GASCO net profit slides 62% to SAR 50.4 mln in 9M 2020

10/11/2020 Argaam Exclusive

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National Gas and Industrialization Co. (GASCO) reported a net profit after Zakat and tax of SAR 50.4 million for the first nine months of 2020, a slump of 62% year-on-year.

The plunge was attributed to lower investment revenues due to the special dividends received by the company from an affiliate in Q1 2019. GASCO’s share in this dividend stood at SAR 81 million, compared to SAR 12.6 million in the current period. The gas producer also reported higher cost of sales, higher salaries, financial charges and Zakat expenses.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	1,420.43	1,462.24	2.9 %
Gross Income	205.72	167.76	(18.5 %)
Operating Income	78.60	21.12	(73.1 %)
Net Income	131.76	54.81	(58.4 %)
Average Shares	75.00	75.00	-
EPS (Riyals)	1.76	0.73	(58.4 %)

In Q3 2020, net profit after Zakat and tax tumbled 75% to SAR 7.7 million from SAR 30.5 million in prior-year period, hit by a drop in sales, higher cost of sales and Zakat expenses.

On a sequential basis, GASCO’s net profit fell by 42% from SAR 13.3 million, hurt by lower sales along with an increase in the cost of sales, general and administrative expenses as well as Zakat charges.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	462.01	453.71	(1.8 %)
Gross Income	82.15	44.04	(46.4 %)
Operating Income	33.34	(3.89)	(111.7 %)
Net Income	30.46	17.03	(44.1 %)
Average Shares	75.00	75.00	-
EPS (Riyals)	0.41	0.23	(44.1 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	479.89	453.71	(5.5 %)
Gross Income	49.68	44.04	(11.3 %)
Operating Income	(1.38)	(3.89)	(181.1 %)
Net Income	23.10	17.03	(26.3 %)
Average Shares	75.00	75.00	-
EPS (Riyals)	0.31	0.23	(26.3 %)

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