GASCO posts 6% rise in 2022 profit to SAR 214.1 mln; Q4 at SAR 54.7 mln

21/03/2023 Argaam Exclusive

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National Gas and Industrialization Co. (GASCO) reported a 6% rise in 2022 net profit to SAR 214.1 million for 2022, from SAR 201.4 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	1,904.23	2,080.21	9.2 %
Gross Income	254.76	278.63	9.4 %
Operating Income	73.53	107.97	46.8 %
Net Income	201.36	214.06	6.3 %
Average Shares	75.00	75.00	-
EPS (Riyals)	2.68	2.85	6.3 %

Gross profit and other income rose SAR 24 million and SAR 29 million year-on-year (YoY), respectively.

Operating expenses and finance cost dropped by SAR 10 million and SAR 3 million, respectively.

On the other hand, investment income from the revaluation of investment funds and the dividends received from National Industrial Gases Co. declined by SAR 42 million.

The natural gas producer also reported an SAR 11 million decrease in its profit share from associates.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	480.56	571.19	18.9 %
Gross Income	57.92	67.58	16.7 %
Operating Income	15.30	30.56	99.7 %
Net Income	44.00	54.67	24.3 %
Average Shares	75.00	75.00	-
EPS (Riyals)	0.59	0.73	24.3 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	512.73	571.19	11.4 %
Gross Income	62.49	67.58	8.2 %
Operating Income	18.45	30.56	65.6 %
Net Income	56.98	54.67	(4.0 %)
Average Shares	75.00	75.00	-
EPS (Riyals)	0.76	0.73	(4.0 %)

In Q4 2022, net profit leapt 24% to SAR 54.7 million, from SAR 44 million in Q4 2021.

The fourth-quarter net profit decreased by 4% from SAR 56.98 million in Q3 2022.

Shareholders’ equity, no minority interest, edged down 0.07% to SAR 1.735 billion as of Dec. 31, 2022, from SAR 1.736 billion a year earlier.

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