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).
| 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.
| 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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