GASCO posts 64% profit slump to SAR 33.4 mln in Q1 2020

04/06/2020 Argaam Exclusive

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National Gas and Industrialization Co. (GASCO) reported net profit after Zakat and tax of SAR 33.4 million for the first three months of 2020, a decline of 64% year-on-year (YoY), driven by lower revenue from investments, higher selling and marketing expenses, and increased general and administrative expenses (G&As).

On a sequential basis, GASCO swung to profit in Q1 2020, versus losses of SAR 19.5 million in Q4 2019.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2019	Q1 2020	Change‬
Revenues	495.28	528.64	6.7 %
Gross Income	67.59	74.04	9.5 %
Operating Income	32.33	26.39	(18.4 %)
Net Income	93.17	14.68	(84.2 %)
Average Shares	75.00	75.00	-
EPS (Riyals)	1.24	0.20	(84.2 %)

Item	Q4 2019	Q1 2020	Change‬
Revenues	502.13	528.64	5.3 %
Gross Income	37.21	74.04	99.0 %
Operating Income	(51.23)	26.39	151.5 %
Net Income	(22.32)	14.68	165.8 %
Average Shares	75.00	75.00	-
EPS (Riyals)	(0.30)	0.20	165.8 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2011	1,671.48	5.7 %	144.06	(1.7 %)	81.97	(6.0 %)
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 %
Q1 2013	457.70	2.4 %	43.49	0.3 %	30.90	(0.5 %)
Q2 2013	437.49	5.2 %	50.50	20.0 %	37.66	26.5 %
Q3 2013	440.07	2.6 %	46.27	4.9 %	35.27	(0.4 %)
Q4 2013	452.53	(1.5 %)	41.51	(26.9 %)	(9.48)	(125.7 %)
2013	1,787.78	2.1 %	181.76	(2.5 %)	94.35	(29.1 %)
Q1 2014	459.99	0.5 %	44.02	1.2 %	31.71	2.6 %
Q2 2014	445.11	1.7 %	45.19	(10.5 %)	32.88	(12.7 %)
Q3 2014	436.94	(0.7 %)	54.00	16.7 %	42.51	20.5 %
Q4 2014	456.13	0.8 %	43.81	5.5 %	27.20	387.0 %
2014	1,798.16	0.6 %	187.02	2.9 %	134.30	42.3 %
Q1 2015	482.46	4.9 %	45.82	4.1 %	31.42	(0.9 %)
Q2 2015	474.91	6.7 %	54.47	20.5 %	39.08	18.9 %
Q3 2015	453.64	3.8 %	41.59	(23.0 %)	28.83	(32.2 %)
Q4 2015	496.02	8.7 %	52.33	19.5 %	30.59	12.4 %
2015	1,907.02	6.1 %	194.21	3.8 %	129.93	(3.3 %)
Q1 2016	511.22	6.0 %	63.03	37.6 %	37.13	18.2 %
Q2 2016	503.70	6.1 %	44.05	(19.1 %)	18.01	(53.9 %)
Q3 2016	454.05	0.1 %	52.65	26.6 %	27.59	(4.3 %)
Q4 2016	506.99	2.2 %	72.28	38.1 %	42.53	39.0 %
2016	1,975.97	3.6 %	232.01	19.5 %	125.26	(3.6 %)
Q1 2017	520.06	1.7 %	63.49	0.7 %	34.08	(8.2 %)
Q2 2017	499.38	(0.9 %)	46.16	4.8 %	26.91	49.4 %
Q3 2017	460.19	1.4 %	55.56	5.5 %	30.13	9.2 %
Q4 2017	505.52	(0.3 %)	114.02	57.7 %	59.24	39.3 %
2017	1,985.13	0.5 %	279.23	20.4 %	150.36	20.0 %
Q1 2018	490.48	(5.7 %)	64.58	1.7 %	33.86	(0.6 %)
Q2 2018	474.75	(4.9 %)	60.69	31.5 %	32.46	20.6 %
Q3 2018	449.05	(2.4 %)	62.31	12.2 %	30.73	2.0 %
Q4 2018	486.30	(3.8 %)	47.00	(58.8 %)	(11.72)	(119.8 %)
2018	1,901.94	(4.2 %)	234.30	(16.1 %)	84.65	(43.7 %)
Q1 2019	495.28	1.0 %	67.59	4.7 %	32.33	(4.5 %)
Q2 2019	463.14	(2.4 %)	55.98	(7.8 %)	12.93	(60.2 %)
Q3 2019	462.01	2.9 %	82.15	31.8 %	33.34	8.5 %
Q4 2019	502.13	3.3 %	37.21	(20.8 %)	(51.23)	(337.0 %)
2019	1,922.56	1.1 %	242.92	3.7 %	27.37	(67.7 %)
Q1 2020	528.64	6.7 %	74.04	9.5 %	26.39	(18.4 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2010	1,581.33	2.3 %	146.49	15.8 %	87.17	2.5 %
2011	1,671.48	5.7 %	144.06	(1.7 %)	81.97	(6.0 %)
2012	1,751.71	4.8 %	186.34	29.4 %	133.14	62.4 %
2013	1,787.78	2.1 %	181.76	(2.5 %)	94.35	(29.1 %)
2014	1,798.16	0.6 %	187.02	2.9 %	134.30	42.3 %
2015	1,907.02	6.1 %	194.21	3.8 %	129.93	(3.3 %)
2016	1,975.97	3.6 %	232.01	19.5 %	125.26	(3.6 %)
2017	1,985.13	0.5 %	279.23	20.4 %	150.36	20.0 %
2018	1,901.94	(4.2 %)	234.30	(16.1 %)	84.65	(43.7 %)
2019	1,922.56	1.1 %	242.92	3.7 %	27.37	(67.7 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2011	106.34	17.9 %	1.42	(9.43)	115.77	1.54
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
Q1 2013	36.39	4.1 %	0.49	5.90	30.50	0.41
Q2 2013	37.90	12.1 %	0.51	1.59	36.31	0.48
Q3 2013	37.06	27.1 %	0.49	0.57	36.49	0.49
Q4 2013	2.58	(93.8 %)	0.03	0.01	2.57	0.03
2013	113.94	(18.3 %)	1.52	8.07	105.87	1.41
Q1 2014	33.53	(7.9 %)	0.45	-	33.53	0.45
Q2 2014	38.25	0.9 %	0.51	-	38.25	0.51
Q3 2014	43.99	18.7 %	0.59	-	43.99	0.59
Q4 2014	36.48	1312.9 %	0.49	-	36.48	0.49
2014	152.26	33.6 %	2.03	-	152.26	2.03
Q1 2015	41.68	24.3 %	0.56	-	41.68	0.56
Q2 2015	27.42	(28.3 %)	0.37	-	27.42	0.37
Q3 2015	32.50	(26.1 %)	0.43	-	32.50	0.43
Q4 2015	40.29	10.5 %	0.54	-	40.29	0.54
2015	141.89	(6.8 %)	1.89	-	141.89	1.89
Q1 2016	50.28	20.6 %	0.67	-	50.28	0.67
Q2 2016	23.03	(16.0 %)	0.31	-	23.03	0.31
Q3 2016	30.37	(6.6 %)	0.40	-	30.37	0.40
Q4 2016	43.06	6.9 %	0.57	(7.66)	50.71	0.68
2016	146.72	3.4 %	1.96	(7.66)	154.38	2.06
Q1 2017	64.98	29.2 %	0.87	5.65	59.34	0.79
Q2 2017	37.79	64.1 %	0.50	-	37.79	0.50
Q3 2017	38.73	27.5 %	0.52	7.40	31.33	0.42
Q4 2017	(14.15)	(132.9 %)	(0.19)	(74.91)	60.76	0.81
2017	127.35	(13.2 %)	1.70	(61.87)	189.21	2.52
Q1 2018	38.83	(40.2 %)	0.52	-	38.83	0.52
Q2 2018	32.36	(14.4 %)	0.43	-	32.36	0.43
Q3 2018	34.60	(10.6 %)	0.46	-	34.60	0.46
Q4 2018	(13.42)	5.2 %	(0.18)	-	(13.42)	(0.18)
2018	89.89	(29.4 %)	1.20	-	89.89	1.20
Q1 2019	93.17	139.9 %	1.24	-	93.17	1.24
Q2 2019	8.14	(74.8 %)	0.11	-	8.14	0.11
Q3 2019	30.46	(12.0 %)	0.41	-	30.46	0.41
Q4 2019	(22.32)	(66.3 %)	(0.30)	-	(22.32)	(0.30)
2019	109.44	21.7 %	1.46	-	109.44	1.46
Q1 2020	14.68	(84.2 %)	0.20	-	14.68	0.20

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2010	90.16	224.1 %	1.20	-	90.16	1.20
2011	106.34	17.9 %	1.42	(9.43)	115.77	1.54
2012	139.39	31.1 %	1.86	2.64	136.75	1.82
2013	113.94	(18.3 %)	1.52	8.07	105.87	1.41
2014	152.26	33.6 %	2.03	-	152.26	2.03
2015	141.89	(6.8 %)	1.89	-	141.89	1.89
2016	146.72	3.4 %	1.96	(7.66)	154.38	2.06
2017	127.35	(13.2 %)	1.70	(61.87)	189.21	2.52
2018	89.89	(29.4 %)	1.20	-	89.89	1.20
2019	109.44	21.7 %	1.46	-	109.44	1.46

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2011	8.62 %	8.83 %	6.93 %
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 %
Q1 2013	10.58 %	11.37 %	7.63 %
Q2 2013	10.93 %	11.85 %	7.71 %
Q3 2013	10.98 %	11.93 %	8.06 %
Q4 2013	10.17 %	9.58 %	5.92 %
2013	10.17 %	9.58 %	5.92 %
Q1 2014	10.18 %	9.85 %	6.08 %
Q2 2014	9.85 %	9.63 %	6.17 %
Q3 2014	10.29 %	10.17 %	6.59 %
Q4 2014	10.40 %	12.07 %	8.47 %
2014	10.40 %	12.07 %	8.47 %
Q1 2015	10.37 %	11.85 %	8.81 %
Q2 2015	10.71 %	12.05 %	8.08 %
Q3 2015	9.94 %	11.28 %	7.40 %
Q4 2015	10.18 %	11.29 %	7.44 %
2015	10.18 %	11.29 %	7.44 %
Q1 2016	10.92 %	11.49 %	7.77 %
Q2 2016	10.23 %	10.29 %	7.44 %
Q3 2016	10.79 %	10.28 %	7.33 %
Q4 2016	11.74 %	10.92 %	7.81 %
2016	11.74 %	10.92 %	7.81 %
Q1 2017	11.71 %	10.75 %	8.23 %
Q2 2017	11.84 %	11.24 %	9.00 %
Q3 2017	11.95 %	11.26 %	9.02 %
Q4 2017	14.07 %	12.23 %	9.53 %
2017	14.07 %	12.23 %	9.53 %
Q1 2018	14.33 %	12.38 %	8.63 %
Q2 2018	15.27 %	12.76 %	8.46 %
Q3 2018	15.71 %	12.90 %	8.68 %
Q4 2018	12.34 %	9.28 %	4.86 %
2018	12.32 %	9.24 %	4.73 %
Q1 2019	12.47 %	9.13 %	7.70 %
Q2 2019	12.30 %	8.19 %	6.47 %
Q3 2019	13.25 %	8.26 %	6.21 %
Q4 2019	12.64 %	6.25 %	5.69 %
2019	12.64 %	6.25 %	5.69 %
Q1 2020	12.75 %	6.02 %	1.58 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2010	9.26 %	8.72 %	5.70 %
2011	8.62 %	8.83 %	6.93 %
2012	10.64 %	11.35 %	7.81 %
2013	10.17 %	9.58 %	5.92 %
2014	10.40 %	12.07 %	8.47 %
2015	10.18 %	11.29 %	7.44 %
2016	11.74 %	10.92 %	7.81 %
2017	14.07 %	12.23 %	9.53 %
2018	12.32 %	9.24 %	4.73 %
2019	12.64 %	6.25 %	5.69 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	5.02 %	5.12 %	1.59 %
Q2 2011	10.15 %	10.72 %	8.87 %
Q3 2011	8.72 %	9.64 %	6.70 %
Q4 2011	10.50 %	9.83 %	9.86 %
Q1 2012	9.70 %	10.43 %	7.32 %
Q2 2012	10.11 %	10.83 %	8.02 %
Q3 2012	10.28 %	11.87 %	6.80 %
Q4 2012	12.36 %	12.22 %	9.02 %
Q1 2013	9.50 %	10.55 %	6.66 %
Q2 2013	11.54 %	12.80 %	8.30 %
Q3 2013	10.51 %	12.20 %	8.29 %
Q4 2013	9.17 %	2.95 %	0.57 %
Q1 2014	9.57 %	11.57 %	7.29 %
Q2 2014	10.15 %	11.87 %	8.59 %
Q3 2014	12.36 %	14.43 %	10.07 %
Q4 2014	9.60 %	10.52 %	8.00 %
Q1 2015	9.50 %	10.73 %	8.64 %
Q2 2015	11.47 %	12.65 %	5.77 %
Q3 2015	9.17 %	11.19 %	7.16 %
Q4 2015	10.55 %	10.61 %	8.12 %
Q1 2016	12.33 %	11.53 %	9.83 %
Q2 2016	8.74 %	7.92 %	4.57 %
Q3 2016	11.60 %	11.12 %	6.69 %
Q4 2016	14.26 %	13.12 %	10.00 %
Q1 2017	12.21 %	10.86 %	11.41 %
Q2 2017	9.24 %	9.84 %	7.57 %
Q3 2017	12.07 %	11.23 %	6.81 %
Q4 2017	22.55 %	16.93 %	12.02 %
Q1 2018	13.17 %	11.38 %	7.92 %
Q2 2018	12.78 %	11.25 %	6.82 %
Q3 2018	13.88 %	11.76 %	7.71 %
Q4 2018	9.66 %	2.96 %	(2.76 %)
Q1 2019	13.65 %	10.77 %	18.81 %
Q2 2019	12.09 %	7.46 %	1.76 %
Q3 2019	17.78 %	11.93 %	6.59 %
Q4 2019	7.41 %	(4.56 %)	(4.44 %)
Q1 2020	14.01 %	9.63 %	2.78 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2013	75.00	1.88	1.79	14.04
Q2 2013	75.00	1.93	1.83	14.55
Q3 2013	75.00	2.04	1.93	14.29
Q4 2013	75.00	1.52	1.41	13.31
Q1 2014	75.00	1.48	1.45	13.35
Q2 2014	75.00	1.49	1.48	13.47
Q3 2014	75.00	1.58	1.58	13.62
Q4 2014	75.00	2.03	2.03	13.53
Q1 2015	75.00	2.14	2.14	13.75
Q2 2015	75.00	1.99	1.99	13.80
Q3 2015	75.00	1.84	1.84	13.88
Q4 2015	75.00	1.89	1.89	14.03
Q1 2016	75.00	2.01	2.01	14.18
Q2 2016	75.00	1.95	1.95	14.22
Q3 2016	75.00	1.92	1.92	14.33
Q4 2016	75.00	1.96	2.06	14.93
Q1 2017	75.00	2.15	2.18	15.46
Q2 2017	75.00	2.35	2.38	15.53
Q3 2017	75.00	2.46	2.39	15.75
Q4 2017	75.00	1.70	2.52	20.48
Q1 2018	75.00	1.35	2.25	21.18
Q2 2018	75.00	1.28	2.18	20.84
Q3 2018	75.00	1.22	2.22	20.74
Q4 2018	75.00	1.23	1.23	21.72
Q1 2019	75.00	1.96	1.96	23.06
Q2 2019	75.00	1.63	1.63	24.45
Q3 2019	75.00	1.58	1.58	24.10
Q4 2019	75.00	1.46	1.46	20.86
Q1 2020	75.00	0.41	0.41	20.56

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2010	75.00	1.20	1.20	13.36
2011	75.00	1.42	1.54	13.72
2012	75.00	1.86	1.82	14.56
2013	75.00	1.52	1.41	13.31
2014	75.00	2.03	2.03	13.53
2015	75.00	1.89	1.89	14.03
2016	75.00	1.96	2.06	14.93
2017	75.00	1.70	2.52	20.48
2018	75.00	1.20	1.20	21.72
2019	75.00	1.46	1.46	20.86

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q1 2013	10.65	11.15	1.42
Q2 2013	10.30	10.86	1.37
Q3 2013	11.27	11.89	1.61
Q4 2013	17.51	18.84	2.00
Q1 2014	19.24	19.63	2.13
Q2 2014	19.96	20.07	2.20
Q3 2014	21.82	21.82	2.53
Q4 2014	16.04	16.04	2.41
Q1 2015	14.67	14.67	2.28
Q2 2015	15.32	15.32	2.21
Q3 2015	14.61	14.61	1.94
Q4 2015	13.44	13.44	1.81
Q1 2016	10.85	10.85	1.53
Q2 2016	13.97	13.97	1.91
Q3 2016	12.76	12.76	1.71
Q4 2016	16.89	16.05	2.21
Q1 2017	15.06	14.88	2.10
Q2 2017	13.62	13.47	2.06
Q3 2017	12.91	13.30	2.02
Q4 2017	17.99	12.11	1.49
Q1 2018	22.42	13.45	1.43
Q2 2018	24.08	14.12	1.48
Q3 2018	22.10	12.16	1.30
Q4 2018	22.73	22.73	1.29
Q1 2019	16.28	16.28	1.38
Q2 2019	18.40	18.40	1.23
Q3 2019	18.92	18.92	1.24
Q4 2019	21.18	21.18	1.48
Q1 2020	71.35	71.35	1.43

Period	P/E	Adjusted P/E	Price/book
2010	15.68	15.68	1.41
2011	13.54	12.44	1.40
2012	9.79	9.98	1.25
2013	17.51	18.84	2.00
2014	16.04	16.04	2.41
2015	13.44	13.44	1.81
2016	16.89	16.05	2.21
2017	17.99	12.11	1.49
2018	23.36	23.36	1.29
2019	21.18	21.18	1.48

Business Segments (Million)

Compared With The

Period	Sale of gas	Sale of cylinders, tanks and connecting parts	Other Commercial projects	Services, transportation and installation revenues

Financial Ratios

	Current
Market Cap (M Riyal)	7,965.00
Enterprise Value (EV) (M)	7,799.02
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)	34.44
P/E (TTM)	34.44
Price/book	4.08
Return on Average Assets (%) (TTM)	9.1
Return on Average Equity (%) (TTM)	12.2

National Gas and Industrialization Co. (GASCO)

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GASCO posts 64% profit slump to SAR 33.4 mln in Q1 2020

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2020 Q1

Financial Ratios

Share Price

National Gas and Industrialization Co. (GASCO)

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GASCO posts 64% profit slump to SAR 33.4 mln in Q1 2020

View other reports

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) 2020

Revenue by Business Segment (Latest) 2020 Q1

Financial Ratios

Share Price

National Gas and Industrialization Co. (GASCO)

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Business Segments (Million)