GAS sees growth momentum to continue in 2025: CEO

Faisal AlDabal, Vice Chairman and CEO of Gas Arabian Services Co. (GAS)

Faisal AlDabal, Vice Chairman and CEO of Gas Arabian Services Co. (GAS), said that the increase in supply orders and the signing of new contracts positively impacted the company’s performance during the second half of 2024.

This momentum is expected to continue driving growth throughout 2025, he told Argaam in a telephone interview.

The projects and contracts secured in the first half of 2024 are still under execution, further strengthening the company’s robust performance during the second half of the same year, he added.

The CEO pointed out that the company’s 48% year-on-year (YoY) increase in net profit was driven by a 65% YoY rise in revenues. He attributed this growth to improved operational efficiency and reduced expenses, which supported earnings and bolstered financial performance.

The company’s share of profits from associates increased by 27% to SAR 18 million in H2 2024, compared to SAR 14 million in the year-earlier period, AlDabal noted.

The revenue increase was primarily due to the execution of certain projects in the technical services segment, as well as a rise in supply orders in the commercial segment. The technical services segment contributed 51%, the commercial segment 42%, and the manufacturing segment 7% of total revenues.

AlDabal further explained that the technical services segment was the main growth driver, with revenues soaring by 111% YoY. The manufacturing segment’s topline rose 181% YoY, while the commercial segment’s revenue jumped 24% YoY. These led to an overall revenue growth of  65.1%.

GAS’ project portfolio and outstanding orders exceed SAR 1.66 billion, the CEO added.

AlDabal expected strong performance in Q1 2025, driven by the accumulated orders and the continued execution of projects and supply contracts.

According to data available with Argaam, GAS posted a 40% rise in 2024 net profit to SAR 114 million from SAR 81.5 million in 2023.