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

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 %

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