GASCO’s net profit up 6% to SAR 227.3M in 2023, Q4 at SAR 42.6M

11/03/2024 Argaam Exclusive

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National Gas and Industrialization Co. (GASCO) reported a net profit of SAR 227.3 million for 2023, growth of 6% from SAR 214.1 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	2,080.21	2,457.91	18.2 %
Gross Income	278.63	304.82	9.4 %
Operating Income	107.97	127.70	18.3 %
Net Income	214.06	227.32	6.2 %
Average Shares	75.00	75.00	-
EPS (Riyals)	2.85	3.03	6.2 %

Revenues increased by SAR 378 million as gas sales rose by SAR 341 million year-on-year (YoY) due to the increase in gas prices and volume. Revenues from commercial projects added SAR 28 million YoY, while sales of fiber cylinders increased by SAR 12 million YoY. Revenues from other services (transportation, etc.) rose by SAR 7 million YoY.

Gross profit increased by SAR 26.2 million YoY on higher revenue, increased investment and finance income, higher profit share from associates.

Meanwhile, sales of scrap declined by SAR 10 million YoY and operating expenses rose 6.5 million YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	571.19	665.93	16.6 %
Gross Income	67.58	64.64	(4.4 %)
Operating Income	30.56	17.90	(41.4 %)
Net Income	54.67	42.60	(22.1 %)
Average Shares	75.00	75.00	-
EPS (Riyals)	0.73	0.57	(22.1 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	609.61	665.93	9.2 %
Gross Income	77.18	64.64	(16.2 %)
Operating Income	31.88	17.90	(43.8 %)
Net Income	57.22	42.60	(25.6 %)
Average Shares	75.00	75.00	-
EPS (Riyals)	0.76	0.57	(25.6 %)

Q4 2023 net profit dropped 22% YoY to SAR 42.6 million.

On a quarterly basis, net profit slumped 25.6%, from SAR 57.22 million.

Total shareholders’ equity, no minority interest, stood at SAR 1.84 billion by Dec. 31, 2023, compared to SAR 1.73 billion a year earlier.

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