GASCO 9M 2024 profit grows to SAR 188.7M; Q3 at SAR 52.1M

04/11/2024 Argaam Exclusive

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National Gas and Industrialization Co.'s (GASCO) net profit was up 2.2% to SAR 188.7 million in the first nine months of 2024, compared to SAR 184.7 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	1,791.99	2,070.80	15.6 %
Gross Income	240.18	264.50	10.1 %
Operating Income	109.79	114.10	3.9 %
Net Income	184.72	188.70	2.2 %
Average Shares	75.00	75.00	-
EPS (Riyals)	2.46	2.52	2.2 %

The natural gas distributor ascribed the profit rise to an increase of SAR 279 million in topline, as the gas revenue rose by SAR 234 million on higher prices and sales volumes.

GASCO also recorded a SAR 22 million rise in revenues from commercial projects. Sales of empty cylinders grew by SAR 15 million, while scrap and spare parts sales rose SAR 4 million.

Revenues from transportation and other services increased SAR 2 million, with the sales of cylinder spare parts and others growing by SAR 2 million. Gross profits rose SAR 24 million on better revenue, while Zakat expenses decreased by SAR 15 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	609.61	721.00	18.3 %
Gross Income	77.18	87.40	13.2 %
Operating Income	31.88	30.50	(4.3 %)
Net Income	57.22	52.10	(8.9 %)
Average Shares	75.00	75.00	-
EPS (Riyals)	0.76	0.69	(8.9 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	642.88	721.00	12.2 %
Gross Income	77.56	87.40	12.7 %
Operating Income	29.84	30.50	2.2 %
Net Income	58.00	52.10	(10.2 %)
Average Shares	75.00	75.00	-
EPS (Riyals)	0.77	0.69	(10.2 %)

On the other hand, revenue soared by SAR 111 million.

Net earnings dropped 10.2% from SAR 58 million in Q2 2024 on a decline of SAR 8 million in project revenue and SAR 1 million in the sales of scrap and spare parts. OpEx rose by SAR 9 million quarter-on-quarter.

Total shareholders’ equity, no minority interest, increased to SAR 1.95 billion as of Sept. 30, 2024, from SAR 1.83 million a year earlier.

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