GASCO H1 net profit up 22% to SAR 127.5 mln; Q2 at SAR 54.5 mln

09/08/2023 Argaam Exclusive

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National Gas and Industrialization Co. (GASCO) net profit rose by 22% to SAR 127.5 million in H1 2023, compared to SAR 104.7 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	996.29	1,182.37	18.7 %
Gross Income	148.56	163.00	9.7 %
Operating Income	58.96	77.91	32.2 %
Net Income	102.41	127.50	24.5 %
Average Shares	75.00	75.00	-
EPS (Riyals)	1.37	1.70	24.5 %

The net profit increase was driven by a rise of SAR 14 million in gross profit due to higher revenues.

The company also cited a SAR 3 million decrease in operating expenses (OpEx) mainly due to lower selling and distribution expenses, in addition to higher share of results of associates companies. Meanwhile, investment income increased while finance costs edged lower.

This was despite a decrease of SAR 1 million in other income.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	479.11	567.44	18.4 %
Gross Income	72.12	72.68	0.8 %
Operating Income	25.32	27.50	8.6 %
Net Income	31.77	54.52	71.6 %
Average Shares	75.00	75.00	-
EPS (Riyals)	0.42	0.73	71.6 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	614.93	567.44	(7.7 %)
Gross Income	90.32	72.68	(19.5 %)
Operating Income	50.41	27.50	(45.5 %)
Net Income	72.98	54.52	(25.3 %)
Average Shares	75.00	75.00	-
EPS (Riyals)	0.97	0.73	(25.3 %)

The utility provider reported a net profit of SAR 54.5 million in Q2 2023, a 71% surge from SAR 31.8 million in Q2 2022.

Sequentially, Q2 net profit fell 25.3% from SAR 72.98 million in Q1 2023, on lower revenues due to seasonality reasons and higher OpEx.

Shareholders’ equity, no minority interest, stood at SAR 1.81 billion by the end of Q2 2023, compared to SAR 1.66 billion in the year-earlier period.

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