National Gas and Industrialization Co. (GASCO) reported a net profit after Zakat and tax of SAR 85.2 million in Q1 2021, compared to profit of SAR 14.7 million in Q1 2020.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 528.64 | 511.08 | (3.3 %) |
| Gross Income | 74.04 | 76.32 | 3.1 % |
| Operating Income | 26.39 | 33.95 | 28.6 % |
| Net Income | 14.68 | 85.19 | 480.4 % |
| Average Shares | 75.00 | 75.00 | - |
| EPS (Riyals) | 0.20 | 1.14 | 480.4 % |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 500.80 | 511.08 | 2.1 % |
| Gross Income | 54.75 | 76.32 | 39.4 % |
| Operating Income | 18.73 | 33.95 | 81.2 % |
| Net Income | 82.08 | 85.19 | 3.8 % |
| Average Shares | 75.00 | 75.00 | - |
| EPS (Riyals) | 1.09 | 1.14 | 3.8 % |
The increase in net profit was driven by higher operating income as cost of revenues and general and administrative expenses declined.
In addition, GASCO noted an increase in investments' income as it received dividends of SAR 33.8 million from National Industrial Gases Co. Also, the firm saw increased gain from revaluation of investment funds and higher investment income from associates.
When compared to the previous quarter, Q1 2021 net profit after Zakat and tax rose 7.2%.
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