Financial Results : GASCO H1 2021 profit surges to SAR 121.7 mln

GASCO H1 2021 profit surges to SAR 121.7 mln

19/08/2021 Argaam Exclusive

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National Gas and Industrialization Co. (GASCO) reported a net profit of SAR 121.7 million for the first half of 2021, from SAR 37.8 million in the same period last year.

 

The higher profit was driven by an increase in operating income due to a decrease in the cost of revenues, and general and administrative expenses. The company increased profit share from associates and higher investments income due to dividends from National Industrial Gases Co.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 1,008.53 978.90 (2.9 %)
Gross Income 123.72 138.95 12.3 %
Operating Income 25.01 50.42 101.6 %
Net Income 37.78 121.70 222.1 %
Average Shares 75.00 75.00 -
EPS (Riyals) 0.50 1.62 222.1 %

In Q2 2021, net profit climbed 58% to SAR 36.5 million, from SAR 23.1 million in the prior-year period, thanks to higher operating and investment income.

 

On a sequential basis, GASCO’s net profit fell by 57% from SAR 85.2 million, hit by lower operating income and reduced profit share from associates.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 479.89 467.82 (2.5 %)
Gross Income 49.68 62.63 26.1 %
Operating Income (1.38) 16.48 1291.3 %
Net Income 23.10 36.51 58.0 %
Average Shares 75.00 75.00 -
EPS (Riyals) 0.31 0.49 58.0 %

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