NGDC 2023 net profit up 14% to SAR 3.8M

28/03/2024 Argaam Exclusive

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Natural Gas Distribution Co. (NGDC) reported a 14% net profit increase to SAR 3.8 million in 2023, compared to SAR 3.3 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	91.01	92.49	1.6 %
Gross Income	7.97	8.78	10.1 %
Operating Income	3.14	2.92	(7.1 %)
Net Income	3.29	3.77	14.4 %
Average Shares	5.00	5.00	-
EPS (Riyals)	0.66	0.75	14.4 %

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	47.76	44.81	(6.2 %)
Gross Income	4.58	4.28	(6.6 %)
Operating Income	2.17	1.44	(33.8 %)
Net Income	2.36	1.98	(15.9 %)
Average Shares	5.00	5.00	-
EPS (Riyals)	0.47	0.40	(15.9 %)

Item	H1 2023	H2 2023	Change‬
Revenues	47.68	44.81	(6.0 %)
Gross Income	4.50	4.28	(4.8 %)
Operating Income	1.48	1.44	(2.8 %)
Net Income	1.78	1.98	11.4 %
Average Shares	5.00	5.00	-
EPS (Riyals)	0.36	0.40	11.4 %

The company’s higher revenue was attributed to the contract to operate and maintain the gas network in King Abdullah Economic City, in addition to the rollout of internal gas networks to some new customers. Additionally, the company also cited higher returns from Islamic deposits.

Total shareholders’ equity, no minority interest, stood at SAR 58.09 million by Dec. 31, 2023, compared to SAR 56.98 million a year ago.

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