Financial Results : GASCO net profit down 14% to SAR 73 mln in Q1 2022

GASCO net profit down 14% to SAR 73 mln in Q1 2022

18/05/2022 Argaam Exclusive

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National Gas and Industrialization Co. (GASCO) reported a net profit after Zakat and tax of SAR 73 million in Q1 2022, a decline of 14% from SAR 85.2 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 511.08 517.18 1.2 %
Gross Income 76.32 76.44 0.2 %
Operating Income 33.95 33.64 (0.9 %)
Net Income 85.19 70.64 (17.1 %)
Average Shares 75.00 75.00 -
EPS (Riyals) 1.14 0.94 (17.1 %)

The lower profit was attributed to a drop in investments' income and decreased profit share from National Industrial Gases Co. The company also cited lower investment income from associates.

 

On a sequential basis, net profit jumped 68.5% from SAR 43.3 million in Q4 2021.

 

Total shareholders’ equity, excluding minority interest, inched up to SAR 1.680 billion in Q1 2022 from SAR 1.669 billion a year ago.

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