GAS boasts SAR 2.2B backlog: CEO

Speaking on the sidelines of the Nomu Investors and Companies Day “Nomu Connect”, the CEO said that the company added projects worth SAR 1.2 billion and executed projects worth SAR 650 million during H1 2025. He noted that 25% of the company’s business volume is with Saudi Aramco.

Al Dabal also pointed out that GAS usually relies on its internal resources to finance projects. “It is currently debt-free, with no need for bank borrowing, but if necessary — whether to execute projects or seize an investment opportunity — the company has agreements with local banks exceeding SAR 600 million,” he said.

He clarified that the company’s internal liquidity currently stands at SAR 30 million, after distributing cash dividends to shareholders for H2 2024 and interim dividends for H1 2025.

Asked about the possibility of higher dividend distributions in H2 2025 following the planned Main Market (TASI) transition, Al-Dabal said, “For the past 10 years, we have typically distributed cash dividends ranging between 45% and 60% of the company’s net income.”

He added, “If conditions are favorable and there is room to increase payouts, we will not hesitate and will submit the proposal to the company’s board of directors. We always strive to satisfy our investors as much as possible, while bearing business growth and sustainability.”

The company will publish the Nomu-to-TASI transition document within two days, said the CEO, expecting the planned move to take place in the first half of October.

According to Argaam’s data, on Sept. 16, Tadawul approved GAS’ request to transfer from the Nomu-Parallel Market to TASI. The stock was listed on Nomu on Feb. 7, 2022, with SAR 158 million in capital, divided into 158 million shares, at a nominal value of SAR 1 apiece.