Gasco posts lower net profit at SAR 113.9m at the end of 2013

31/12/2013 Argaam Exclusive

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National Gas and Industrialization Co. (GASCO)

National Gas and Industrialization Company (GASCO), a retailer of liquefied petroleum gas (LPG), reported SAR 113.9m net profit at the end of 2013, an 18% decrease compared to last year, as shown in the following table:



Financials (M)

Item 2012 2013 Change‬
Revenues 1,751.71 1,787.78 2.1 %
Gross Income 186.34 181.76 (2.5 %)
Operating Income 133.14 94.35 (29.1 %)
Net Income 139.39 113.94 (18.3 %)
Average Shares 75.00 75.00 -
EPS (Riyals) 1.86 1.52 (18.3 %)


Current Quarter Comparison (M)

Compared With The
Item Q4 2012 Q4 2013 Change‬
Revenues 459.49 452.53 (1.5 %)
Gross Income 56.80 41.51 (26.9 %)
Operating Income 36.89 (9.48) (125.7 %)
Net Income 41.44 2.58 (93.8 %)
Average Shares 75.00 75.00 -
EPS (Riyals) 0.55 0.03 (93.8 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2004 326.47 4.5 % 31.86 8.5 % 29.76 (4.4 %) 0.40
Q2 2004 299.42 2.8 % 24.27 2.5 % 24.37 (12.1 %) 0.32
Q3 2004 291.56 2.0 % 25.35 6.4 % 27.49 3.9 % 0.37
Q4 2004 339.56 3.0 % 50.09 5.0 % 38.90 154.3 % 0.52
Q1 2005 332.89 2.0 % 32.84 3.1 % 32.83 10.3 % 0.44
Q2 2005 308.34 3.0 % 27.49 13.3 % 57.47 135.8 % 0.77
Q3 2005 303.12 4.0 % 22.47 (11.3 %) 35.50 29.1 % 0.47
Q4 2005 336.43 (0.9 %) 45.41 (9.3 %) 48.72 25.2 % 0.65
Q1 2006 334.91 0.6 % 34.95 6.4 % 30.59 (6.8 %) 0.41
Q2 2006 316.32 2.6 % 24.47 (11.0 %) 30.65 (46.7 %) 0.41
Q3 2006 328.68 8.4 % 34.52 53.6 % 22.52 (36.6 %) 0.30
Q4 2006 359.90 7.0 % 45.70 0.6 % 27.68 (43.2 %) 0.37
Q1 2007 353.17 5.5 % 35.20 0.7 % 28.18 (7.9 %) 0.38
Q2 2007 330.21 4.4 % 24.12 (1.4 %) 38.80 26.6 % 0.52
Q3 2007 340.29 3.5 % 31.68 (8.2 %) 24.26 7.7 % 0.32
Q4 2007 365.83 1.6 % 48.98 7.2 % 43.64 57.6 % 0.58
Q1 2008 375.78 6.4 % 22.62 (35.7 %) 29.27 3.9 % 0.39
Q2 2008 347.69 5.3 % 14.99 (37.8 %) 51.48 32.7 % 0.69
Q3 2008 364.39 7.1 % 33.34 5.2 % 27.25 12.3 % 0.36
Q4 2008 383.47 4.8 % 41.30 (15.7 %) 40.99 (6.1 %) 0.55
Q1 2009 389.71 3.7 % 28.51 26.0 % 12.54 (57.2 %) 0.17
Q2 2009 371.09 6.7 % 19.97 33.2 % 10.82 (79.0 %) 0.14
Q3 2009 381.11 4.6 % 44.09 32.3 % 38.12 39.9 % 0.51
Q4 2009 404.20 5.4 % 33.93 (17.9 %) (134.12) (427.2 %) (1.79)
Q1 2010 406.12 4.2 % 25.64 (10.1 %) 16.25 29.6 % 0.22
Q2 2010 383.76 3.4 % 28.45 42.4 % 21.40 97.7 % 0.29
Q3 2010 385.00 1.0 % 42.73 (3.1 %) 26.97 (29.2 %) 0.36
Q4 2010 406.46 0.6 % 49.67 46.4 % 25.54 119.0 % 0.34
Q1 2011 417.26 2.7 % 20.96 (18.3 %) 8.92 (45.2 %) 0.12
Q2 2011 410.88 7.1 % 41.71 46.6 % 36.45 70.3 % 0.49
Q3 2011 402.50 4.5 % 35.12 (17.8 %) 26.95 (0.1 %) 0.36
Q4 2011 440.84 8.5 % 46.27 (6.8 %) 34.03 33.2 % 0.45
Q1 2012 447.13 7.2 % 43.36 106.9 % 34.97 292.3 % 0.47
Q2 2012 416.02 1.3 % 42.07 0.9 % 33.81 (7.2 %) 0.45
Q3 2012 429.06 6.6 % 44.11 25.6 % 29.16 8.2 % 0.39
Q4 2012 459.49 4.2 % 56.80 22.8 % 41.44 21.8 % 0.55
Q1 2013 457.70 2.4 % 43.49 0.3 % 36.39 4.1 % 0.49
Q2 2013 437.49 5.2 % 50.50 20.0 % 37.90 12.1 % 0.51
Q3 2013 440.07 2.6 % 46.27 4.9 % 37.06 27.1 % 0.49
Q4 2013 452.53 (1.5 %) 41.51 (26.9 %) 2.58 (93.8 %) 0.03
2013 1,787.78 2.1 % 181.76 (2.5 %) 113.94 (18.3 %) 1.52

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 10.30 % 10.42 % 8.05 %
Q2 2004 10.28 % 10.42 % 7.72 %
Q3 2004 10.36 % 9.98 % 7.77 %
Q4 2004 10.47 % 8.92 % 9.59 %
Q1 2005 10.49 % 8.80 % 9.78 %
Q2 2005 10.67 % 8.36 % 12.31 %
Q3 2005 10.35 % 7.50 % 12.83 %
Q4 2005 10.01 % 8.38 % 13.31 %
Q1 2006 10.16 % 8.16 % 13.12 %
Q2 2006 9.86 % 7.87 % 10.96 %
Q3 2006 10.59 % 8.95 % 9.76 %
Q4 2006 10.42 % 8.79 % 8.32 %
Q1 2007 10.30 % 9.35 % 8.03 %
Q2 2007 10.17 % 9.50 % 8.54 %
Q3 2007 9.88 % 10.10 % 8.60 %
Q4 2007 10.07 % 10.87 % 9.71 %
Q1 2008 9.02 % 9.76 % 9.63 %
Q2 2008 8.27 % 9.02 % 10.40 %
Q3 2008 8.25 % 8.52 % 10.43 %
Q4 2008 7.63 % 7.79 % 4.71 %
Q1 2009 7.95 % 8.33 % 3.53 %
Q2 2009 8.16 % 8.85 % 0.78 %
Q3 2009 8.78 % 9.49 % 1.49 %
Q4 2009 8.18 % 8.78 % 5.31 %
Q1 2010 7.91 % 8.34 % 5.49 %
Q2 2010 8.39 % 8.74 % 6.12 %
Q3 2010 8.28 % 8.56 % 5.40 %
Q4 2010 9.26 % 8.72 % 5.70 %
Q1 2011 8.90 % 8.29 % 5.06 %
Q2 2011 9.57 % 9.02 % 5.90 %
Q3 2011 9.01 % 8.57 % 5.84 %
Q4 2011 8.62 % 8.83 % 6.79 %
Q1 2012 9.78 % 10.16 % 8.20 %
Q2 2012 9.78 % 10.19 % 8.00 %
Q3 2012 10.14 % 10.73 % 8.01 %
Q4 2012 10.64 % 11.35 % 7.81 %
Q1 2013 10.58 % 11.37 % 7.63 %
Q2 2013 10.93 % 11.85 % 7.71 %
Q3 2013 10.98 % 11.93 % 8.06 %
Q4 2013 10.17 % 9.58 % 5.92 %
2013 10.17 % 9.58 % 5.92 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 75.00 1.32 1.32 14.86
Q2 2004 75.00 1.28 1.28 14.32
Q3 2004 75.00 1.29 1.29 14.06
Q4 2004 75.00 1.61 1.61 14.94
Q1 2005 75.00 1.65 1.65 15.62
Q2 2005 75.00 2.09 2.09 15.09
Q3 2005 75.00 2.20 2.20 15.75
Q4 2005 75.00 2.33 2.27 15.57
Q1 2006 75.00 2.30 2.24 15.52
Q2 2006 75.00 1.94 1.89 13.31
Q3 2006 75.00 1.77 1.71 13.63
Q4 2006 75.00 1.49 1.49 12.71
Q1 2007 75.00 1.45 1.45 13.41
Q2 2007 75.00 1.56 1.56 13.07
Q3 2007 75.00 1.59 1.59 13.56
Q4 2007 75.00 1.80 1.80 14.59
Q1 2008 75.00 1.81 1.81 14.71
Q2 2008 75.00 1.98 1.98 14.64
Q3 2008 75.00 2.02 2.02 13.88
Q4 2008 75.00 1.99 0.92 12.55
Q1 2009 75.00 1.76 0.70 11.51
Q2 2009 75.00 1.22 0.16 12.06
Q3 2009 75.00 1.37 0.30 12.81
Q4 2009 75.00 (0.97) 1.09 12.85
Q1 2010 75.00 (0.92) 1.14 13.73
Q2 2010 75.00 (0.78) 1.29 13.23
Q3 2010 75.00 (0.93) 1.14 13.81
Q4 2010 75.00 1.20 1.20 13.36
Q1 2011 75.00 1.10 1.07 13.22
Q2 2011 75.00 1.30 1.27 13.77
Q3 2011 75.00 1.30 1.27 13.92
Q4 2011 75.00 1.42 1.51 13.72
Q1 2012 75.00 1.77 1.86 13.69
Q2 2012 75.00 1.73 1.82 14.14
Q3 2012 75.00 1.76 1.85 14.03
Q4 2012 75.00 1.86 1.82 14.56
Q1 2013 75.00 1.88 1.79 14.04
Q2 2013 75.00 1.93 1.83 14.55
Q3 2013 75.00 2.04 1.93 14.29
Q4 2013 75.00 1.52 1.41 13.31

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 27.17 27.17 2.42
Q2 2004 32.61 32.61 2.91
Q3 2004 33.58 33.58 3.09
Q4 2004 27.35 27.35 2.94
Q1 2005 36.41 36.41 3.84
Q2 2005 46.05 46.05 6.38
Q3 2005 49.68 49.68 6.93
Q4 2005 More than 50 More than 50 8.29
Q1 2006 39.62 40.56 5.87
Q2 2006 34.29 35.26 5.00
Q3 2006 41.04 42.33 5.32
Q4 2006 21.70 21.70 2.54
Q1 2007 20.98 20.98 2.27
Q2 2007 16.00 16.00 1.91
Q3 2007 17.50 17.50 2.05
Q4 2007 19.18 19.18 2.37
Q1 2008 16.27 16.27 2.00
Q2 2008 14.63 14.63 1.98
Q3 2008 10.88 10.88 1.59
Q4 2008 8.71 18.74 1.38
Q1 2009 11.68 29.43 1.79
Q2 2009 18.46 More than 50 1.87
Q3 2009 17.64 More than 50 1.88
Q4 2009 NEG 21.37 1.82
Q1 2010 NEG 20.06 1.67
Q2 2010 NEG 15.29 1.49
Q3 2010 NEG 16.94 1.39
Q4 2010 15.68 15.68 1.41
Q1 2011 16.53 16.99 1.38
Q2 2011 14.71 15.06 1.39
Q3 2011 13.64 13.97 1.28
Q4 2011 13.54 12.69 1.40
Q1 2012 13.96 13.24 1.80
Q2 2012 12.14 11.54 1.49
Q3 2012 11.99 11.40 1.50
Q4 2012 9.79 9.98 1.25
Q1 2013 10.65 11.15 1.42
Q2 2013 10.30 10.86 1.37
Q3 2013 11.27 11.89 1.61
Q4 2013 17.51 18.84 2.00

Current
Market Cap (M Riyal) 6,487.50
Enterprise Value (EV) (M) 6,277.38
Shares Outstanding ((M)) 75.00
EPS ( Riyal) (TTM) 3.11
Book Value (BV) ( Riyal) 25.84
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 27.85
P/E (TTM) 27.85
Price/book 3.35
Return on Average Assets (%) (TTM) 9.2
Return on Average Equity (%) (TTM) 12.2

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