GAS profit jumps 21% to SAR 81.5M in 2023

07/03/2024 Argaam Exclusive

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Gas Arabian Services Co. (GAS) posted a 21% rise in 2023 net profit to SAR 81.5 million from SAR 67.4 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	496.04	721.51	45.5 %
Gross Income	115.14	134.75	17.0 %
Operating Income	42.62	45.11	5.9 %
Net Income	67.38	81.47	20.9 %
Average Shares	158.00	158.00	-
EPS (Riyals)	0.43	0.52	20.9 %

The profit growth was spurred by higher revenues and improved profits of associates.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	307.05	370.29	20.6 %
Gross Income	79.41	82.51	3.9 %
Operating Income	40.63	33.67	(17.1 %)
Net Income	49.54	45.99	(7.2 %)
Average Shares	158.00	158.00	-
EPS (Riyals)	0.31	0.29	(7.2 %)

Item	H1 2023	H2 2023	Change‬
Revenues	351.22	370.29	5.4 %
Gross Income	52.25	82.51	57.9 %
Operating Income	11.44	33.67	194.3 %
Net Income	35.48	45.99	29.6 %
Average Shares	158.00	158.00	-
EPS (Riyals)	0.22	0.29	29.6 %

Total shareholders’ equity, no minority interest, reached SAR 360.69 million as of Dec. 31, 2023, compared to SAR 317.16 million a year earlier.

GAS Interim Financial Results
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2020	130.13	9.49	0.06
H2 2020	191.88	63.82	0.40
H1 2021	139.89	15.44	0.10
H2 2021	246.58	44.62	0.28
H1 2022	188.99	17.85	0.11
H2 2022	307.05	49.54	0.32
H1 2023	351.22	35.48	0.22
H2 2023	370.29	45.99	0.29

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
H1 2023	351.22	85.8 %	52.25	46.2 %	11.44	476.4 %
H2 2023	370.29	20.6 %	82.51	3.9 %	33.67	(17.1 %)
2023	721.51	45.5 %	134.75	17.0 %	45.11	5.9 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2023	721.51	45.5 %	134.75	17.0 %	45.11	5.9 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
H1 2023	35.48	98.8 %	0.22	-	35.48	0.22
H2 2023	45.99	(7.2 %)	0.29	-	45.99	0.29
2023	81.47	20.9 %	0.52	-	81.47	0.52

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2023	81.47	20.9 %	0.52	-	81.47	0.52

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
H1 2023	20.00 %	8.70 %	12.92 %
H2 2023	18.68 %	7.16 %	11.29 %
2023	18.68 %	7.16 %	11.29 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2023	18.68 %	7.16 %	11.29 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
H1 2023	14.88 %	4.08 %	10.10 %
H2 2023	22.28 %	10.08 %	12.42 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
H1 2023	158.00	0.54	0.54	1.99
H2 2023	158.00	0.52	0.52	2.28

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2023	158.00	0.52	0.52	2.28

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
H1 2023	13.25	13.25	3.58
H2 2023	14.35	14.35	3.24

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	14.07	14.07	2.99
2023	14.35	14.35	3.24

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
Q2 2023	256.57	89.15	5.50
Q4 2023	207.69	147.15	15.45

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
2023	464.27	236.29	20.95

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 profit jumps 21% to SAR 81.5M in 2023

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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) 2023 Q4

Financial Ratios

Share Price

Gas Arabian Services Co. (GAS)

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GAS profit jumps 21% to SAR 81.5M in 2023

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 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Gas Arabian Services Co. (GAS)

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Business Segments (Million)