Financial Results : GASCO’s 2014 net profit up 34% to SAR 152.2 mln

GASCO’s 2014 net profit up 34% to SAR 152.2 mln

20/01/2015 Argaam Exclusive

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National Gas and Industrialization Company (GASCO), a retailer of liquefied petroleum gas (LPG), reported 2014’s

net profit of SAR 152.2 million, a 34 percent increase compared to the last year.

 

A net profit of SAR 36.4 million was reported for Q4-2014 compared to SAR 43.9 million for Q3.



Financials (M)

Item 2013 2014 Change‬
Revenues 1,787.78 1,798.16 0.6 %
Gross Income 181.76 187.02 2.9 %
Operating Income 94.35 134.30 42.3 %
Net Income 113.94 152.26 33.6 %
Average Shares 75.00 75.00 -
EPS (Riyals) 1.52 2.03 33.6 %

 

The company attributed the increase of 2014’s net profit, compared to the last year, to the increase of sales by SAR 10 million and the decrease of G&A expenses due to the decline of Zakat provision which was formed at SAR 37.5 million last year in addition to the other legal liabilities booked in the previous year. There was also a decrease of other expenses.

 

The increase of Q4-2014’s net profit compared to the same period last year was attributed to the increase of sales by SAR 3.5 million and the decrease of G&A expenses due to the decline of Zakat provision which was formed at SAR 37.5 million last year in addition to the other legal liabilities booked in the previous year. There was also a decrease of other expenses.

 

The decline of Q4-2014’s net profit compared to the previous period (Q3-2014) was attributed to the increase of

cost of sales and increase of G&A expenses by SAR 5 million and Zakat expenses by SAR 1.9 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2013 Q4 2014 Change‬
Revenues 452.53 456.13 0.8 %
Gross Income 41.51 43.81 5.5 %
Operating Income (9.48) 27.20 387.0 %
Net Income 2.58 36.48 1312.9 %
Average Shares 75.00 75.00 -
EPS (Riyals) 0.03 0.49 1312.9 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 332.89 2.0 % 32.84 3.1 % 23.52 5.4 %
Q2 2005 308.34 3.0 % 27.49 13.3 % 18.09 18.6 %
Q3 2005 303.12 4.0 % 22.47 (11.3 %) 12.82 (21.7 %)
Q4 2005 336.43 (0.9 %) 45.41 (9.3 %) 34.38 (13.1 %)
Q1 2006 334.91 0.6 % 34.95 6.4 % 24.91 5.9 %
Q2 2006 316.32 2.6 % 24.47 (11.0 %) 12.75 (29.5 %)
Q3 2006 328.68 8.4 % 34.52 53.6 % 24.32 89.7 %
Q4 2006 359.90 7.0 % 45.70 0.6 % 31.89 (7.2 %)
Q1 2007 353.17 5.5 % 35.20 0.7 % 27.51 10.4 %
Q2 2007 330.21 4.4 % 24.12 (1.4 %) 16.80 31.8 %
Q3 2007 340.29 3.5 % 31.68 (8.2 %) 24.43 0.5 %
Q4 2007 365.83 1.6 % 48.98 7.2 % 40.60 27.3 %
Q1 2008 375.78 6.4 % 22.62 (35.7 %) 13.24 (51.9 %)
Q2 2008 347.69 5.3 % 14.99 (37.8 %) 2.55 (84.9 %)
Q3 2008 364.39 7.1 % 33.34 5.2 % 25.73 5.3 %
Q4 2008 383.47 4.8 % 41.30 (15.7 %) 31.91 (21.4 %)
Q1 2009 389.71 3.7 % 28.51 26.0 % 18.16 37.2 %
Q2 2009 371.09 6.7 % 19.97 33.2 % 9.71 281.3 %
Q3 2009 381.11 4.6 % 44.09 32.3 % 35.45 37.8 %
Q4 2009 404.20 5.4 % 33.93 (17.9 %) 21.73 (31.9 %)
Q1 2010 406.12 4.2 % 25.64 (10.1 %) 14.96 (17.6 %)
Q2 2010 383.76 3.4 % 28.45 42.4 % 16.54 70.4 %
Q3 2010 385.00 1.0 % 42.73 (3.1 %) 32.70 (7.8 %)
Q4 2010 406.46 0.6 % 49.67 46.4 % 22.98 5.7 %
Q1 2011 417.26 2.7 % 20.96 (18.3 %) 7.15 (52.2 %)
Q2 2011 410.88 7.1 % 41.71 46.6 % 25.91 56.7 %
Q3 2011 402.50 4.5 % 35.12 (17.8 %) 25.33 (22.5 %)
Q4 2011 440.84 8.5 % 46.27 (6.8 %) 23.57 2.6 %
Q1 2012 447.13 7.2 % 43.36 106.9 % 31.06 334.5 %
Q2 2012 416.02 1.3 % 42.07 0.9 % 29.77 14.9 %
Q3 2012 429.06 6.6 % 44.11 25.6 % 35.42 39.8 %
Q4 2012 459.49 4.2 % 56.80 22.8 % 36.89 56.5 %
Q1 2013 457.70 2.4 % 43.49 0.3 % 30.90 (0.5 %)
Q2 2013 437.49 5.2 % 50.50 20.0 % 37.66 26.5 %
Q3 2013 440.07 2.6 % 46.27 4.9 % 35.27 (0.4 %)
Q4 2013 452.53 (1.5 %) 41.51 (26.9 %) (9.48) (125.7 %)
Q1 2014 459.99 0.5 % 44.02 1.2 % 31.71 2.6 %
Q2 2014 445.11 1.7 % 45.19 (10.5 %) 32.88 (12.7 %)
Q3 2014 436.94 (0.7 %) 54.00 16.7 % 42.51 20.5 %
Q4 2014 456.13 0.8 % 43.81 5.5 % 27.20 387.0 %
2014 1,798.16 0.6 % 187.02 2.9 % 134.30 42.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 32.83 10.3 % 0.44 - 32.83 0.44
Q2 2005 57.47 135.8 % 0.77 - 57.47 0.77
Q3 2005 35.50 29.1 % 0.47 - 35.50 0.47
Q4 2005 48.72 25.2 % 0.65 4.03 44.70 0.60
Q1 2006 30.59 (6.8 %) 0.41 - 30.59 0.41
Q2 2006 30.65 (46.7 %) 0.41 - 30.65 0.41
Q3 2006 22.52 (36.6 %) 0.30 - 22.52 0.30
Q4 2006 27.68 (43.2 %) 0.37 - 27.68 0.37
Q1 2007 28.18 (7.9 %) 0.38 - 28.18 0.38
Q2 2007 38.80 26.6 % 0.52 - 38.80 0.52
Q3 2007 24.26 7.7 % 0.32 - 24.26 0.32
Q4 2007 43.64 57.6 % 0.58 - 43.64 0.58
Q1 2008 29.27 3.9 % 0.39 - 29.27 0.39
Q2 2008 51.48 32.7 % 0.69 - 51.48 0.69
Q3 2008 27.25 12.3 % 0.36 - 27.25 0.36
Q4 2008 40.99 (6.1 %) 0.55 79.76 (38.77) (0.52)
Q1 2009 12.54 (57.2 %) 0.17 - 12.54 0.17
Q2 2009 10.82 (79.0 %) 0.14 - 10.82 0.14
Q3 2009 38.12 39.9 % 0.51 - 38.12 0.51
Q4 2009 (134.12) (427.2 %) (1.79) (154.74) 20.63 0.28
Q1 2010 16.25 29.6 % 0.22 - 16.25 0.22
Q2 2010 21.40 97.7 % 0.29 - 21.40 0.29
Q3 2010 26.97 (29.2 %) 0.36 - 26.97 0.36
Q4 2010 25.54 119.0 % 0.34 - 25.54 0.34
Q1 2011 8.92 (45.2 %) 0.12 2.28 6.64 0.09
Q2 2011 36.45 70.3 % 0.49 - 36.45 0.49
Q3 2011 26.95 (0.1 %) 0.36 - 26.95 0.36
Q4 2011 34.03 33.2 % 0.45 (9.43) 43.45 0.58
Q1 2012 34.97 292.3 % 0.47 2.24 32.73 0.44
Q2 2012 33.81 (7.2 %) 0.45 0.43 33.39 0.45
Q3 2012 29.16 8.2 % 0.39 (0.03) 29.20 0.39
Q4 2012 41.44 21.8 % 0.55 0.00 41.44 0.55
Q1 2013 36.39 4.1 % 0.49 5.90 30.50 0.41
Q2 2013 37.90 12.1 % 0.51 1.59 36.31 0.48
Q3 2013 37.06 27.1 % 0.49 0.57 36.49 0.49
Q4 2013 2.58 (93.8 %) 0.03 0.01 2.57 0.03
Q1 2014 33.53 (7.9 %) 0.45 - 33.53 0.45
Q2 2014 38.25 0.9 % 0.51 - 38.25 0.51
Q3 2014 43.99 18.7 % 0.59 - 43.99 0.59
Q4 2014 36.48 1312.9 % 0.49 - 36.48 0.49
2014 152.26 33.6 % 2.03 - 152.26 2.03

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 10.49 % 8.80 % 9.78 %
Q2 2005 10.67 % 8.36 % 12.31 %
Q3 2005 10.35 % 7.50 % 12.83 %
Q4 2005 10.01 % 8.38 % 13.31 %
Q1 2006 10.16 % 8.16 % 13.12 %
Q2 2006 9.86 % 7.87 % 10.96 %
Q3 2006 10.59 % 8.95 % 9.76 %
Q4 2006 10.42 % 8.79 % 8.32 %
Q1 2007 10.30 % 9.35 % 8.03 %
Q2 2007 10.17 % 9.50 % 8.54 %
Q3 2007 9.88 % 10.10 % 8.60 %
Q4 2007 10.07 % 10.87 % 9.71 %
Q1 2008 9.02 % 9.76 % 9.63 %
Q2 2008 8.27 % 9.02 % 10.40 %
Q3 2008 8.25 % 8.52 % 10.43 %
Q4 2008 7.63 % 7.79 % 4.71 %
Q1 2009 7.95 % 8.33 % 3.53 %
Q2 2009 8.16 % 8.85 % 0.78 %
Q3 2009 8.78 % 9.49 % 1.49 %
Q4 2009 8.18 % 8.78 % 5.31 %
Q1 2010 7.91 % 8.34 % 5.49 %
Q2 2010 8.39 % 8.74 % 6.12 %
Q3 2010 8.28 % 8.56 % 5.40 %
Q4 2010 9.26 % 8.72 % 5.70 %
Q1 2011 8.90 % 8.29 % 5.06 %
Q2 2011 9.57 % 9.02 % 5.90 %
Q3 2011 9.01 % 8.57 % 5.84 %
Q4 2011 8.62 % 8.83 % 6.79 %
Q1 2012 9.78 % 10.16 % 8.20 %
Q2 2012 9.78 % 10.19 % 8.00 %
Q3 2012 10.14 % 10.73 % 8.01 %
Q4 2012 10.64 % 11.35 % 7.81 %
Q1 2013 10.58 % 11.37 % 7.63 %
Q2 2013 10.93 % 11.85 % 7.71 %
Q3 2013 10.98 % 11.93 % 8.06 %
Q4 2013 10.17 % 9.58 % 5.92 %
Q1 2014 10.18 % 9.85 % 6.08 %
Q2 2014 9.85 % 9.63 % 6.17 %
Q3 2014 10.29 % 10.17 % 6.59 %
Q4 2014 10.40 % 12.07 % 8.47 %
2014 10.40 % 12.07 % 8.47 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 75.00 1.65 1.65 15.62
Q2 2005 75.00 2.09 2.09 15.09
Q3 2005 75.00 2.20 2.20 15.75
Q4 2005 75.00 2.33 2.27 15.57
Q1 2006 75.00 2.30 2.24 15.52
Q2 2006 75.00 1.94 1.89 13.31
Q3 2006 75.00 1.77 1.71 13.63
Q4 2006 75.00 1.49 1.49 12.71
Q1 2007 75.00 1.45 1.45 13.41
Q2 2007 75.00 1.56 1.56 13.07
Q3 2007 75.00 1.59 1.59 13.56
Q4 2007 75.00 1.80 1.80 14.59
Q1 2008 75.00 1.81 1.81 14.71
Q2 2008 75.00 1.98 1.98 14.64
Q3 2008 75.00 2.02 2.02 13.88
Q4 2008 75.00 1.99 0.92 12.55
Q1 2009 75.00 1.76 0.70 11.51
Q2 2009 75.00 1.22 0.16 12.06
Q3 2009 75.00 1.37 0.30 12.81
Q4 2009 75.00 (0.97) 1.09 12.85
Q1 2010 75.00 (0.92) 1.14 13.73
Q2 2010 75.00 (0.78) 1.29 13.23
Q3 2010 75.00 (0.93) 1.14 13.81
Q4 2010 75.00 1.20 1.20 13.36
Q1 2011 75.00 1.10 1.07 13.22
Q2 2011 75.00 1.30 1.27 13.77
Q3 2011 75.00 1.30 1.27 13.92
Q4 2011 75.00 1.42 1.51 13.72
Q1 2012 75.00 1.77 1.86 13.69
Q2 2012 75.00 1.73 1.82 14.14
Q3 2012 75.00 1.76 1.85 14.03
Q4 2012 75.00 1.86 1.82 14.56
Q1 2013 75.00 1.88 1.79 14.04
Q2 2013 75.00 1.93 1.83 14.55
Q3 2013 75.00 2.04 1.93 14.29
Q4 2013 75.00 1.52 1.41 13.31
Q1 2014 75.00 1.48 1.45 13.35
Q2 2014 75.00 1.49 1.48 13.47
Q3 2014 75.00 1.58 1.58 13.62
Q4 2014 75.00 2.03 2.03 13.53

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 36.41 36.41 3.84
Q2 2005 46.05 46.05 6.38
Q3 2005 49.68 49.68 6.93
Q4 2005 55.46 56.77 8.29
Q1 2006 39.62 40.56 5.87
Q2 2006 34.29 35.26 5.00
Q3 2006 41.04 42.33 5.32
Q4 2006 21.70 21.70 2.54
Q1 2007 20.98 20.98 2.27
Q2 2007 16.00 16.00 1.91
Q3 2007 17.50 17.50 2.05
Q4 2007 19.18 19.18 2.37
Q1 2008 16.27 16.27 2.00
Q2 2008 14.63 14.63 1.98
Q3 2008 10.88 10.88 1.59
Q4 2008 8.71 18.74 1.38
Q1 2009 11.68 29.43 1.79
Q2 2009 18.46 More than 100 1.87
Q3 2009 17.64 79.60 1.88
Q4 2009 NEG 21.37 1.82
Q1 2010 NEG 20.06 1.67
Q2 2010 NEG 15.29 1.49
Q3 2010 NEG 16.94 1.39
Q4 2010 15.68 15.68 1.41
Q1 2011 16.53 16.99 1.38
Q2 2011 14.71 15.06 1.39
Q3 2011 13.64 13.97 1.28
Q4 2011 13.54 12.69 1.40
Q1 2012 13.96 13.24 1.80
Q2 2012 12.14 11.54 1.49
Q3 2012 11.99 11.40 1.50
Q4 2012 9.79 9.98 1.25
Q1 2013 10.65 11.15 1.42
Q2 2013 10.30 10.86 1.37
Q3 2013 11.27 11.89 1.61
Q4 2013 17.51 18.84 2.00
Q1 2014 19.24 19.63 2.13
Q2 2014 19.96 20.07 2.20
Q3 2014 21.82 21.82 2.53
Q4 2014 16.04 16.04 2.41

Current
Market Cap (M Riyal) 7,875.00
Enterprise Value (EV) (M) 7,709.02
Shares Outstanding ((M)) 75.00
EPS ( Riyal) (TTM) 3.08
Book Value (BV) ( Riyal) 26.01
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 34.05
P/E (TTM) 34.05
Price/book 4.04
Return on Average Assets (%) (TTM) 9.1
Return on Average Equity (%) (TTM) 12.2

Share Price

National Gas and Industrialization Co. (GASCO)


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