Natural Gas Distribution Co. (NGDC) posted a 16% decline in H1 2024 net profit to SAR 1.5 million, compared to SAR 1.8 million a year earlier.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 47.68 | 54.32 | 13.9 % |
| Net Income | 1.78 | 1.49 | (16.2 %) |
| Average Shares | 5.00 | 5.00 | - |
| EPS (Riyals) | 0.36 | 0.30 | (16.2 %) |
The profit drop was attributed to the customers' lower consumption of natural gas during the first half of this year.
On the other hand, revenues increased due to the rise in the price of natural gas sold to customers, which was driven by higher prices of natural gas supplied by Aramco and the Ministry of Energy's adjustment of the natural gas selling tariff at the end of the first quarter of 2024.
Shareholders' equity, no minority interest, amounted to SAR 57.09 million by the end of the current period, compared to SAR 56.26 million a year earlier.
|
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 |
47.68 |
1.78 |
0.36 |
|
H2 2023 |
44.81 |
1.99 |
0.39 |
|
H1 2024 |
54.32 |
1.49 |
0.3 |
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