National Gas and Industrialization Co. (GASCO) posted a 16% profit increase in the first nine months of 2023 to SAR 184.7 million, compared to SAR 159.4 million in the year-earlier period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 1,509.02 | 1,791.99 | 18.8 % |
| Gross Income | 211.05 | 240.18 | 13.8 % |
| Operating Income | 77.41 | 109.79 | 41.8 % |
| Net Income | 159.39 | 184.72 | 15.9 % |
| Average Shares | 75.00 | 75.00 | - |
| EPS (Riyals) | 2.13 | 2.46 | 15.9 % |
GASCO noted an increase in revenue and financing income, along with higher share of results from associates. In addition, operating expenses and financing cost edged lower.
Meanwhile, other income and investment income declined.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 512.73 | 609.61 | 18.9 % |
| Gross Income | 62.49 | 77.18 | 23.5 % |
| Operating Income | 18.45 | 31.88 | 72.8 % |
| Net Income | 56.98 | 57.22 | 0.4 % |
| Average Shares | 75.00 | 75.00 | - |
| EPS (Riyals) | 0.76 | 0.76 | 0.4 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 567.44 | 609.61 | 7.4 % |
| Gross Income | 72.68 | 77.18 | 6.2 % |
| Operating Income | 27.50 | 31.88 | 15.9 % |
| Net Income | 54.52 | 57.22 | 4.9 % |
| Average Shares | 75.00 | 75.00 | - |
| EPS (Riyals) | 0.73 | 0.76 | 4.9 % |
In Q3 2023, net profit rose slightly by 0.4% to SAR 57.2 million from SAR 56.98 million in Q3 2022.
On a sequential basis, the bottom line grew 4.9% from SAR 54.52 million in Q2 2023.
Shareholders’ equity, no minority interest, reached SAR 1.83 billion as of Sept. 30, 2023, up from SAR 1.69 million a year earlier.
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