	0.51
Q4 2009	404.20	5.4 %	33.93	(17.9 %)	(134.12)	(427.2 %)	(1.79)
2009	1,546.11	5.1 %	126.50	12.7 %	(72.64)	(148.8 %)	(0.97)
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
2010	1,581.33	2.3 %	146.49	15.8 %	90.16	224.1 %	1.20
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
2011	1,671.48	5.7 %	144.06	(1.7 %)	106.34	17.9 %	1.42
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
2012	1,751.71	4.8 %	186.34	29.4 %	139.39	31.1 %	1.86
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
2013	1,787.78	2.1 %	181.76	(2.5 %)	113.94	(18.3 %)	1.52
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2004	1,257.01	3.1 %	131.56	5.6 %	120.53	19.8 %	1.61
2005	1,280.78	1.9 %	128.21	(2.5 %)	174.51	44.8 %	2.33
2006	1,339.81	4.6 %	139.64	8.9 %	111.44	(36.1 %)	1.49
2007	1,389.49	3.7 %	139.98	0.2 %	134.88	21.0 %	1.80
2008	1,471.33	5.9 %	112.25	(19.8 %)	148.99	10.5 %	1.99
2009	1,546.11	5.1 %	126.50	12.7 %	(72.64)	(148.8 %)	(0.97)
2010	1,581.33	2.3 %	146.49	15.8 %	90.16	224.1 %	1.20
2011	1,671.48	5.7 %	144.06	(1.7 %)	106.34	17.9 %	1.42
2012	1,751.71	4.8 %	186.34	29.4 %	139.39	31.1 %	1.86
2013	1,787.78	2.1 %	181.76	(2.5 %)	113.94	(18.3 %)	1.52

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	10.49 %	8.80 %	9.78 %
Q2 2005	10.67 %	8.36 %	12.31 %
Q3 2005	10.35 %	7.50 %	12.83 %
Q4 2005	10.01 %	8.38 %	13.31 %
2005	10.01 %	8.38 %	13.31 %
Q1 2006	10.16 %	8.16 %	13.12 %
Q2 2006	9.86 %	7.87 %	10.96 %
Q3 2006	10.59 %	8.95 %	9.76 %
Q4 2006	10.42 %	8.79 %	8.32 %
2006	10.42 %	8.79 %	8.32 %
Q1 2007	10.30 %	9.35 %	8.03 %
Q2 2007	10.17 %	9.50 %	8.54 %
Q3 2007	9.88 %	10.10 %	8.60 %
Q4 2007	10.07 %	10.87 %	9.71 %
2007	10.07 %	10.87 %	9.71 %
Q1 2008	9.02 %	9.76 %	9.63 %
Q2 2008	8.27 %	9.02 %	10.40 %
Q3 2008	8.25 %	8.52 %	10.43 %
Q4 2008	7.63 %	7.79 %	4.71 %
2008	7.63 %	7.79 %	4.71 %
Q1 2009	7.95 %	8.33 %	3.53 %
Q2 2009	8.16 %	8.85 %	0.78 %
Q3 2009	8.78 %	9.49 %	1.49 %
Q4 2009	8.18 %	8.78 %	5.31 %
2009	8.18 %	8.78 %	5.31 %
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 %
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 %
2011	8.62 %	8.83 %	6.93 %
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 %
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 %
2013	10.17 %	9.58 %	5.92 %
Q1 2014	10.18 %	9.85 %	6.08 %
Q2 2014	9.85 %	9.63 %	6.17 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	10.47 %	8.92 %	9.59 %
2005	10.01 %	8.38 %	13.31 %
2006	10.42 %	8.79 %	8.32 %
2007	10.07 %	10.87 %	9.71 %
2008	7.63 %	7.79 %	4.71 %
2009	8.18 %	8.78 %	5.31 %
2010	9.26 %	8.72 %	5.70 %
2011	8.62 %	8.83 %	6.93 %
2012	10.64 %	11.35 %	7.81 %
2013	10.17 %	9.58 %	5.92 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	9.86 %	9.04 %	9.86 %
Q2 2005	8.92 %	6.95 %	18.64 %
Q3 2005	7.41 %	5.00 %	11.71 %
Q4 2005	13.50 %	12.07 %	13.29 %
Q1 2006	10.44 %	8.22 %	9.13 %
Q2 2006	7.74 %	5.77 %	9.69 %
Q3 2006	10.50 %	9.56 %	6.85 %
Q4 2006	12.70 %	11.26 %	7.69 %
Q1 2007	9.97 %	10.40 %	7.98 %
Q2 2007	7.30 %	6.55 %	11.75 %
Q3 2007	9.31 %	12.00 %	7.13 %
Q4 2007	13.39 %	14.15 %	11.93 %
Q1 2008	6.02 %	6.28 %	7.79 %
Q2 2008	4.31 %	3.65 %	14.81 %
Q3 2008	9.15 %	9.83 %	7.48 %
Q4 2008	10.77 %	11.07 %	(10.11 %)
Q1 2009	7.32 %	8.38 %	3.22 %
Q2 2009	5.38 %	6.09 %	2.92 %
Q3 2009	11.57 %	12.34 %	10.00 %
Q4 2009	8.39 %	8.27 %	5.10 %
Q1 2010	6.31 %	6.72 %	4.00 %
Q2 2010	7.41 %	7.79 %	5.58 %
Q3 2010	11.10 %	11.59 %	7.01 %
Q4 2010	12.22 %	8.88 %	6.28 %
Q1 2011	5.02 %	5.12 %	1.59 %
Q2 2011	10.15 %	10.72 %	8.87 %
Q3 2011	8.72 %	9.64 %	6.70 %
Q4 2011	10.50 %	9.83 %	9.86 %
Q1 2012	9.70 %	10.43 %	7.32 %
Q2 2012	10.11 %	10.83 %	8.02 %
Q3 2012	10.28 %	11.87 %	6.80 %
Q4 2012	12.36 %	12.22 %	9.02 %
Q1 2013	9.50 %	10.55 %	6.66 %
Q2 2013	11.54 %	12.80 %	8.30 %
Q3 2013	10.51 %	12.20 %	8.29 %
Q4 2013	9.17 %	2.95 %	0.57 %
Q1 2014	9.57 %	11.57 %	7.29 %
Q2 2014	10.15 %	11.87 %	8.59 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	75.00	1.65	1.65	15.62
Q2 2005	75.00	2.09	2.09	15.09
Q3 2005	75.00	2.20	2.20	15.75
Q4 2005	75.00	2.33	2.27	15.57
Q1 2006	75.00	2.30	2.24	15.52
Q2 2006	75.00	1.94	1.89	13.31
Q3 2006	75.00	1.77	1.71	13.63
Q4 2006	75.00	1.49	1.49	12.71
Q1 2007	75.00	1.45	1.45	13.41
Q2 2007	75.00	1.56	1.56	13.07
Q3 2007	75.00	1.59	1.59	13.56
Q4 2007	75.00	1.80	1.80	14.59
Q1 2008	75.00	1.81	1.81	14.71
Q2 2008	75.00	1.98	1.98	14.64
Q3 2008	75.00	2.02	2.02	13.88
Q4 2008	75.00	1.99	0.92	12.55
Q1 2009	75.00	1.76	0.70	11.51
Q2 2009	75.00	1.22	0.16	12.06
Q3 2009	75.00	1.37	0.30	12.81
Q4 2009	75.00	(0.97)	1.09	12.85
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	75.00	1.61	1.61	14.94
2005	75.00	2.33	2.27	15.57
2006	75.00	1.49	1.49	12.71
2007	75.00	1.80	1.80	14.59
2008	75.00	1.99	0.92	12.55
2009	75.00	(0.97)	1.09	12.85
2010	75.00	1.20	1.20	13.36
2011	75.00	1.42	1.54	13.72
2012	75.00	1.86	1.82	14.56
2013	75.00	1.52	1.41	13.31

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	36.41	36.41	3.84
Q2 2005	46.05	46.05	6.38
Q3 2005	49.68	49.68	6.93
Q4 2005	More than 50	More than 50	8.29
Q1 2006	39.62	40.56	5.87
Q2 2006	34.29	35.26	5.00
Q3 2006	41.04	42.33	5.32
Q4 2006	21.70	21.70	2.54
Q1 2007	20.98	20.98	2.27
Q2 2007	16.00	16.00	1.91
Q3 2007	17.50	17.50	2.05
Q4 2007	19.18	19.18	2.37
Q1 2008	16.27	16.27	2.00
Q2 2008	14.63	14.63	1.98
Q3 2008	10.88	10.88	1.59
Q4 2008	8.71	18.74	1.38
Q1 2009	11.68	29.43	1.79
Q2 2009	18.46	More than 50	1.87
Q3 2009	17.64	More than 50	1.88
Q4 2009	NEG	21.37	1.82
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

Period	P/E	Adjusted P/E	Price/book
2004	27.35	27.35	2.94
2005	More than 50	More than 50	8.29
2006	21.70	21.70	2.54
2007	19.18	19.18	2.37
2008	8.71	18.74	1.38
2009	NEG	21.37	1.82
2010	15.68	15.68	1.41
2011	13.54	12.44	1.40
2012	9.79	9.98	1.25
2013	17.51	18.84	2.00

Financial Ratios

	Current
Market Cap (M Riyal)	6,465.00
Enterprise Value (EV) (M)	6,254.88
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)	27.75
P/E (TTM)	27.75
Price/book	3.34
Return on Average Assets (%) (TTM)	9.2
Return on Average Equity (%) (TTM)	12.2

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Gasco posts lower net profit at SAR 71.7m in I2 of 2014

View other reports

Share Price

National Gas and Industrialization Co. (GASCO)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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Gasco posts lower net profit at SAR 71.7m in I2 of 2014

View other reports

Share Price

National Gas and Industrialization Co. (GASCO)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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