NGDC profit declines 16% to SAR 1.5M in H1 2024

25/08/2024 Argaam Exclusive

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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.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	47.68	54.32	13.9 %
Gross Income	4.50	4.04	(10.1 %)
Operating Income	1.48	1.16	(21.9 %)
Net Income	1.78	1.49	(16.2 %)
Average Shares	5.00	5.00	-
EPS (Riyals)	0.36	0.30	(16.2 %)

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	47.68	54.32	13.9 %
Gross Income	4.50	4.04	(10.1 %)
Operating Income	1.48	1.16	(21.9 %)
Net Income	1.78	1.49	(16.2 %)
Average Shares	5.00	5.00	-
EPS (Riyals)	0.36	0.30	(16.2 %)

Item	H2 2023	H1 2024	Change‬
Revenues	44.81	54.32	21.2 %
Gross Income	4.28	4.04	(5.6 %)
Operating Income	1.44	1.16	(19.6 %)
Net Income	1.98	1.49	(24.8 %)
Average Shares	5.00	5.00	-
EPS (Riyals)	0.40	0.30	(24.8 %)

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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