GASCO net profit up 25% to SAR 136.9 mln in 2020

31/03/2021 Argaam Exclusive

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National Gas and Industrialization Co. (GASCO) reported a net profit after Zakat and tax of SAR 136.9 million for 2020, a 25% increase, compared to SAR 109.4 million in 2019.

Financials (M)

Item	2019	2020	Change‬
Revenues	1,922.56	1,963.04	2.1 %
Gross Income	242.92	222.51	(8.4 %)
Operating Income	27.37	39.85	45.6 %
Net Income	109.44	136.89	25.1 %
Average Shares	75.00	75.00	-
EPS (Riyals)	1.46	1.83	25.1 %

The company attributed the increase in profit to higher revenue, lower operating expenses, higher share in results of associates and higher other income mainly due to selling trucks and scraps, as well as lower Zakat expenses.

In Q4 2020, the company turned to a net profit after Zakat and tax of SAR 86.5 million compared to a net loss of SAR 22.3 million in the same period a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	502.13	500.80	(0.3 %)
Gross Income	37.21	54.75	47.1 %
Operating Income	(51.23)	18.73	136.6 %
Net Income	(22.32)	82.08	467.8 %
Average Shares	75.00	75.00	-
EPS (Riyals)	(0.30)	1.09	467.8 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	453.71	500.80	10.4 %
Gross Income	44.04	54.75	24.3 %
Operating Income	(3.89)	18.73	581.8 %
Net Income	17.03	82.08	381.9 %
Average Shares	75.00	75.00	-
EPS (Riyals)	0.23	1.09	381.9 %

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