GASCO posts 57.9% profit drop to SAR 42.7 mln in H1 2020

25/08/2020 Argaam Exclusive

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National Gas and Industrialization Co. (GASCO) reported a net profit after Zakat and tax of SAR 42.7 million for the first half of 2020, a decline of 57.9% year-on-year (YoY), on lower revenues from investments, higher selling and marketing expenses, and increased general and administrative expenses (G&As).

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	958.42	1,008.53	5.2 %
Gross Income	123.56	123.72	0.1 %
Operating Income	45.26	25.01	(44.7 %)
Net Income	101.31	37.78	(62.7 %)
Average Shares	75.00	75.00	-
EPS (Riyals)	1.35	0.50	(62.7 %)

In Q2 2020, net profit after Zakat and tax surged 63% to SAR 13.2 million, from SAR 8 million in prior-year period, thanks to higher investment revenues, and other income. Moreover, provisions for Zakat claims decreased by SAR 5.5 million.

On a sequential basis, GASCO’s net profit fell by 55% from SAR 29.4 million, hit by a decline in gross profit and allocation of SAR 5.2 million for doubtful debts. The company was also pressured by an increase of SAR 6 million in technical support and license costs.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	463.14	479.89	3.6 %
Gross Income	55.98	49.68	(11.3 %)
Operating Income	12.93	(1.38)	(110.7 %)
Net Income	8.14	23.10	183.7 %
Average Shares	75.00	75.00	-
EPS (Riyals)	0.11	0.31	183.7 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	528.64	479.89	(9.2 %)
Gross Income	74.04	49.68	(32.9 %)
Operating Income	26.39	(1.38)	(105.2 %)
Net Income	14.68	23.10	57.4 %
Average Shares	75.00	75.00	-
EPS (Riyals)	0.20	0.31	57.4 %

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