Financial Results : GASCO’s H1 2022 profit drops 14% to SAR 104.7 mln; Q2 down 13% to SAR 31.8 mln

GASCO’s H1 2022 profit drops 14% to SAR 104.7 mln; Q2 down 13% to SAR 31.8 mln

10/08/2022 Argaam Exclusive

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National Gas and Industrialization Co. (GASCO) posted a decline of 14% in H1 2022 net profit after Zakat and tax to SAR 104.7 million, compared to SAR 121.7 million a year earlier.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 978.90 996.29 1.8 %
Gross Income 138.95 148.56 6.9 %
Operating Income 50.42 58.96 16.9 %
Net Income 121.70 102.41 (15.8 %)
Average Shares 75.00 75.00 -
EPS (Riyals) 1.62 1.37 (15.8 %)

The company cited a decline of SAR 21 million year-on-year (YoY) in investment income, represented mainly by lower revenues from investment funds.

 

GASCO also reported a drop of SAR 6 million in its profit share from associates.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 467.82 479.11 2.4 %
Gross Income 62.63 72.12 15.1 %
Operating Income 16.48 25.32 53.7 %
Net Income 36.51 31.77 (13.0 %)
Average Shares 75.00 75.00 -
EPS (Riyals) 0.49 0.42 (13.0 %)

In Q2 2022, net profit after Zakat and tax fell 13% to SAR 31.8 million, from SAR 36.51 million in the prior-year period. GASCO cited a decline of SAR 13 million in investment income and an increase of SAR 1 million in operating expenses (OPEX).

 

Compared to Q1 2022, net profit tumbled 56.4% from SAR 72.97 million, due to lower gross profit, along with higher OPEX and decreased investment income.

 

Shareholders’ equity, after minority interest, stood at SAR 1.725 billion by the end of the six-month period, up from SAR 1.676 billion a year earlier.

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