Financial Results : NGDC earns SAR 3.8M in 2024, SAR 2.3M in H2

NGDC earns SAR 3.8M in 2024, SAR 2.3M in H2

25/03/2025 Argaam Exclusive

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Natural Gas Distribution Co. (NGDC) reported a slight rise in 2024 net earnings to SAR 3.8 million compared with a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 92.49 109.92 18.9 %
Gross Income 8.78 8.55 (2.5 %)
Operating Income 2.92 2.65 (9.1 %)
Net Income 3.77 3.77 0.1 %
Average Shares 5.00 5.00 -
Earnings Per Share before unusual items (Riyals) 0.75 0.75 0.1 %
EPS (Riyals) 0.75 0.75 0.1 %

The Saudi-listed natural gas producer attributed the modest profit growth to higher revenues on an increase in natural gas selling prices. This came despite an 11% annual decline in customer consumption of natural gas.

 

The company also cited higher operating profits from the operation and maintenance project for the natural gas network in King Abdullah Economic City, paired with revenues generated from investing in a joint venture using the equity method. This was in addition to a lower Zakat provision.

 

H2 2024 net earnings reached SAR 2.3 million, up 2.2% from SAR 1.9 million in H2 2023.

 

The six-month net earnings leapt 52.6% from SAR 1.49 million in H1 2024.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 44.81 55.60 24.1 %
Gross Income 4.28 4.51 5.4 %
Operating Income 1.44 4.97 245.4 %
Net Income 1.98 5.75 189.6 %
Average Shares 5.00 5.00 -
Earnings Per Share before unusual items (Riyals) 0.40 1.15 189.6 %
EPS (Riyals) 0.40 1.15 189.6 %

Total shareholders’ equity, no minority interest, increased to SAR 59.26 million as of Dec. 31, 2024, from SAR 58.09 million a year earlier.

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