GAS profit up 29% to SAR 45.7M in H1 2024

07/08/2024 Argaam Exclusive

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GAS Arabian Services Co. (GAS) reported a 29% rise in H1 2024 net profit to SAR 45.7 million from SAR 35.5 million in the first half of 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬

The first-half profit was spurred by a rise of 37% year-on-year (YoY) in revenue to SAR 481.5 million, reflecting the company’s solid performance across the board amid better demand for supply and new contracts.

The company also posted improved gross profit margins.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	351.22	481.54	37.1 %
Gross Income	52.25	91.24	74.6 %
Operating Income	11.44	36.85	222.1 %
Net Income	35.48	45.66	28.7 %
Average Shares	158.00	158.00	-
EPS (Riyals)	0.22	0.29	28.7 %

Item	H2 2023	H1 2024	Change‬
Revenues	370.29	481.54	30.0 %
Gross Income	82.51	91.24	10.6 %
Operating Income	33.67	36.85	9.4 %
Net Income	45.99	45.66	(0.7 %)
Average Shares	158.00	158.00	-
EPS (Riyals)	0.29	0.29	(0.7 %)

Total shareholders’ equity, no minority interest, stood at SAR 359.02 million as of June 30, 2024, compared to SAR 314.59 million a year earlier.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
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
H2 2023	370.29	45.99	0.29
H1 2024	481.54	45.66	0.29

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