GAS profit up 29% to SAR 45.7M in H1 2024

GAS profit up 29% to SAR 45.7M in H1 2024

07/08/2024 Argaam Exclusive

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GAS Arabian Services Co. (GAS) reported a 29% rise in H1 2024 net profit to SAR 45.7 million from SAR 35.5 million in the first half of 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬

The first-half profit was spurred by a rise of 37% year-on-year (YoY) in revenue to SAR 481.5 million, reflecting the company’s solid performance across the board amid better demand for supply and new contracts.

 

The company also posted improved gross profit margins. 



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 351.22 481.54 37.1 %
Gross Income 52.25 91.24 74.6 %
Operating Income 11.44 36.85 222.1 %
Net Income 35.48 45.66 28.7 %
Average Shares 158.00 158.00 -
EPS (Riyals) 0.22 0.29 28.7 %

Total shareholders’ equity, no minority interest, stood at SAR 359.02 million as of June 30, 2024, compared to SAR 314.59 million a year earlier.

 

Historical Data

Period

Revenue (SAR mln)

Net Profit (SAR mln)

EPS (SAR)

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

49.53

0.32

H1 2023

351.22

35.48

0.22

H2 2023

370.29

45.99

0.29

H1 2024

481.54

45.66

0.29

 

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 130.13 - 26.22 - 1.64 -
H2 2020 191.88 - 90.84 - 64.86 -
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 %)
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 %
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 %)
H1 2024 481.54 37.1 % 91.24 74.6 % 36.85 222.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 9.49 - 0.06 - 9.49 0.06
H2 2020 63.82 - 0.40 - 63.82 0.40
H1 2021 15.44 62.7 % 0.10 - 15.44 0.10
H2 2021 44.62 (30.1 %) 0.28 - 44.62 0.28
H1 2022 17.85 15.6 % 0.11 - 17.85 0.11
H2 2022 49.54 11.0 % 0.31 - 49.54 0.31
H1 2023 35.48 98.8 % 0.22 - 35.48 0.22
H2 2023 45.99 (7.2 %) 0.29 - 45.99 0.29
H1 2024 45.66 28.7 % 0.29 - 45.66 0.29

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 36.35 % 21.68 % 22.77 %
H1 2021 36.68 % 19.89 % 23.89 %
H2 2021 27.09 % 10.68 % 15.54 %
H1 2022 25.16 % 10.53 % 14.34 %
H2 2022 23.21 % 9.51 % 13.58 %
H1 2023 20.00 % 8.70 % 12.92 %
H2 2023 18.68 % 7.16 % 11.29 %
H1 2024 20.40 % 9.23 % 10.76 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
H1 2024 158.00 0.58 0.58 2.27

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
H1 2024 17.34 17.34 4.43

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
Q2 2024 267.74 203.36 10.45


Financial Ratios
Current
Market Cap (M Riyal) 2,875.60
Enterprise Value (EV) (M) 2,784.54
Shares Outstanding ((M)) 158.00
Book Value (BV) ( Riyal) 2.28
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 35.30
Price/book 7.97
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Share Price

Gas Arabian Services Co.
18.20
(0.20) (1.09 %)

Gas Arabian Services Co. (GAS)

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