GAS net profit rises 12% to SAR 67.4 mln in 2022

13/03/2023 Argaam Exclusive

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Gas Arabian Services Co. (GAS) reported a net profit of SAR 67.4 million in 2022, an increase of 12% compared to SAR 60.1 million in 2021, due to higher overall revenue and an increase in profit share from joint ventures and associates in 2022.

Financials (M)

Item	2021	2022	Change‬
Revenues	386.46	496.04	28.4 %
Gross Income	104.70	115.14	10.0 %
Operating Income	37.36	42.62	14.1 %
Net Income	60.06	67.38	12.2 %
Average Shares	158.00	158.00	-
EPS (Riyals)	0.38	0.43	12.2 %

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	246.58	307.05	24.5 %
Gross Income	73.86	79.41	7.5 %
Operating Income	39.56	40.63	2.7 %
Net Income	44.62	49.54	11.0 %
Average Shares	158.00	158.00	-
EPS (Riyals)	0.28	0.31	11.0 %

Item	H1 2022	H2 2022	Change‬
Revenues	188.99	307.05	62.5 %
Gross Income	35.73	79.41	122.3 %
Operating Income	1.99	40.63	1946.9 %
Net Income	17.85	49.54	177.5 %
Average Shares	158.00	158.00	-
EPS (Riyals)	0.11	0.31	177.5 %

Total shareholders’ equity, no minority interest, stood at SAR 317.16 million as of Dec. 31, 2022, compared to SAR 278.16 million in the year-earlier period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
H1 2013	-	-	-	-	-	-
H2 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	446.29	-	111.70	-	44.85	-
H1 2020	130.13	-	26.22	-	1.64	-
H2 2020	191.88	-	90.84	-	64.86	-
2020	322.01	(27.8 %)	117.06	4.8 %	66.50	48.3 %
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 %)
H1 2022	188.99	35.1 %	35.73	15.8 %	1.99	190.3 %
H2 2022	307.05	24.5 %	79.41	7.5 %	40.63	2.7 %
2022	496.04	28.4 %	115.14	10.0 %	42.62	14.1 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	446.29	-	111.70	-	44.85	-
2020	322.01	(27.8 %)	117.06	4.8 %	66.50	48.3 %
2021	386.46	20.0 %	104.70	(10.6 %)	37.36	(43.8 %)
2022	496.04	28.4 %	115.14	10.0 %	42.62	14.1 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
H1 2013	-	-	-	-	-	-
H2 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	70.39	-	0.45	-	70.39	0.45
H1 2020	9.49	-	0.06	-	9.49	0.06
H2 2020	63.82	-	0.40	-	63.82	0.40
2020	73.31	4.1 %	0.46	-	73.31	0.46
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
H1 2022	17.85	15.6 %	0.11	-	17.85	0.11
H2 2022	49.54	11.0 %	0.31	-	49.54	0.31
2022	67.38	12.2 %	0.43	-	67.38	0.43

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	70.39	-	0.45	-	70.39	0.45
2020	73.31	4.1 %	0.46	-	73.31	0.46
2021	60.06	(18.1 %)	0.38	-	60.06	0.38
2022	67.38	12.2 %	0.43	-	67.38	0.43

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2013	-	-	-
H2 2013	-	-	-
2013	-	-	-
H1 2014	-	-	-
H2 2014	-	-	-
2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
2019	25.03 %	10.85 %	15.77 %
H1 2020	-	-	-
H2 2020	36.35 %	21.68 %	22.77 %
2020	36.35 %	21.68 %	22.77 %
H1 2021	36.68 %	19.89 %	23.89 %
H2 2021	27.09 %	10.68 %	15.54 %
2021	27.09 %	10.68 %	15.54 %
H1 2022	25.16 %	10.53 %	14.34 %
H2 2022	23.21 %	9.51 %	13.58 %
2022	23.21 %	9.51 %	13.58 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	25.03 %	10.85 %	15.77 %
2020	36.35 %	21.68 %	22.77 %
2021	27.09 %	10.68 %	15.54 %
2022	23.21 %	9.51 %	13.58 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2013	-	-	-
H2 2013	-	-	-
H1 2014	-	-	-
H2 2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
H1 2020	20.15 %	2.71 %	7.29 %
H2 2020	47.34 %	34.54 %	33.26 %
H1 2021	22.05 %	(0.22 %)	11.04 %
H2 2021	29.95 %	16.87 %	18.10 %
H1 2022	18.90 %	2.26 %	9.44 %
H2 2022	25.86 %	13.97 %	16.13 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
H1 2013	-	-	-	-
H2 2013	-	-	-	-
H1 2014	-	-	-	-
H2 2014	-	-	-	-
H1 2015	-	-	-	-
H2 2015	-	-	-	-
H1 2016	-	-	-	-
H2 2016	-	-	-	-
H1 2017	-	-	-	-
H2 2017	-	-	-	-
H1 2018	-	-	-	-
H2 2018	-	-	-	-
H1 2019	-	-	-	-
H2 2019	-	-	-	-
H1 2020	158.00	-	-	1.11
H2 2020	158.00	0.46	0.46	1.52
H1 2021	158.00	0.50	0.50	1.48
H2 2021	158.00	0.38	0.38	1.76
H1 2022	158.00	0.40	0.40	1.67
H2 2022	158.00	0.43	0.43	2.01

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	158.00	0.45	0.45	1.39
2020	158.00	0.46	0.46	1.52
2021	158.00	0.38	0.38	1.76
2022	158.00	0.43	0.43	2.01

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
H1 2013	-	-	-
H2 2013	-	-	-
H1 2014	-	-	-
H2 2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
H1 2021	-	-	-
H2 2021	-	-	-
H1 2022	18.89	18.89	4.46
H2 2022	14.07	14.07	2.99

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	14.07	14.07	2.99

Business Segments (Million)

Compared With The

Period	Trade sector	services segment	Manufacturing sector
Q2 2020	77.30	52.32	0.51
Q4 2020	110.56	72.59	8.73
Q2 2021	77.84	55.65	6.40
Q4 2021	138.58	102.92	5.07
Q2 2022	109.72	76.22	3.05
Q4 2022	196.35	98.25	12.46

Period	Trade sector	services segment	Manufacturing sector
2019	210.40	232.89	3.00
2020	187.86	124.91	9.24
2021	216.42	158.57	11.47
2022	306.07	174.46	15.51

Financial Ratios

	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

Gas Arabian Services Co. (GAS)

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GAS net profit rises 12% to SAR 67.4 mln in 2022

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Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2022 Q4

Financial Ratios

Share Price

Gas Arabian Services Co. (GAS)

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GAS net profit rises 12% to SAR 67.4 mln in 2022

View other reports

Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2022

Revenue by Business Segment (Latest) 2022 Q4

Financial Ratios

Share Price

Gas Arabian Services Co. (GAS)

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Business Segments (Million)