Financial Results : GASCO’s net profit falls 13% in FY17

GASCO’s net profit falls 13% in FY17

28/03/2018 Argaam Exclusive

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National Gas and Industrialization Co. (GASCO) reported a net profit of SAR 127.3 million for fiscal year 2017, down 13.2 percent year-on-year (YoY) due to a provision of SAR 45 million for cylinder inventory, along with higher expense for replacement of cylinders in 22 kilogram category.

 

Additionally, the firm noted an increase in general and administrative expenses by SAR 11 million and the increase in sales and marketing expenses by SAR 6.5 million. Zakat provision rose by SAR 2.9 million.



Financials (M)

Item 2016 2017 Change‬
Revenues 1,975.97 1,985.13 0.5 %
Gross Income 232.01 279.23 20.4 %
Operating Income 125.26 150.36 20.0 %
Net Income 146.72 127.35 (13.2 %)
Average Shares 75.00 75.00 -
EPS (Riyals) 1.96 1.70 (13.2 %)


Current Quarter Comparison (M)

Compared With The
Item Q4 2016 Q4 2017 Change‬
Revenues 506.99 505.52 (0.3 %)
Gross Income 72.28 114.02 57.7 %
Operating Income 42.53 59.24 39.3 %
Net Income 43.06 (14.15) (132.9 %)
Average Shares 75.00 75.00 -
EPS (Riyals) 0.57 (0.19) (132.9 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2015 482.46 4.9 % 45.82 4.1 % 31.42 (0.9 %)
Q2 2015 474.91 6.7 % 54.47 20.5 % 39.08 18.9 %
Q3 2015 453.64 3.8 % 41.59 (23.0 %) 28.83 (32.2 %)
Q4 2015 496.02 8.7 % 52.33 19.5 % 30.59 12.4 %
Q1 2016 511.22 6.0 % 63.03 37.6 % 37.13 18.2 %
Q2 2016 503.70 6.1 % 44.05 (19.1 %) 18.01 (53.9 %)
Q3 2016 454.05 0.1 % 52.65 26.6 % 27.59 (4.3 %)
Q4 2016 506.99 2.2 % 72.28 38.1 % 42.53 39.0 %
Q1 2017 520.06 1.7 % 63.49 0.7 % 34.08 (8.2 %)
Q2 2017 499.38 (0.9 %) 46.16 4.8 % 26.91 49.4 %
Q3 2017 460.19 1.4 % 55.56 5.5 % 30.13 9.2 %
Q4 2017 505.52 (0.3 %) 114.02 57.7 % 59.24 39.3 %
2017 1,985.13 0.5 % 279.23 20.4 % 150.36 20.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2015 41.68 24.3 % 0.56 - 41.68 0.56
Q2 2015 27.42 (28.3 %) 0.37 - 27.42 0.37
Q3 2015 32.50 (26.1 %) 0.43 - 32.50 0.43
Q4 2015 40.29 10.5 % 0.54 - 40.29 0.54
Q1 2016 50.28 20.6 % 0.67 - 50.28 0.67
Q2 2016 23.03 (16.0 %) 0.31 - 23.03 0.31
Q3 2016 30.37 (6.6 %) 0.40 - 30.37 0.40
Q4 2016 43.06 6.9 % 0.57 (7.66) 50.71 0.68
Q1 2017 64.98 29.2 % 0.87 5.65 59.34 0.79
Q2 2017 37.79 64.1 % 0.50 - 37.79 0.50
Q3 2017 38.73 27.5 % 0.52 7.40 31.33 0.42
Q4 2017 (14.15) (132.9 %) (0.19) (74.91) 60.76 0.81
2017 127.35 (13.2 %) 1.70 (61.87) 189.21 2.52

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2015 10.37 % 11.85 % 8.81 %
Q2 2015 10.71 % 12.05 % 8.08 %
Q3 2015 9.94 % 11.28 % 7.40 %
Q4 2015 10.18 % 11.29 % 7.44 %
Q1 2016 10.92 % 11.49 % 7.77 %
Q2 2016 10.23 % 10.29 % 7.44 %
Q3 2016 10.79 % 10.28 % 7.33 %
Q4 2016 11.74 % 10.92 % 7.81 %
Q1 2017 11.71 % 10.75 % 8.23 %
Q2 2017 11.84 % 11.24 % 9.00 %
Q3 2017 11.95 % 11.26 % 9.02 %
Q4 2017 14.07 % 12.23 % 9.53 %
2017 14.07 % 12.23 % 9.53 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2015 75.00 2.14 2.14 13.75
Q2 2015 75.00 1.99 1.99 13.80
Q3 2015 75.00 1.84 1.84 13.88
Q4 2015 75.00 1.89 1.89 14.03
Q1 2016 75.00 2.01 2.01 14.18
Q2 2016 75.00 1.95 1.95 14.22
Q3 2016 75.00 1.92 1.92 14.33
Q4 2016 75.00 1.96 2.06 14.93
Q1 2017 75.00 2.15 2.18 15.46
Q2 2017 75.00 2.35 2.38 15.53
Q3 2017 75.00 2.46 2.39 15.75
Q4 2017 75.00 1.70 2.52 20.48

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2015 14.67 14.67 2.28
Q2 2015 15.32 15.32 2.21
Q3 2015 14.61 14.61 1.94
Q4 2015 13.44 13.44 1.81
Q1 2016 10.85 10.85 1.53
Q2 2016 13.97 13.97 1.91
Q3 2016 12.76 12.76 1.71
Q4 2016 16.89 16.05 2.21
Q1 2017 15.06 14.88 2.10
Q2 2017 13.62 13.47 2.06
Q3 2017 12.91 13.30 2.02
Q4 2017 17.99 12.11 1.49


Financial Ratios
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
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Share Price

National Gas and Industrialization Co.
105.00
1.00 0.96 %

National Gas and Industrialization Co. (GASCO)

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