National Gas and Industrialization Co. (GASCO) reported a net profit after Zakat and tax of SAR 73 million in Q1 2022, a decline of 14% from SAR 85.2 million in the year-earlier period.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 511.08 | 517.18 | 1.2 % |
| Gross Income | 76.32 | 76.44 | 0.2 % |
| Operating Income | 33.95 | 33.64 | (0.9 %) |
| Net Income | 85.19 | 70.64 | (17.1 %) |
| Average Shares | 75.00 | 75.00 | - |
| EPS (Riyals) | 1.14 | 0.94 | (17.1 %) |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 480.56 | 517.18 | 7.6 % |
| Gross Income | 57.92 | 76.44 | 32.0 % |
| Operating Income | 15.30 | 33.64 | 119.8 % |
| Net Income | 44.00 | 70.64 | 60.6 % |
| Average Shares | 75.00 | 75.00 | - |
| EPS (Riyals) | 0.59 | 0.94 | 60.6 % |
The lower profit was attributed to a drop in investments' income and decreased profit share from National Industrial Gases Co. The company also cited lower investment income from associates.
On a sequential basis, net profit jumped 68.5% from SAR 43.3 million in Q4 2021.
Total shareholders’ equity, excluding minority interest, inched up to SAR 1.680 billion in Q1 2022 from SAR 1.669 billion a year ago.
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