GAS profit leaps 40% to SAR 81M in 9M 2024

GAS profit leaps 40% to SAR 81M in 9M 2024

31/10/2024 Argaam Exclusive

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Gas Arabian Services Co. (GAS) reported a net profit of SAR 81 million for 9M 2024, a leap of 40% from SAR 57.7 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 534.06 769.26 44.0 %
Gross Income 102.86 151.99 47.8 %
Operating Income 58.69 81.62 39.1 %
Net Income 57.73 80.99 40.3 %
Average Shares 158.00 158.00 -
EPS (Riyals) 0.37 0.51 40.3 %

The profit growth was attributed to a 44% increase year-on-year (YoY) in revenues to SAR 769 million, as well as lower operating expenses.



Total shareholders’ equity, no minority interest, stood at SAR 370.7 million as of Sept. 30, 2024, up from SAR 337.26 million in the year-earlier period.

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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) 2,907.20
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
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Share Price

Gas Arabian Services Co.
18.40
0.16 0.88 %

Gas Arabian Services Co. (GAS)

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