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 %)

Item	H2 2021	H1 2022	Change‬
Revenues	44.66	43.25	(3.2 %)
Gross Income	4.12	3.39	(17.7 %)
Operating Income	1.52	0.97	(36.2 %)
Net Income	1.25	0.93	(25.7 %)
Average Shares	5.00	5.00	-
EPS (Riyals)	0.25	0.19	(25.7 %)

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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