GASCO net profit surges to SAR 158.4 mln in 9M 2021

08/11/2021 Argaam Exclusive

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National Gas and Industrialization Co. (GASCO) reported a net profit after Zakat and tax of SAR 158.4 million for the first nine months of 2021, nearly a two-fold increase compared to SAR 54.8 million in the same period last year.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	1,462.24	1,423.67	(2.6 %)
Gross Income	167.76	196.84	17.3 %
Operating Income	21.12	58.23	175.7 %
Net Income	54.81	157.37	187.1 %
Average Shares	75.00	75.00	-
EPS (Riyals)	0.73	2.10	187.1 %

The company attributed the increase in net profit to lower cost of revenue and general & administrative expenses, higher share of results of associates and higher investment income.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	453.71	444.77	(2.0 %)
Gross Income	44.04	58.01	31.7 %
Operating Income	(3.89)	8.58	320.8 %
Net Income	17.03	36.45	114.0 %
Average Shares	75.00	75.00	-
EPS (Riyals)	0.23	0.49	114.0 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	467.82	444.77	(4.9 %)
Gross Income	62.63	58.01	(7.4 %)
Operating Income	16.48	8.58	(47.9 %)
Net Income	36.51	36.45	(0.2 %)
Average Shares	75.00	75.00	-
EPS (Riyals)	0.49	0.49	(0.2 %)

The company reported a net profit of SAR 36.7 million for Q3 2021, a 115.8% year-on-year (YoY) increase.

On a sequential basis, net profit rose slightly from SAR 36.5 million in Q2 2021 on higher investment income, and lower Zakat expense and financing charges.

Shareholders’ equity, after minority interest, increased to SAR 1.6359 billion as of Sept. 30, 2021, from SAR 1.5616 billion a year earlier.

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