GAS profit leaps 99% to SAR 35.5 mln in H1 2023

15/08/2023 Argaam Exclusive

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Gas Arabian Services Co. (GAS) posted a 99% leap in H1 2023 net profit to SAR 35.5 million, compared to SAR 17.9 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	188.99	-	-
Gross Income	35.73	-	-
Operating Income	1.99	-	-
Net Income	17.85	-	-
Average Shares	158.00	-	-
EPS (Riyals)	0.11	-	-

The higher profit was attributed to a rise in total sales and an increase in profit share from associates during the current period.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	188.99	351.22	85.8 %
Gross Income	35.73	52.25	46.2 %
Operating Income	1.99	11.44	476.4 %
Net Income	17.85	35.48	98.8 %
Average Shares	158.00	158.00	-
EPS (Riyals)	0.11	0.22	98.8 %

Item	H2 2022	H1 2023	Change‬
Revenues	307.05	351.22	14.4 %
Gross Income	79.41	52.25	(34.2 %)
Operating Income	40.63	11.44	(71.8 %)
Net Income	49.54	35.48	(28.4 %)
Average Shares	158.00	158.00	-
EPS (Riyals)	0.31	0.22	(28.4 %)

Shareholders' equity, no minority interest, amounted to SAR 314.59 million by the end of the current period, compared to SAR 264.41 million a year earlier.

Historical Development of Financials (SAR mln)
Period	Revenues (SAR mln)	Net Earnings (SAR mln)	EPS (SAR/Share)
H1 2020	130.13	9.49	0.06
H2 2020	191.88	63.82	0.40
H1 2021	139.89	15.44	0.10
H2 2021	246.58	44.62	0.28
H1 2022	188.99	17.85	0.11
H2 2022	307.05	49.53	0.32
H1 2023	351.22	35.48	0.22

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