NGDC profit declines 16% to SAR 1.5M in H1 2024

NGDC profit declines 16% to SAR 1.5M in H1 2024

25/08/2024 Argaam Exclusive

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Natural Gas Distribution Co. (NGDC) posted a 16% decline in H1 2024 net profit to SAR 1.5 million, compared to SAR 1.8 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 47.68 54.32 13.9 %
Gross Income 4.50 4.04 (10.1 %)
Operating Income 1.48 1.16 (21.9 %)
Net Income 1.78 1.49 (16.2 %)
Average Shares 5.00 5.00 -
EPS (Riyals) 0.36 0.30 (16.2 %)


Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 47.68 54.32 13.9 %
Gross Income 4.50 4.04 (10.1 %)
Operating Income 1.48 1.16 (21.9 %)
Net Income 1.78 1.49 (16.2 %)
Average Shares 5.00 5.00 -
EPS (Riyals) 0.36 0.30 (16.2 %)

The profit drop was attributed to the customers' lower consumption of natural gas during the first half of this year.

 

On the other hand, revenues increased due to the rise in the price of natural gas sold to customers, which was driven by higher prices of natural gas supplied by Aramco and the Ministry of Energy's adjustment of the natural gas selling tariff at the end of the first quarter of 2024.

 

Shareholders' equity, no minority interest, amounted to SAR 57.09 million by the end of the current period, compared to SAR 56.26 million a year earlier.

 

Historical Data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2020

44.49

2.49

0.50

H2 2020

44.76

1.93

0.38

H1 2021

44.93

1.23

0.25

H2 2021

44.66

1.25

0.25

H1 2022

43.25

0.93

0.19

H2 2022

47.76

2.36

0.47

H1 2023

47.68

1.78

0.36

H2 2023

44.81

1.99

0.39

H1 2024

54.32

1.49

0.3
 

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 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 %)
H2 2022 47.76 6.9 % 4.58 11.3 % 2.17 42.9 %
H1 2023 47.68 10.2 % 4.50 32.8 % 1.48 52.6 %
H2 2023 44.81 (6.2 %) 4.28 (6.6 %) 1.44 (33.8 %)
H1 2024 54.32 13.9 % 4.04 (10.1 %) 1.16 (21.9 %)


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 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
H2 2022 2.36 88.5 % 0.47 - 2.36 0.47
H1 2023 1.78 91.5 % 0.36 - 1.78 0.36
H2 2023 1.98 (15.9 %) 0.40 - 1.98 0.40
H1 2024 1.49 (16.2 %) 0.30 - 1.49 0.30

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 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 %
H2 2022 8.75 % 10.55 % 3.62 %
H1 2023 9.51 % 9.91 % 4.34 %
H2 2023 9.49 % 9.12 % 4.07 %
H1 2024 8.40 % 8.13 % 3.51 %


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 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
H2 2022 5.00 0.66 0.66 11.40
H1 2023 5.00 0.83 0.83 11.25
H2 2023 5.00 0.75 0.75 11.62
H1 2024 5.00 0.70 0.70 11.42

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 More than 100 More than 100 10.73
H1 2022 More than 100 More than 100 6.30
H2 2022 88.12 88.12 5.09
H1 2023 67.61 67.61 4.98
H2 2023 55.50 55.50 3.60
H1 2024 67.59 67.59 4.12


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
more

Share Price

Natural Gas Distribution Co.
66.00
10.00 17.86 %

Natural Gas Distribution Co. (NGDC)

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