Logo of National Gas and Industrialization Co. (GASCO)
National Gas and Industrialization Co.’s (GASCO) cash dividends to shareholders surged 300% from 2020 to 2023. GASCO paid a semi-annual cash dividend at SAR 2 a share, totaling SAR 150 million, for 2023, compared to a dividend at SAR 0.5 a share, totaling SAR 37.5 million, for 2020.
GASCO shareholders generated a dividend yield of 18.87%, or SAR 5.85 a share, from 2020 until 2023, in accordance with the base price of SAR 31 a share on Jan. 1, 2020.
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Cash Dividends (2020-2023) |
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Year |
H1 (SAR/shr) |
H2 (SAR/shr) |
Total Dividends (SAR/shr) |
Total Dividends (SAR mln) |
|
2020 |
-- |
-- |
0.5 |
37.50 |
|
2021 |
0.75 |
0.75 |
1.5 |
112.5 |
|
2022 |
0.85 |
1.00 |
1.85 |
138.75 |
|
2023 |
1.00 |
1.00 |
2.00 |
150 |
GASCO shareholders, during the general meeting held mid-2021, approved authorizing the board of directors to pay an interim dividend on a semi-annual, or quarterly basis, for 2021, data compiled with Argaam showed.
The Saudi-listed firm reported net earnings of SAR 185 million for the first nine months of 2023, rising nearly 16% year-on-year (YoY), on a SAR 29 million increase in gross profit and higher revenue.
The company also cut operating expenses by SAR 3 million, primarily on lower sales and distribution expenses. Additionally, revenue from GASCO share in associates rose by SAR 5 million, and the cost of finance dropped by approximately SAR 2 million.
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GASCO 9M Financials (2022-2023) |
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|
Item |
9M 2022 |
9M 2023 |
Change |
|
Revenue |
1,509 |
1,792 |
19% |
|
Gross Profit |
211 |
240 |
14% |
|
Operating Income |
77 |
110 |
42% |
|
Net Profit |
159 |
185 |
16% |
|
EPS |
2.13 |
2.46 |
16% |
The Central region accounted for the highest revenue during the first nine months of 2023, marking a growth of 18% to reach SAR 632.9 million from SAR 538.2 million in the year-earlier period. The Western region followed with SAR 613.1 million.
Gas Solutions, a wholly owned subsidiary of GASCO, reported SAR 47.3 million revenue, a jump of 26% YoY during the same period.
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Revenue by Region (SAR mln) (2022-2023) |
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|
Region |
9M 2022 |
9M 2023 |
Growth |
|
Central Region |
538.2 |
632.9 |
18% |
|
Western Region |
508.9 |
613.1 |
20% |
|
Eastern Region |
241.3 |
289.7 |
20% |
|
Southern Region |
183.2 |
209.0 |
14% |
|
Gas Solutions |
37.4 |
47.3 |
26% |
GASCO generated 9% higher revenue YoY in 2022 to SAR 2.08 billion. Net profit rose 6% YoY to SAR 214 million, as gross profit jumped by SAR 24 million, backed by higher revenue and a SAR 10 million decline in operating expenses.
GASCO underpinned a number of initiatives that helped improve operating and cost efficiency.
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GASCO Revenue & Net Profit (SAR mln) |
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|
Item |
2020 |
2021 |
2022 |
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|
SAR mln |
Change |
SAR mln |
Change |
SAR mln |
Change |
|
|
Revenue |
1,963 |
2% |
1,904 |
(3%) |
2,080 |
9% |
|
Gross Profit |
223 |
(8%) |
255 |
15% |
279 |
9% |
|
Gross Profit Margins |
11% |
13% |
13% |
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|
Net Profit |
137 |
25% |
201 |
47% |
214 |
6% |
|
EPS (SAR) |
1.83 |
25% |
2.68 |
47% |
2.85 |
6% |
|
Net Profit Margins |
7% |
11% |
10% |
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