Financial Results : GASCO net profit surges to SAR 85.2 mln in Q1 2021

GASCO net profit surges to SAR 85.2 mln in Q1 2021

23/05/2021 Argaam Exclusive

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National Gas and Industrialization Co. (GASCO) reported a net profit after Zakat and tax of SAR 85.2 million in Q1 2021, compared to profit of SAR 14.7 million in Q1 2020.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 528.64 511.08 (3.3 %)
Gross Income 74.04 76.32 3.1 %
Operating Income 26.39 33.95 28.6 %
Net Income 14.68 85.19 480.4 %
Average Shares 75.00 75.00 -
EPS (Riyals) 0.20 1.14 480.4 %

The increase in net profit was driven by higher operating income as cost of revenues and general and administrative expenses declined.

 

In addition, GASCO noted an increase in investments' income as it received dividends of SAR 33.8 million from National Industrial Gases Co. Also, the firm saw increased gain from revaluation of investment funds and higher investment income from associates.

When compared to the previous quarter, Q1 2021 net profit after Zakat and tax rose 7.2%.

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