NGDC posts 92% leap in H1 2023 profit to SAR 1.8 mln

04/09/2023 Argaam Exclusive

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Natural Gas Distribution Co. (NGDC) posted a leap of 92% in H1 2023 net profit to SAR 1.8 million, compared to SAR 930,000 in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	43.25	47.68	10.2 %
Gross Income	3.39	4.50	32.8 %
Operating Income	0.97	1.48	52.6 %
Net Income	0.93	1.78	91.5 %
Average Shares	5.00	5.00	-
EPS (Riyals)	0.19	0.36	91.5 %

The profit growth was due to higher revenues on an increase in natural gas consumption by the company’s customers, as well as lower operational consumption on the completion of depreciation of some gas network assets and the first natural gas network by the end of 2022.

Shareholders equity, no minority interest, came in at SAR 56.26 million as of June 30, 2023, up from SAR 54.61 million a year earlier.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	43.25	47.68	10.2 %
Gross Income	3.39	4.50	32.8 %
Operating Income	0.97	1.48	52.6 %
Net Income	0.93	1.78	91.5 %
Average Shares	5.00	5.00	-
EPS (Riyals)	0.19	0.36	91.5 %

Item	H2 2022	H1 2023	Change‬
Revenues	47.76	47.68	(0.2 %)
Gross Income	4.58	4.50	(1.9 %)
Operating Income	2.17	1.48	(31.9 %)
Net Income	2.36	1.78	(24.5 %)
Average Shares	5.00	5.00	-
EPS (Riyals)	0.47	0.36	(24.5 %)

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2020	44.49	2.49	0.50
H2 2020	44.76	1.93	0.38
H1 2021	44.93	1.23	0.25
H2 2021	44.66	1.25	0.25
H1 2022	43.25	0.93	0.19
H2 2022	47.76	2.36	0.47
H1 2023	46.68	1.78	0.36

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