National Gas and Industrialization Co. (GASCO) reported net profit after Zakat and tax of SAR 33.4 million for the first three months of 2020, a decline of 64% year-on-year (YoY), driven by lower revenue from investments, higher selling and marketing expenses, and increased general and administrative expenses (G&As).
On a sequential basis, GASCO swung to profit in Q1 2020, versus losses of SAR 19.5 million in Q4 2019.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 495.28 | 528.64 | 6.7 % |
| Gross Income | 67.59 | 74.04 | 9.5 % |
| Operating Income | 32.33 | 26.39 | (18.4 %) |
| Net Income | 93.17 | 14.68 | (84.2 %) |
| Average Shares | 75.00 | 75.00 | - |
| EPS (Riyals) | 1.24 | 0.20 | (84.2 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 502.13 | 528.64 | 5.3 % |
| Gross Income | 37.21 | 74.04 | 99.0 % |
| Operating Income | (51.23) | 26.39 | 151.5 % |
| Net Income | (22.32) | 14.68 | 165.8 % |
| Average Shares | 75.00 | 75.00 | - |
| EPS (Riyals) | (0.30) | 0.20 | 165.8 % |
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