Financial Results : Natural Gas Distribution posts 24% drop in H1 2022 net profit to SAR 930,000

Natural Gas Distribution posts 24% drop in H1 2022 net profit to SAR 930,000

15/09/2022 Argaam Exclusive

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Natural Gas Distribution Co. (NGDC) posted a drop of 24% in H1 2022 net profit after Zakat and tax to SAR 930,000, compared to SAR 1.229 million in the year-earlier period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 44.93 43.25 (3.8 %)
Gross Income 4.32 3.39 (21.5 %)
Operating Income 1.32 0.97 (26.8 %)
Net Income 1.23 0.93 (24.3 %)
Average Shares 5.00 5.00 -
EPS (Riyals) 0.25 0.19 (24.3 %)

The profit drop was attributed to lower revenue, after Saudi Aramco suspended gas supply last May. The company also cited higher operational consumption as a result of the addition of new fixed assets.



Current Half Annual Comparison (M)

Compared With The
Item H1 2021 H1 2022 Change‬
Revenues 44.93 43.25 (3.8 %)
Gross Income 4.32 3.39 (21.5 %)
Operating Income 1.32 0.97 (26.8 %)
Net Income 1.23 0.93 (24.3 %)
Average Shares 5.00 5.00 -
EPS (Riyals) 0.25 0.19 (24.3 %)

Shareholders equity, no minority interest, came in at SAR 54.617 million as of June 30, 2022, down from SAR 54.714 million a year earlier.

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