National Gas and Industrialization Co. (GASCO) reported a net profit after Zakat and tax of SAR 109.8 million for fiscal year 2019, up 22% year-on-year (YoY), from SAR 89.9 million a year earlier.
The rise is net profit is due to an increase of SAR 65.8 million in investment income despite a SAR 14.5 million jump in consultancy costs, a SAR 20 million increase in provision for Zakat claims, as well as a SAR 6.4 million provision for doubtful debts.
| Item | 2018 | 2019 | Change |
|---|---|---|---|
| Revenues | 1,901.94 | 1,922.56 | 1.1 % |
| Gross Income | 234.30 | 242.92 | 3.7 % |
| Operating Income | 84.65 | 27.37 | (67.7 %) |
| Net Income | 89.89 | 109.44 | 21.7 % |
| Average Shares | 75.00 | 75.00 | - |
| EPS (Riyals) | 1.20 | 1.46 | 21.7 % |
In Q4 2019, the company’s net loss after Zakat and tax widened to SAR 42 million.
| Item | Q4 2018 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 486.30 | 502.13 | 3.3 % |
| Gross Income | 47.00 | 37.21 | (20.8 %) |
| Operating Income | (11.72) | (51.23) | (337.0 %) |
| Net Income | (13.42) | (22.32) | (66.3 %) |
| Average Shares | 75.00 | 75.00 | - |
| EPS (Riyals) | (0.18) | (0.30) | (66.3 %) |
| Item | Q3 2019 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 462.01 | 502.13 | 8.7 % |
| Gross Income | 82.15 | 37.21 | (54.7 %) |
| Operating Income | 33.34 | (51.23) | (253.7 %) |
| Net Income | 30.46 | (22.32) | (173.3 %) |
| Average Shares | 75.00 | 75.00 | - |
| EPS (Riyals) | 0.41 | (0.30) | (173.3 %) |
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