Gas Arabian Services net profit drops 18% to SAR 60.1 mln in 2021
10/03/2022
Argaam Exclusive
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Gas Arabian Services Co. posted an 18% drop in its 2021 net profit after Zakat and tax to SAR 60.1 million, compared to SAR 73.3 million a year earlier.
Financials (M)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 322.01 | 386.46 | 20.0 % |
| Gross Income | 117.06 | 104.70 | (10.6 %) |
| Operating Income | 66.50 | 37.36 | (43.8 %) |
| Net Income | 73.31 | 60.06 | (18.1 %) |
| Average Shares | 158.00 | 158.00 | - |
| EPS (Riyals) | 0.46 | 0.38 | (18.1 %) |
The lower profit was attributed to an increase in the cost of revenue during 2021, as the cost of supplying the materials used in technical support and maintenance services projects rose on an annual basis.
The company also reported higher general and administrative expenses in 2021, amid the positive impact of the government initiatives, through the financial support of SANED programs, among others, that mitigated the COVID-19 impacts on the 2020 net profit.
Compared With The
Current Half Annual Comparison (M)
| Item | H2 2020 | H2 2021 | Change |
|---|---|---|---|
| Revenues | 191.88 | 246.58 | 28.5 % |
| Gross Income | 90.84 | 73.86 | (18.7 %) |
| Operating Income | 64.86 | 39.56 | (39.0 %) |
| Net Income | 63.82 | 44.62 | (30.1 %) |
| Average Shares | 158.00 | 158.00 | - |
| EPS (Riyals) | 0.40 | 0.28 | (30.1 %) |
Shareholders' equity, after minority interest, amounted to SAR 278.166 million, compared to SAR 240.359 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2021 | 139.89 | 7.5 % | 30.85 | 17.7 % | (2.20) | (233.8 %) |
| H2 2021 | 246.58 | 28.5 % | 73.86 | (18.7 %) | 39.56 | (39.0 %) |
| 2021 | 386.46 | 20.0 % | 104.70 | (10.6 %) | 37.36 | (43.8 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2021 | 15.44 | 62.7 % | 0.10 | - | 15.44 | 0.10 |
| H2 2021 | 44.62 | (30.1 %) | 0.28 | - | 44.62 | 0.28 |
| 2021 | 60.06 | (18.1 %) | 0.38 | - | 60.06 | 0.38 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2021 | 36.68 % | 19.89 % | 23.89 % |
| H2 2021 | 27.09 % | 10.68 % | 15.54 % |
| 2021 | 27.09 % | 10.68 % | 15.54 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2021 | 158.00 | 0.50 | 0.50 | 1.48 |
| H2 2021 | 158.00 | 0.38 | 0.38 | 1.76 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2021 | - | - | - |
| H2 2021 | - | - | - |
Business Segments (Million)
Q4 2021
| Period | Trade sector | services segment | Manufacturing sector |
|---|---|---|---|
| Q2 2021 | 77.84 | 55.65 | 6.40 |
| Q4 2021 | 138.58 | 102.92 | 5.07 |
| Current | |
| Market Cap (M Riyal) | 2,907.20 |
| Enterprise Value (EV) (M) | 2,816.14 |
| Shares Outstanding ((M)) | 158.00 |
| Book Value (BV) ( Riyal) | 2.28 |
| Par Value ( Riyal) | 1.00 |
| Adjusted P/E (Last12) | 35.68 |
| Price/book | 8.06 |
Share Price
Gas Arabian Services Co. (GAS)
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