GASCO 9M 2022 profit up 1.3% to SAR 159.4 mln; Q3 at SAR 57 mln

09/11/2022 Argaam Exclusive

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National Gas and Industrialization Co. (GASCO) reported a slight increase of 1.3% in net profit after Zakat and tax to SAR 159.4 million in the first nine months of 2022, from SAR 157.4 million in the prior-year period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	1,423.67	1,509.02	6.0 %
Gross Income	196.84	211.05	7.2 %
Operating Income	58.23	77.41	32.9 %
Net Income	157.37	159.39	1.3 %
Average Shares	75.00	75.00	-
EPS (Riyals)	2.10	2.13	1.3 %

The natural gas distributor recorded an increase of SAR 7 million year-on-year (YoY) in gross profit. Other income also grew by SAR 19 million YoY.

Operating expenses (OPEX) and finance charges declined by SAR 5 million and SAR 1 million YoY, respectively. Zakat expenses also decreased by SAR 3 million.

In Q3 2022, net profit after Zakat and tax climbed 56% to SAR 57 million, from SAR 36.50 million in Q3 2021. Gross profit and other income rose SAR 4 million and SAR 17 million YoY, respectively.

OPEX and Zakat expenses decreased by SAR 5 million and SAR 1 million YoY, respectively.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	444.77	512.73	15.3 %
Gross Income	58.01	62.49	7.7 %
Operating Income	8.58	18.45	115.0 %
Net Income	36.45	56.98	56.3 %
Average Shares	75.00	75.00	-
EPS (Riyals)	0.49	0.76	56.3 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	479.11	512.73	7.0 %
Gross Income	72.12	62.49	(13.4 %)
Operating Income	25.32	18.45	(27.1 %)
Net Income	31.77	56.98	79.4 %
Average Shares	75.00	75.00	-
EPS (Riyals)	0.42	0.76	79.4 %

Compared to Q2 2022, net profit surged 79.4% from SAR 31.77 million, driven by lower OPEX and a rise of SAR 13 million in investment income.

Total shareholders’ equity, no minority interest, declined to SAR 1.624 billion as of Sept. 30, 2022, from SAR 1.661 billion a year earlier.

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