GASCO 2021 profit up 47% to SAR 201.7 mln; Q4 at SAR 43.3 mln

National Gas and Industrialization Co. (GASCO) reported a net profit after Zakat and tax of SAR 201.7 million for 2021, a rise of 47% compared with SAR 136.9 million a year earlier.

The profit growth was driven by an increase in operating income by SAR 32 million due to low cost of revenue as well as general & administrative expenses, which resulted from the company's initiatives that contributed to improving the efficiency of operations and decreasing costs, including early retirement plan for employees.

GASCO also cited an increase in investments income by SAR 43 million, due to the growth in the dividends received from National Industrial Gases Co.

This was despite a decline in other income by SAR 6 million and increase in finance charges by SAR 3 million, as well as Zakat expense by SAR 2 million.

The company’s Q4 2021 net profit reached SAR 43.3 million, down 50% year-on-year from SAR 86.5 million.

On a sequential basis, the fourth-quarter net profit rose 17.8% compared with SAR 36.8 million in Q3 2021.

Total shareholders’ equity, excluding minority interest, reached SAR 1.651 billion as on Dec. 31, 2021, compared with SAR 1.565 billion a year before.

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