GASCO 9M 2023 profit rises 16% to SAR 184.7 mln; Q3 at SAR 57.2 mln

06/11/2023 Argaam Exclusive

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National Gas and Industrialization Co. (GASCO) posted a 16% profit increase in the first nine months of 2023 to SAR 184.7 million, compared to SAR 159.4 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	1,509.02	1,791.99	18.8 %
Gross Income	211.05	240.18	13.8 %
Operating Income	77.41	109.79	41.8 %
Net Income	159.39	184.72	15.9 %
Average Shares	75.00	75.00	-
EPS (Riyals)	2.13	2.46	15.9 %

GASCO noted an increase in revenue and financing income, along with higher share of results from associates. In addition, operating expenses and financing cost edged lower.

Meanwhile, other income and investment income declined.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	512.73	609.61	18.9 %
Gross Income	62.49	77.18	23.5 %
Operating Income	18.45	31.88	72.8 %
Net Income	56.98	57.22	0.4 %
Average Shares	75.00	75.00	-
EPS (Riyals)	0.76	0.76	0.4 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	567.44	609.61	7.4 %
Gross Income	72.68	77.18	6.2 %
Operating Income	27.50	31.88	15.9 %
Net Income	54.52	57.22	4.9 %
Average Shares	75.00	75.00	-
EPS (Riyals)	0.73	0.76	4.9 %

In Q3 2023, net profit rose slightly by 0.4% to SAR 57.2 million from SAR 56.98 million in Q3 2022.

On a sequential basis, the bottom line grew 4.9% from SAR 54.52 million in Q2 2023.

Shareholders’ equity, no minority interest, reached SAR 1.83 billion as of Sept. 30, 2023, up from SAR 1.69 million a year earlier.

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