National Gas and Industrialization Co. (GASCO) reported a net profit of SAR 227.3 million for 2023, growth of 6% from SAR 214.1 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 2,080.21 | 2,457.91 | 18.2 % |
| Gross Income | 278.63 | 304.82 | 9.4 % |
| Operating Income | 107.97 | 127.70 | 18.3 % |
| Net Income | 214.06 | 227.32 | 6.2 % |
| Average Shares | 75.00 | 75.00 | - |
| EPS (Riyals) | 2.85 | 3.03 | 6.2 % |
Revenues increased by SAR 378 million as gas sales rose by SAR 341 million year-on-year (YoY) due to the increase in gas prices and volume. Revenues from commercial projects added SAR 28 million YoY, while sales of fiber cylinders increased by SAR 12 million YoY. Revenues from other services (transportation, etc.) rose by SAR 7 million YoY.
Gross profit increased by SAR 26.2 million YoY on higher revenue, increased investment and finance income, higher profit share from associates.
Meanwhile, sales of scrap declined by SAR 10 million YoY and operating expenses rose 6.5 million YoY.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 571.19 | 665.93 | 16.6 % |
| Gross Income | 67.58 | 64.64 | (4.4 %) |
| Operating Income | 30.56 | 17.90 | (41.4 %) |
| Net Income | 54.67 | 42.60 | (22.1 %) |
| Average Shares | 75.00 | 75.00 | - |
| EPS (Riyals) | 0.73 | 0.57 | (22.1 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 609.61 | 665.93 | 9.2 % |
| Gross Income | 77.18 | 64.64 | (16.2 %) |
| Operating Income | 31.88 | 17.90 | (43.8 %) |
| Net Income | 57.22 | 42.60 | (25.6 %) |
| Average Shares | 75.00 | 75.00 | - |
| EPS (Riyals) | 0.76 | 0.57 | (25.6 %) |
Q4 2023 net profit dropped 22% YoY to SAR 42.6 million.
On a quarterly basis, net profit slumped 25.6%, from SAR 57.22 million.
Total shareholders’ equity, no minority interest, stood at SAR 1.84 billion by Dec. 31, 2023, compared to SAR 1.73 billion a year earlier.
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