Financial Results : GASCO H1 2024 net profit rises 7% to SAR 136.6M; Q2 at SAR 58M

GASCO H1 2024 net profit rises 7% to SAR 136.6M; Q2 at SAR 58M

07/08/2024 Argaam Exclusive

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National Gas and Industrialization Co.'s (GASCO) net profit rose by 7% to SAR 136.6 million in H1 2024, compared to SAR 127.5 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 1,182.37 1,349.72 14.2 %
Gross Income 163.00 177.05 8.6 %
Operating Income 77.91 83.58 7.3 %
Net Income 127.50 136.60 7.1 %
Average Shares 75.00 75.00 -
EPS (Riyals) 1.70 1.82 7.1 %

Revenues grew by SAR 167 million compared with a year earlier, due to an increase in gas sales by SAR 129 million on higher gas prices and volume

 

In addition, revenues from commercial projects rose by SAR 22 million, and sales of empty cylinders went up by SAR 10 million Further, revenues from other services (transportations and others) increased by SAR 2 million, and sales of scrap and spare parts leapt by SAR 4 million.

 

However, investment and finance income declined by SAR 15 million Operating expenses increased by SAR 8 million. The company also posted a lower share from the results of associates by SAR 3 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 567.44 642.88 13.3 %
Gross Income 72.68 77.56 6.7 %
Operating Income 27.50 29.84 8.5 %
Net Income 54.52 58.00 6.4 %
Average Shares 75.00 75.00 -
EPS (Riyals) 0.73 0.77 6.4 %

The utility provider reported a net profit of SAR 58 million in Q2 2024, a 6% rise from SAR 54.52 million in Q2 2023.

 

Meanwhile, the second-quarter earnings dropped 26.2% from SAR 78.6 million in Q1 2024.

 

Shareholders’ equity, no minority interest, stood at SAR 1.94 billion by the end of Q2 2024, compared to SAR 1.81 billion in the year-earlier period.

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