GASCO’s net profit jumps 40% in H1

25/07/2017 Argaam Exclusive

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Share Price

National Gas and Industrialization Co. (GASCO)

 

National Gas and Industrialization Co. (GASCO) reported a net profit of SAR 102.8 million for the first half of the year, up 40.2 percent year-on-year (YoY) attributed to an increase in total income, driven by higher gas sales, higher profit share from associates, an increase in investments available for sale, and higher profits of assets.

 

General and administrative expenses decreased by SAR 3.4 million, despite an increase in Zakat.



Financials (M)

Item 6m 2016 6m 2017 Change‬
Revenues 1,014.93 1,019.43 0.4 %
Gross Income 107.08 109.65 2.4 %
Operating Income 55.14 60.99 10.6 %
Net Income 73.30 102.78 40.2 %
Average Shares 75.00 75.00 -
EPS (Riyals) 0.98 1.37 40.2 %

The second quarter saw a net profit of SAR 37.8 million, up 64 percent YoY, due to lower general and administrative expenses, higher investment income from associates, and an increase in income investments available for sale.

 

However, Q2 net profit declined 42 percent sequentially, on a SAR 17.3 million decrease in total income.



Current Quarter Comparison (M)

Compared With The
Item Q2 2016 Q2 2017 Change‬
Revenues 503.70 499.38 (0.9 %)
Gross Income 44.05 46.16 4.8 %
Operating Income 18.01 26.91 49.4 %
Net Income 23.03 37.79 64.1 %
Average Shares 75.00 75.00 -
EPS (Riyals) 0.31 0.50 64.1 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q1 2014 459.99 0.5 % 44.02 1.2 % 33.53 (7.9 %) 0.45
Q2 2014 445.11 1.7 % 45.19 (10.5 %) 38.25 0.9 % 0.51
Q3 2014 436.94 (0.7 %) 54.00 16.7 % 43.99 18.7 % 0.59
Q4 2014 456.13 0.8 % 43.81 5.5 % 36.48 1312.9 % 0.49
Q1 2015 482.46 4.9 % 45.82 4.1 % 41.68 24.3 % 0.56
Q2 2015 474.91 6.7 % 54.47 20.5 % 27.42 (28.3 %) 0.37
Q3 2015 453.64 3.8 % 41.59 (23.0 %) 32.50 (26.1 %) 0.43
Q4 2015 496.02 8.7 % 52.33 19.5 % 40.29 10.5 % 0.54
Q1 2016 511.22 6.0 % 63.03 37.6 % 50.28 20.6 % 0.67
Q2 2016 503.70 6.1 % 44.05 (19.1 %) 23.03 (16.0 %) 0.31
Q3 2016 454.05 0.1 % 52.65 26.6 % 30.37 (6.6 %) 0.40
Q4 2016 506.99 2.2 % 72.28 38.1 % 43.06 6.9 % 0.57
Q1 2017 520.06 1.7 % 63.49 0.7 % 64.98 29.2 % 0.87
Q2 2017 499.38 (0.9 %) 46.16 4.8 % 37.79 64.1 % 0.50

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2014 10.18 % 9.85 % 6.08 %
Q2 2014 9.85 % 9.63 % 6.17 %
Q3 2014 10.29 % 10.17 % 6.59 %
Q4 2014 10.40 % 12.07 % 8.47 %
Q1 2015 10.37 % 11.85 % 8.81 %
Q2 2015 10.71 % 12.05 % 8.08 %
Q3 2015 9.94 % 11.28 % 7.40 %
Q4 2015 10.18 % 11.29 % 7.44 %
Q1 2016 10.92 % 11.49 % 7.77 %
Q2 2016 10.23 % 10.29 % 7.44 %
Q3 2016 10.79 % 10.28 % 7.33 %
Q4 2016 11.74 % 10.92 % 7.81 %
Q1 2017 11.71 % 10.75 % 8.23 %
Q2 2017 11.84 % 11.24 % 9.00 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2014 75.00 1.48 1.45 13.35
Q2 2014 75.00 1.49 1.48 13.47
Q3 2014 75.00 1.58 1.58 13.62
Q4 2014 75.00 2.03 2.03 13.53
Q1 2015 75.00 2.14 2.14 13.75
Q2 2015 75.00 1.99 1.99 13.80
Q3 2015 75.00 1.84 1.84 13.88
Q4 2015 75.00 1.89 1.89 14.03
Q1 2016 75.00 2.01 2.01 14.18
Q2 2016 75.00 1.95 1.95 14.22
Q3 2016 75.00 1.92 1.92 14.33
Q4 2016 75.00 1.96 2.06 14.93
Q1 2017 75.00 2.15 2.18 15.46
Q2 2017 75.00 2.35 2.38 15.53

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2014 19.24 19.63 2.13
Q2 2014 19.96 20.07 2.20
Q3 2014 21.82 21.82 2.53
Q4 2014 16.04 16.04 2.41
Q1 2015 14.67 14.67 2.28
Q2 2015 15.32 15.32 2.21
Q3 2015 14.61 14.61 1.94
Q4 2015 13.44 13.44 1.81
Q1 2016 10.85 10.85 1.53
Q2 2016 13.97 13.97 1.91
Q3 2016 12.76 12.76 1.71
Q4 2016 16.89 16.05 2.21
Q1 2017 15.06 14.88 2.10
Q2 2017 13.62 13.47 2.06

Current
Market Cap (M Riyal) 6,450.00
Enterprise Value (EV) (M) 6,240.17
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) 27.69
P/E (TTM) 27.69
Price/book 3.33
Return on Average Assets (%) (TTM) 9.2
Return on Average Equity (%) (TTM) 12.2

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