Financial Results : GASCO profit rises 8% to SAR 78.6M in Q1 2024

GASCO profit rises 8% to SAR 78.6M in Q1 2024

09/05/2024 Argaam Exclusive

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National Gas and Industrialization Co. (GASCO) reported a net profit rise of 8% to SAR 78.6 million for the first quarter of 2024, from SAR 73 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 614.93 706.83 14.9 %
Gross Income 90.32 99.49 10.1 %
Operating Income 50.41 53.74 6.6 %
Net Income 72.98 78.61 7.7 %
Average Shares 75.00 75.00 -
EPS (Riyals) 0.97 1.05 7.7 %

The profit growth was driven by an increase in revenue from gas sales by SAR 74 million, due to a rise in gas prices and sales volume. In addition, sales of empty cylinders grew by SAR 7 million year-on-year (YoY), and revenues from commercial projects leapt by SAR 6 million.

 

The company also reported an increase in revenues from other services by SAR 2 million, as well as an increase in sales of scrap and spare parts by SAR 3 million.

 

However, this was offset by an increase in operating expenses by SAR 6 million and a decrease in share of results of associates by SAR 2 million.

 

The first-quarter net profit jumped 84.5% from SAR 42.60 million in Q4 2023, as sales revenue rose while Zakat and operating expenses declined.

 

Shareholders’ equity, after minority interest, increased to SAR 1.93 billion as of March 31, 2024, from SAR 1.87 billion a year earlier.

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