Natural Gas’ 2023 net profit up 14% to SAR 3.8M

28/03/2024 Argaam Exclusive

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Share Price

Natural Gas Distribution Co.
45.00
1.50 3.45 %

Natural Gas Distribution Co. (NGDC)

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Natural Gas Distribution Co. (NGDC) reported a 14% net profit increase to SAR 3.8 million in 2023, compared to SAR 3.3 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 91.01 92.49 1.6 %
Gross Income 7.97 8.78 10.1 %
Operating Income 3.14 2.92 (7.1 %)
Net Income 3.29 3.77 14.4 %
Average Shares 5.00 5.00 -
EPS (Riyals) 0.66 0.75 14.4 %


The company’s higher revenue was attributed to the contract to operate and maintain the gas network in King Abdullah Economic City, in addition to the rollout of internal gas networks to some new customers. Additionally, the company also cited higher returns from Islamic deposits.

 

Total shareholders’ equity, no minority interest, stood at SAR 58.09 million by Dec. 31, 2023, compared to SAR 56.98 million a year ago.

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