GAS net profit rises 12% to SAR 67.4 mln in 2022

13/03/2023 Argaam Exclusive

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Gas Arabian Services Co. (GAS) reported a net profit of SAR 67.4 million in 2022, an increase of 12% compared to SAR 60.1 million in 2021, due to higher overall revenue and an increase in profit share from joint ventures and associates in 2022.

Financials (M)

Item	2021	2022	Change‬
Revenues	386.46	496.04	28.4 %
Gross Income	104.70	115.14	10.0 %
Operating Income	37.36	42.62	14.1 %
Net Income	60.06	67.38	12.2 %
Average Shares	158.00	158.00	-
EPS (Riyals)	0.38	0.43	12.2 %

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	246.58	307.05	24.5 %
Gross Income	73.86	79.41	7.5 %
Operating Income	39.56	40.63	2.7 %
Net Income	44.62	49.54	11.0 %
Average Shares	158.00	158.00	-
EPS (Riyals)	0.28	0.31	11.0 %

Item	H1 2022	H2 2022	Change‬
Revenues	188.99	307.05	62.5 %
Gross Income	35.73	79.41	122.3 %
Operating Income	1.99	40.63	1946.9 %
Net Income	17.85	49.54	177.5 %
Average Shares	158.00	158.00	-
EPS (Riyals)	0.11	0.31	177.5 %

Total shareholders’ equity, no minority interest, stood at SAR 317.16 million as of Dec. 31, 2022, compared to SAR 278.16 million in the year-earlier period.

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