GASCO posts 57.9% profit drop to SAR 42.7 mln in H1 2020

GASCO posts 57.9% profit drop to SAR 42.7 mln in H1 2020

25/08/2020 Argaam Exclusive

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National Gas and Industrialization Co. (GASCO) reported a net profit after Zakat and tax of SAR 42.7 million for the first half of 2020, a decline of 57.9% year-on-year (YoY), on lower revenues from investments, higher selling and marketing expenses, and increased general and administrative expenses (G&As).



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 958.42 1,008.53 5.2 %
Gross Income 123.56 123.72 0.1 %
Operating Income 45.26 25.01 (44.7 %)
Net Income 101.31 37.78 (62.7 %)
Average Shares 75.00 75.00 -
EPS (Riyals) 1.35 0.50 (62.7 %)

In Q2 2020, net profit after Zakat and tax surged 63% to SAR 13.2 million, from SAR 8 million in prior-year period, thanks to higher investment revenues, and other income. Moreover, provisions for Zakat claims decreased by SAR 5.5 million.

 

On a sequential basis, GASCO’s net profit fell by 55% from SAR 29.4 million, hit by a decline in gross profit and allocation of SAR 5.2 million for doubtful debts. The company was also pressured by an increase of SAR 6 million in technical support and license costs.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 463.14 479.89 3.6 %
Gross Income 55.98 49.68 (11.3 %)
Operating Income 12.93 (1.38) (110.7 %)
Net Income 8.14 23.10 183.7 %
Average Shares 75.00 75.00 -
EPS (Riyals) 0.11 0.31 183.7 %


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 %
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 %
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 %)
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 %
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 %
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 %
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 %
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 %)
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 %)
Q1 2020 528.64 6.7 % 74.04 9.5 % 26.39 (18.4 %)
Q2 2020 479.89 3.6 % 49.68 (11.3 %) (1.38) (110.7 %)


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
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
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
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
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
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
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
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)
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)
Q1 2020 14.68 (84.2 %) 0.20 - 14.68 0.20
Q2 2020 23.10 183.7 % 0.31 - 23.10 0.31

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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2020 12.75 % 6.02 % 1.58 %
Q2 2020 12.32 % 5.38 % 2.33 %


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
Q2 2020 75.00 0.61 0.61 20.51

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
Q2 2020 46.39 46.39 1.38

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) 7,935.00
Enterprise Value (EV) (M) 7,769.02
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) 34.31
P/E (TTM) 34.31
Price/book 4.07
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.
105.80
0.80 0.76 %

National Gas and Industrialization Co. (GASCO)

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