GASCO’s net profit falls 40% in Q1 on lower sales

07/05/2018 Argaam Exclusive

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National Gas and Industrialization Co. (GASCO) reported a net profit of SAR 38.8 million for Q1 2018, a drop of 40 percent year-on-year (YoY) due to a decline in gross income amid lower cylinder and tank sales, as well as higher selling, general and administrative expenses.

In addition, a decline in revenue from associates and other income along with higher zakat also weighed on the quarterly figures.

The company turned profitable against a net loss of SAR 14 million in Q4 2017, thanks to a decline in selling, general and administrative expenses and higher investment income.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2017	Q1 2018	Change‬
Revenues	520.06	490.48	(5.7 %)
Gross Income	63.49	64.58	1.7 %
Operating Income	34.08	33.86	(0.6 %)
Net Income	64.98	38.83	(40.2 %)
Average Shares	75.00	75.00	-
EPS (Riyals)	0.87	0.52	(40.2 %)

Item	Q4 2017	Q1 2018	Change‬
Revenues	505.52	490.48	(3.0 %)
Gross Income	114.02	64.58	(43.4 %)
Operating Income	59.24	33.86	(42.8 %)
Net Income	(14.15)	38.83	374.4 %
Average Shares	75.00	75.00	-
EPS (Riyals)	(0.19)	0.52	374.4 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
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
2014	1,798.16	0.6 %	187.02	2.9 %	152.26	33.6 %	2.03
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
2015	1,907.02	6.1 %	194.21	3.8 %	141.89	(6.8 %)	1.89
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
2016	1,975.97	3.6 %	232.01	19.5 %	146.72	3.4 %	1.96
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)
2017	1,985.13	0.5 %	279.23	20.4 %	127.35	(13.2 %)	1.70
Q1 2018	490.48	(5.7 %)	64.58	1.7 %	38.83	(40.2 %)	0.52

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2014	1,798.16	0.6 %	187.02	2.9 %	152.26	33.6 %	2.03
2015	1,907.02	6.1 %	194.21	3.8 %	141.89	(6.8 %)	1.89
2016	1,975.97	3.6 %	232.01	19.5 %	146.72	3.4 %	1.96
2017	1,985.13	0.5 %	279.23	20.4 %	127.35	(13.2 %)	1.70

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2014	10.29 %	10.17 %	6.59 %
Q4 2014	10.40 %	12.07 %	8.47 %
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 %
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 %
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 %
2017	14.07 %	12.23 %	9.53 %
Q1 2018	14.33 %	12.38 %	8.63 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2014	10.40 %	12.07 %	8.47 %
2015	10.18 %	11.29 %	7.44 %
2016	11.74 %	10.92 %	7.81 %
2017	14.07 %	12.23 %	9.53 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2014	12.36 %	14.43 %	10.07 %
Q4 2014	9.60 %	10.52 %	8.00 %
Q1 2015	9.50 %	10.73 %	8.64 %
Q2 2015	11.47 %	12.65 %	5.77 %
Q3 2015	9.17 %	11.19 %	7.16 %
Q4 2015	10.55 %	10.61 %	8.12 %
Q1 2016	12.33 %	11.53 %	9.83 %
Q2 2016	8.74 %	7.92 %	4.57 %
Q3 2016	11.60 %	11.12 %	6.69 %
Q4 2016	14.26 %	13.12 %	10.00 %
Q1 2017	12.21 %	10.86 %	11.41 %
Q2 2017	9.24 %	9.84 %	7.57 %
Q3 2017	12.07 %	11.23 %	6.81 %
Q4 2017	22.55 %	16.93 %	12.02 %
Q1 2018	13.17 %	11.38 %	7.92 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2014	75.00	2.03	2.03	13.53
2015	75.00	1.89	1.89	14.03
2016	75.00	1.96	2.06	14.93
2017	75.00	1.70	2.52	21.45

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2009	11.68	29.43	1.79
Q2 2009	18.46	More than 100	1.87
Q3 2009	17.64	79.60	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
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

Period	P/E	Adjusted P/E	Price/book
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
2014	16.04	16.04	2.41
2015	13.44	13.44	1.81
2016	16.89	16.05	2.21
2017	17.99	12.11	1.42

Financial Ratios

	Current
Market Cap (M Riyal)	6,810.00
Enterprise Value (EV) (M)	6,600.17
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)	29.23
P/E (TTM)	29.23
Price/book	3.51
Return on Average Assets (%) (TTM)	9.2
Return on Average Equity (%) (TTM)	12.2

National Gas and Industrialization Co. (GASCO)

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GASCO’s net profit falls 40% in Q1 on lower sales

View other reports

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

Share Price

National Gas and Industrialization Co. (GASCO)

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