National Gas and Industrialization Co. (GASCO) net profit rose by 22% to SAR 127.5 million in H1 2023, compared to SAR 104.7 million in the year-earlier period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 996.29 | 1,182.37 | 18.7 % |
| Gross Income | 148.56 | 163.00 | 9.7 % |
| Operating Income | 58.96 | 77.91 | 32.2 % |
| Net Income | 102.41 | 127.50 | 24.5 % |
| Average Shares | 75.00 | 75.00 | - |
| EPS (Riyals) | 1.37 | 1.70 | 24.5 % |
The net profit increase was driven by a rise of SAR 14 million in gross profit due to higher revenues.
The company also cited a SAR 3 million decrease in operating expenses (OpEx) mainly due to lower selling and distribution expenses, in addition to higher share of results of associates companies. Meanwhile, investment income increased while finance costs edged lower.
This was despite a decrease of SAR 1 million in other income.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 479.11 | 567.44 | 18.4 % |
| Gross Income | 72.12 | 72.68 | 0.8 % |
| Operating Income | 25.32 | 27.50 | 8.6 % |
| Net Income | 31.77 | 54.52 | 71.6 % |
| Average Shares | 75.00 | 75.00 | - |
| EPS (Riyals) | 0.42 | 0.73 | 71.6 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 614.93 | 567.44 | (7.7 %) |
| Gross Income | 90.32 | 72.68 | (19.5 %) |
| Operating Income | 50.41 | 27.50 | (45.5 %) |
| Net Income | 72.98 | 54.52 | (25.3 %) |
| Average Shares | 75.00 | 75.00 | - |
| EPS (Riyals) | 0.97 | 0.73 | (25.3 %) |
The utility provider reported a net profit of SAR 54.5 million in Q2 2023, a 71% surge from SAR 31.8 million in Q2 2022.
Sequentially, Q2 net profit fell 25.3% from SAR 72.98 million in Q1 2023, on lower revenues due to seasonality reasons and higher OpEx.
Shareholders’ equity, no minority interest, stood at SAR 1.81 billion by the end of Q2 2023, compared to SAR 1.66 billion in the year-earlier period.
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