GAS H1 2022 net profit rises 16% to SAR 17.8 mln

21/08/2022 Argaam Exclusive

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Gas Arabian Services Co. (GAS) reported a net profit after Zakat and tax of SAR 17.8 million in H1 2022, an increase of 16%, compared to SAR 15.4 million in the prior-year period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	139.89	188.99	35.1 %
Gross Income	30.85	35.73	15.8 %
Operating Income	(2.20)	1.99	190.3 %
Net Income	15.44	17.85	15.6 %
Average Shares	158.00	158.00	-
EPS (Riyals)	0.10	0.11	15.6 %

This was triggered by higher total shares and increased profit share from joint ventures and associates.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2021	H1 2022	Change‬
Revenues	139.89	188.99	35.1 %
Gross Income	30.85	35.73	15.8 %
Operating Income	(2.20)	1.99	190.3 %
Net Income	15.44	17.85	15.6 %
Average Shares	158.00	158.00	-
EPS (Riyals)	0.10	0.11	15.6 %

Item	H2 2021	H1 2022	Change‬
Revenues	246.58	188.99	(23.4 %)
Gross Income	73.86	35.73	(51.6 %)
Operating Income	39.56	1.99	(95.0 %)
Net Income	44.62	17.85	(60.0 %)
Average Shares	158.00	158.00	-
EPS (Riyals)	0.28	0.11	(60.0 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 264.414 million by the end of H1 2022, compared to SAR 233.799 million in the year-earlier period.

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