GASCO net profit rises 22% to SAR 109.8 mln in FY19

31/03/2020 Argaam Exclusive

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National Gas and Industrialization Co. (GASCO) reported a net profit after Zakat and tax of SAR 109.8 million for fiscal year 2019, up 22% year-on-year (YoY), from SAR 89.9 million a year earlier.

The rise is net profit is due to an increase of SAR 65.8 million in investment income despite a SAR 14.5 million jump in consultancy costs, a SAR 20 million increase in provision for Zakat claims, as well as a SAR 6.4 million provision for doubtful debts.

Financials (M)

Item	2018	2019	Change‬
Revenues	1,901.94	1,922.56	1.1 %
Gross Income	234.30	242.92	3.7 %
Operating Income	84.65	27.37	(67.7 %)
Net Income	89.89	109.44	21.7 %
Average Shares	75.00	75.00	-
EPS (Riyals)	1.20	1.46	21.7 %

In Q4 2019, the company’s net loss after Zakat and tax widened to SAR 42 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	486.30	502.13	3.3 %
Gross Income	47.00	37.21	(20.8 %)
Operating Income	(11.72)	(51.23)	(337.0 %)
Net Income	(13.42)	(22.32)	(66.3 %)
Average Shares	75.00	75.00	-
EPS (Riyals)	(0.18)	(0.30)	(66.3 %)

Item	Q3 2019	Q4 2019	Change‬
Revenues	462.01	502.13	8.7 %
Gross Income	82.15	37.21	(54.7 %)
Operating Income	33.34	(51.23)	(253.7 %)
Net Income	30.46	(22.32)	(173.3 %)
Average Shares	75.00	75.00	-
EPS (Riyals)	0.41	(0.30)	(173.3 %)

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