Gasco posts lower net profit at SAR 119m at the end of 2012

Gasco posts lower net profit at SAR 119m at the end of 2012

31/12/2012 Argaam Exclusive

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Financials (M)

Item 2011 2012 Change‬
Revenues 1,671.48 1,751.71 4.8 %
Gross Income 144.06 186.34 29.4 %
Operating Income 81.97 133.14 62.4 %
Net Income 106.34 139.39 31.1 %
Average Shares 75.00 75.00 -
EPS (Riyals) 1.42 1.86 31.1 %


Current Quarter Comparison (M)

Compared With The
Item Q4 2011 Q4 2012 Change‬
Revenues 440.84 459.49 4.2 %
Gross Income 46.27 56.80 22.8 %
Operating Income 23.57 36.89 56.5 %
Net Income 34.03 41.44 21.8 %
Average Shares 75.00 75.00 -
EPS (Riyals) 0.45 0.55 21.8 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2003 312.28 - 29.38 - 20.81 -
Q2 2003 291.32 - 23.67 - 14.73 -
Q3 2003 285.98 - 23.82 - 15.88 -
Q4 2003 329.74 - 47.69 - 37.85 -
Q1 2004 326.47 4.5 % 31.86 8.5 % 22.30 7.1 %
Q2 2004 299.42 2.8 % 24.27 2.5 % 15.25 3.5 %
Q3 2004 291.56 2.0 % 25.35 6.4 % 16.37 3.1 %
Q4 2004 339.56 3.0 % 50.09 5.0 % 39.55 4.5 %
Q1 2005 332.89 2.0 % 32.84 3.1 % 23.52 5.4 %
Q2 2005 308.34 3.0 % 27.49 13.3 % 18.09 18.6 %
Q3 2005 303.12 4.0 % 22.47 (11.3 %) 12.82 (21.7 %)
Q4 2005 336.43 (0.9 %) 45.41 (9.3 %) 34.38 (13.1 %)
Q1 2006 334.91 0.6 % 34.95 6.4 % 24.91 5.9 %
Q2 2006 316.32 2.6 % 24.47 (11.0 %) 12.75 (29.5 %)
Q3 2006 328.68 8.4 % 34.52 53.6 % 24.32 89.7 %
Q4 2006 359.90 7.0 % 45.70 0.6 % 31.89 (7.2 %)
Q1 2007 353.17 5.5 % 35.20 0.7 % 27.51 10.4 %
Q2 2007 330.21 4.4 % 24.12 (1.4 %) 16.80 31.8 %
Q3 2007 340.29 3.5 % 31.68 (8.2 %) 24.43 0.5 %
Q4 2007 365.83 1.6 % 48.98 7.2 % 40.60 27.3 %
Q1 2008 375.78 6.4 % 22.62 (35.7 %) 13.24 (51.9 %)
Q2 2008 347.69 5.3 % 14.99 (37.8 %) 2.55 (84.9 %)
Q3 2008 364.39 7.1 % 33.34 5.2 % 25.73 5.3 %
Q4 2008 383.47 4.8 % 41.30 (15.7 %) 31.91 (21.4 %)
Q1 2009 389.71 3.7 % 28.51 26.0 % 18.16 37.2 %
Q2 2009 371.09 6.7 % 19.97 33.2 % 9.71 281.3 %
Q3 2009 381.11 4.6 % 44.09 32.3 % 35.45 37.8 %
Q4 2009 404.20 5.4 % 33.93 (17.9 %) 21.73 (31.9 %)
Q1 2010 406.12 4.2 % 25.64 (10.1 %) 14.96 (17.6 %)
Q2 2010 383.76 3.4 % 28.45 42.4 % 16.54 70.4 %
Q3 2010 385.00 1.0 % 42.73 (3.1 %) 32.70 (7.8 %)
Q4 2010 406.46 0.6 % 49.67 46.4 % 22.98 5.7 %
Q1 2011 417.26 2.7 % 20.96 (18.3 %) 7.15 (52.2 %)
Q2 2011 410.88 7.1 % 41.71 46.6 % 25.91 56.7 %
Q3 2011 402.50 4.5 % 35.12 (17.8 %) 25.33 (22.5 %)
Q4 2011 440.84 8.5 % 46.27 (6.8 %) 23.57 2.6 %
Q1 2012 447.13 7.2 % 43.36 106.9 % 31.06 334.5 %
Q2 2012 416.02 1.3 % 42.07 0.9 % 29.77 14.9 %
Q3 2012 429.06 6.6 % 44.11 25.6 % 35.42 39.8 %
Q4 2012 459.49 4.2 % 56.80 22.8 % 36.89 56.5 %
2012 1,751.71 4.8 % 186.34 29.4 % 133.14 62.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2003 31.13 - 0.42 - 31.13 0.42
Q2 2003 27.72 - 0.37 - 27.72 0.37
Q3 2003 26.47 - 0.35 - 26.47 0.35
Q4 2003 15.30 - 0.20 - 15.30 0.20
Q1 2004 29.76 (4.4 %) 0.40 - 29.76 0.40
Q2 2004 24.37 (12.1 %) 0.32 - 24.37 0.32
Q3 2004 27.49 3.9 % 0.37 - 27.49 0.37
Q4 2004 38.90 154.3 % 0.52 - 38.90 0.52
Q1 2005 32.83 10.3 % 0.44 - 32.83 0.44
Q2 2005 57.47 135.8 % 0.77 - 57.47 0.77
Q3 2005 35.50 29.1 % 0.47 - 35.50 0.47
Q4 2005 48.72 25.2 % 0.65 4.03 44.70 0.60
Q1 2006 30.59 (6.8 %) 0.41 - 30.59 0.41
Q2 2006 30.65 (46.7 %) 0.41 - 30.65 0.41
Q3 2006 22.52 (36.6 %) 0.30 - 22.52 0.30
Q4 2006 27.68 (43.2 %) 0.37 - 27.68 0.37
Q1 2007 28.18 (7.9 %) 0.38 - 28.18 0.38
Q2 2007 38.80 26.6 % 0.52 - 38.80 0.52
Q3 2007 24.26 7.7 % 0.32 - 24.26 0.32
Q4 2007 43.64 57.6 % 0.58 - 43.64 0.58
Q1 2008 29.27 3.9 % 0.39 - 29.27 0.39
Q2 2008 51.48 32.7 % 0.69 - 51.48 0.69
Q3 2008 27.25 12.3 % 0.36 - 27.25 0.36
Q4 2008 40.99 (6.1 %) 0.55 79.76 (38.77) (0.52)
Q1 2009 12.54 (57.2 %) 0.17 - 12.54 0.17
Q2 2009 10.82 (79.0 %) 0.14 - 10.82 0.14
Q3 2009 38.12 39.9 % 0.51 - 38.12 0.51
Q4 2009 (134.12) (427.2 %) (1.79) (154.74) 20.63 0.28
Q1 2010 16.25 29.6 % 0.22 - 16.25 0.22
Q2 2010 21.40 97.7 % 0.29 - 21.40 0.29
Q3 2010 26.97 (29.2 %) 0.36 - 26.97 0.36
Q4 2010 25.54 119.0 % 0.34 - 25.54 0.34
Q1 2011 8.92 (45.2 %) 0.12 2.28 6.64 0.09
Q2 2011 36.45 70.3 % 0.49 - 36.45 0.49
Q3 2011 26.95 (0.1 %) 0.36 - 26.95 0.36
Q4 2011 34.03 33.2 % 0.45 (9.43) 43.45 0.58
Q1 2012 34.97 292.3 % 0.47 2.24 32.73 0.44
Q2 2012 33.81 (7.2 %) 0.45 0.43 33.39 0.45
Q3 2012 29.16 8.2 % 0.39 (0.03) 29.20 0.39
Q4 2012 41.44 21.8 % 0.55 0.00 41.44 0.55
2012 139.39 31.1 % 1.86 2.64 136.75 1.82

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2003 - - -
Q2 2003 - - -
Q3 2003 - - -
Q4 2003 10.22 % 10.44 % 8.25 %
Q1 2004 10.30 % 10.42 % 8.05 %
Q2 2004 10.28 % 10.42 % 7.72 %
Q3 2004 10.36 % 9.98 % 7.77 %
Q4 2004 10.47 % 8.92 % 9.59 %
Q1 2005 10.49 % 8.80 % 9.78 %
Q2 2005 10.67 % 8.36 % 12.31 %
Q3 2005 10.35 % 7.50 % 12.83 %
Q4 2005 10.01 % 8.38 % 13.31 %
Q1 2006 10.16 % 8.16 % 13.12 %
Q2 2006 9.86 % 7.87 % 10.96 %
Q3 2006 10.59 % 8.95 % 9.76 %
Q4 2006 10.42 % 8.79 % 8.32 %
Q1 2007 10.30 % 9.35 % 8.03 %
Q2 2007 10.17 % 9.50 % 8.54 %
Q3 2007 9.88 % 10.10 % 8.60 %
Q4 2007 10.07 % 10.87 % 9.71 %
Q1 2008 9.02 % 9.76 % 9.63 %
Q2 2008 8.27 % 9.02 % 10.40 %
Q3 2008 8.25 % 8.52 % 10.43 %
Q4 2008 7.63 % 7.79 % 4.71 %
Q1 2009 7.95 % 8.33 % 3.53 %
Q2 2009 8.16 % 8.85 % 0.78 %
Q3 2009 8.78 % 9.49 % 1.49 %
Q4 2009 8.18 % 8.78 % 5.31 %
Q1 2010 7.91 % 8.34 % 5.49 %
Q2 2010 8.39 % 8.74 % 6.12 %
Q3 2010 8.28 % 8.56 % 5.40 %
Q4 2010 9.26 % 8.72 % 5.70 %
Q1 2011 8.90 % 8.29 % 5.06 %
Q2 2011 9.57 % 9.02 % 5.90 %
Q3 2011 9.01 % 8.57 % 5.84 %
Q4 2011 8.62 % 8.83 % 6.79 %
Q1 2012 9.78 % 10.16 % 8.20 %
Q2 2012 9.78 % 10.19 % 8.00 %
Q3 2012 10.14 % 10.73 % 8.01 %
Q4 2012 10.64 % 11.35 % 7.81 %
2012 10.64 % 11.35 % 7.81 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2003 75.00 - - 13.03
Q2 2003 75.00 - - 13.28
Q3 2003 75.00 - - 13.63
Q4 2003 75.00 1.34 1.34 14.46
Q1 2004 75.00 1.32 1.32 14.86
Q2 2004 75.00 1.28 1.28 14.32
Q3 2004 75.00 1.29 1.29 14.06
Q4 2004 75.00 1.61 1.61 14.94
Q1 2005 75.00 1.65 1.65 15.62
Q2 2005 75.00 2.09 2.09 15.09
Q3 2005 75.00 2.20 2.20 15.75
Q4 2005 75.00 2.33 2.27 15.57
Q1 2006 75.00 2.30 2.24 15.52
Q2 2006 75.00 1.94 1.89 13.31
Q3 2006 75.00 1.77 1.71 13.63
Q4 2006 75.00 1.49 1.49 12.71
Q1 2007 75.00 1.45 1.45 13.41
Q2 2007 75.00 1.56 1.56 13.07
Q3 2007 75.00 1.59 1.59 13.56
Q4 2007 75.00 1.80 1.80 14.59
Q1 2008 75.00 1.81 1.81 14.71
Q2 2008 75.00 1.98 1.98 14.64
Q3 2008 75.00 2.02 2.02 13.88
Q4 2008 75.00 1.99 0.92 12.55
Q1 2009 75.00 1.76 0.70 11.51
Q2 2009 75.00 1.22 0.16 12.06
Q3 2009 75.00 1.37 0.30 12.81
Q4 2009 75.00 (0.97) 1.09 12.85
Q1 2010 75.00 (0.92) 1.14 13.73
Q2 2010 75.00 (0.78) 1.29 13.23
Q3 2010 75.00 (0.93) 1.14 13.81
Q4 2010 75.00 1.20 1.20 13.36
Q1 2011 75.00 1.10 1.07 13.22
Q2 2011 75.00 1.30 1.27 13.77
Q3 2011 75.00 1.30 1.27 13.92
Q4 2011 75.00 1.42 1.51 13.72
Q1 2012 75.00 1.77 1.86 13.69
Q2 2012 75.00 1.73 1.82 14.14
Q3 2012 75.00 1.76 1.85 14.03
Q4 2012 75.00 1.86 1.82 14.56

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2003 - - 1.86
Q2 2003 - - 2.19
Q3 2003 - - 2.32
Q4 2003 23.40 23.40 2.17
Q1 2004 27.17 27.17 2.42
Q2 2004 32.61 32.61 2.91
Q3 2004 33.58 33.58 3.09
Q4 2004 27.35 27.35 2.94
Q1 2005 36.41 36.41 3.84
Q2 2005 46.05 46.05 6.38
Q3 2005 49.68 49.68 6.93
Q4 2005 55.46 56.77 8.29
Q1 2006 39.62 40.56 5.87
Q2 2006 34.29 35.26 5.00
Q3 2006 41.04 42.33 5.32
Q4 2006 21.70 21.70 2.54
Q1 2007 20.98 20.98 2.27
Q2 2007 16.00 16.00 1.91
Q3 2007 17.50 17.50 2.05
Q4 2007 19.18 19.18 2.37
Q1 2008 16.27 16.27 2.00
Q2 2008 14.63 14.63 1.98
Q3 2008 10.88 10.88 1.59
Q4 2008 8.71 18.74 1.38
Q1 2009 11.68 29.43 1.79
Q2 2009 18.46 More than 100 1.87
Q3 2009 17.64 79.60 1.88
Q4 2009 NEG 21.37 1.82
Q1 2010 NEG 20.06 1.67
Q2 2010 NEG 15.29 1.49
Q3 2010 NEG 16.94 1.39
Q4 2010 15.68 15.68 1.41
Q1 2011 16.53 16.99 1.38
Q2 2011 14.71 15.06 1.39
Q3 2011 13.64 13.97 1.28
Q4 2011 13.54 12.69 1.40
Q1 2012 13.96 13.24 1.80
Q2 2012 12.14 11.54 1.49
Q3 2012 11.99 11.40 1.50
Q4 2012 9.79 9.98 1.25


Financial Ratios
Current
Market Cap (M Riyal) 7,995.00
Enterprise Value (EV) (M) 7,829.02
Shares Outstanding ((M)) 75.00
EPS ( Riyal) (TTM) 3.08
Book Value (BV) ( Riyal) 26.01
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 34.57
P/E (TTM) 34.57
Price/book 4.10
Return on Average Assets (%) (TTM) 9.1
Return on Average Equity (%) (TTM) 12.2
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Share Price

National Gas and Industrialization Co.
106.20
1.20 1.14 %

National Gas and Industrialization Co. (GASCO)

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