GASCO’s net profit climbs 9% to SAR 248.7M in 2024, Q4 at SAR 60M

National Gas and Industrialization Co. (GASCO) reported a net profit of SAR 248.7 million for 2024, a growth of 9% from SAR 227.3 million a year earlier.

The profit increase was driven by topline growth on higher gas sales by SAR 365 million due to the rise in gas prices and volume.

The company also reported an increase in sales of empty cylinders by SAR 23 million, higher revenues from commercial projects by SAR 22 million and a rise in earnings from transportation and other services by SAR 4 million.

Meanwhile, gross profit rose by SAR 56.6 million on an increase in revenues.

Zakat expense fell by SAR 24.4 million mainly due to the reversal of Zakat provision upon finalization of open Zakat assessments for previous years until 2020, and other income grew by SAR 5.6 million.

However, the profit increase was negatively affected by a decrease in sales of spare parts of cylinders, higher operating and financing expenses, and, lower financing revenues.

Q4 2024 net profit rose 41% to SAR 60 million from SAR 42.6 million in Q4 2023.

On a quarterly basis, net profit grew 15.3%, from SAR 52.07 million.

Total shareholders’ equity, no minority interest, stood at SAR 1.9 billion by Dec. 31, 2024, compared to SAR 1.84 billion a year earlier.

View More Financial Results