National Gas and Industrialization Co. (GASCO) reported a slight increase of 1.3% in net profit after Zakat and tax to SAR 159.4 million in the first nine months of 2022, from SAR 157.4 million in the prior-year period.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 1,423.67 | 1,509.02 | 6.0 % |
| Gross Income | 196.84 | 211.05 | 7.2 % |
| Operating Income | 58.23 | 77.41 | 32.9 % |
| Net Income | 157.37 | 159.39 | 1.3 % |
| Average Shares | 75.00 | 75.00 | - |
| EPS (Riyals) | 2.10 | 2.13 | 1.3 % |
The natural gas distributor recorded an increase of SAR 7 million year-on-year (YoY) in gross profit. Other income also grew by SAR 19 million YoY.
Operating expenses (OPEX) and finance charges declined by SAR 5 million and SAR 1 million YoY, respectively. Zakat expenses also decreased by SAR 3 million.
In Q3 2022, net profit after Zakat and tax climbed 56% to SAR 57 million, from SAR 36.50 million in Q3 2021. Gross profit and other income rose SAR 4 million and SAR 17 million YoY, respectively.
OPEX and Zakat expenses decreased by SAR 5 million and SAR 1 million YoY, respectively.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 444.77 | 512.73 | 15.3 % |
| Gross Income | 58.01 | 62.49 | 7.7 % |
| Operating Income | 8.58 | 18.45 | 115.0 % |
| Net Income | 36.45 | 56.98 | 56.3 % |
| Average Shares | 75.00 | 75.00 | - |
| EPS (Riyals) | 0.49 | 0.76 | 56.3 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 479.11 | 512.73 | 7.0 % |
| Gross Income | 72.12 | 62.49 | (13.4 %) |
| Operating Income | 25.32 | 18.45 | (27.1 %) |
| Net Income | 31.77 | 56.98 | 79.4 % |
| Average Shares | 75.00 | 75.00 | - |
| EPS (Riyals) | 0.42 | 0.76 | 79.4 % |
Compared to Q2 2022, net profit surged 79.4% from SAR 31.77 million, driven by lower OPEX and a rise of SAR 13 million in investment income.
Total shareholders’ equity, no minority interest, declined to SAR 1.624 billion as of Sept. 30, 2022, from SAR 1.661 billion a year earlier.
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