Natural Gas Distribution posts 24% drop in H1 2022 net profit to SAR 930,000

Natural Gas Distribution posts 24% drop in H1 2022 net profit to SAR 930,000

15/09/2022 Argaam Exclusive

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Natural Gas Distribution Co. (NGDC) posted a drop of 24% in H1 2022 net profit after Zakat and tax to SAR 930,000, compared to SAR 1.229 million in the year-earlier period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 44.93 43.25 (3.8 %)
Gross Income 4.32 3.39 (21.5 %)
Operating Income 1.32 0.97 (26.8 %)
Net Income 1.23 0.93 (24.3 %)
Average Shares 5.00 5.00 -
EPS (Riyals) 0.25 0.19 (24.3 %)

The profit drop was attributed to lower revenue, after Saudi Aramco suspended gas supply last May. The company also cited higher operational consumption as a result of the addition of new fixed assets.



Current Half Annual Comparison (M)

Compared With The
Item H1 2021 H1 2022 Change‬
Revenues 44.93 43.25 (3.8 %)
Gross Income 4.32 3.39 (21.5 %)
Operating Income 1.32 0.97 (26.8 %)
Net Income 1.23 0.93 (24.3 %)
Average Shares 5.00 5.00 -
EPS (Riyals) 0.25 0.19 (24.3 %)

Shareholders equity, no minority interest, came in at SAR 54.617 million as of June 30, 2022, down from SAR 54.714 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 44.49 - 4.81 - 2.52 -
H2 2020 44.76 - 4.74 - 2.17 -
H1 2021 44.93 1.0 % 4.32 (10.2 %) 1.32 (47.4 %)
H2 2021 44.66 (0.2 %) 4.12 (13.3 %) 1.52 (29.8 %)
H1 2022 43.25 (3.8 %) 3.39 (21.5 %) 0.97 (26.8 %)


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 - - - - - -
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 2.49 - 0.50 - 2.49 0.50
H2 2020 1.94 - 0.39 - 1.94 0.39
H1 2021 1.23 (50.6 %) 0.25 - 1.23 0.25
H2 2021 1.25 (35.3 %) 0.25 - 1.25 0.25
H1 2022 0.93 (24.3 %) 0.19 - 0.93 0.19

Profitability

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 - - -
H2 2020 10.70 % 10.49 % 4.96 %
H1 2021 10.10 % 9.48 % 3.53 %
H2 2021 9.41 % 9.50 % 2.77 %
H1 2022 8.53 % 10.20 % 2.48 %


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 5.00 - - -
H2 2020 5.00 0.88 0.88 11.26
H1 2021 5.00 0.63 0.63 10.94
H2 2021 5.00 0.50 0.50 11.24
H1 2022 5.00 0.44 0.44 10.92

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 More than 100 More than 100 10.73
H1 2022 More than 100 More than 100 6.30


Financial Ratios
Current
Market Cap (M Riyal) 330.00
Enterprise Value (EV) (M) 324.02
Shares Outstanding ((M)) 5.00
Book Value (BV) ( Riyal) 11.62
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
Price/book 5.68
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Share Price

Natural Gas Distribution Co.
66.00
10.00 17.86 %

Natural Gas Distribution Co. (NGDC)

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