GASCO net profit surges to SAR 85.2 mln in Q1 2021

GASCO net profit surges to SAR 85.2 mln in Q1 2021

23/05/2021 Argaam Exclusive

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National Gas and Industrialization Co. (GASCO) reported a net profit after Zakat and tax of SAR 85.2 million in Q1 2021, compared to profit of SAR 14.7 million in Q1 2020.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 528.64 511.08 (3.3 %)
Gross Income 74.04 76.32 3.1 %
Operating Income 26.39 33.95 28.6 %
Net Income 14.68 85.19 480.4 %
Average Shares 75.00 75.00 -
EPS (Riyals) 0.20 1.14 480.4 %

The increase in net profit was driven by higher operating income as cost of revenues and general and administrative expenses declined.

 

In addition, GASCO noted an increase in investments' income as it received dividends of SAR 33.8 million from National Industrial Gases Co. Also, the firm saw increased gain from revaluation of investment funds and higher investment income from associates.

When compared to the previous quarter, Q1 2021 net profit after Zakat and tax rose 7.2%.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2020 453.71 (1.8 %) 44.04 (46.4 %) (3.89) (111.7 %)
Q4 2020 500.80 (0.3 %) 54.75 47.1 % 18.73 136.6 %
Q1 2021 511.08 (3.3 %) 76.32 3.1 % 33.95 28.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2020 17.03 (44.1 %) 0.23 - 17.03 0.23
Q4 2020 82.08 467.8 % 1.09 - 82.08 1.09
Q1 2021 85.19 480.4 % 1.14 - 85.19 1.14

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2020 10.43 % 3.53 % 1.65 %
Q4 2020 11.33 % 6.81 % 6.97 %
Q1 2021 11.55 % 7.22 % 10.66 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2020 75.00 0.43 0.43 20.82
Q4 2020 75.00 1.83 1.83 20.87
Q1 2021 75.00 2.77 2.77 22.26

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2020 70.64 70.64 1.47
Q4 2020 16.71 16.71 1.46
Q1 2021 11.73 11.73 1.46

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 Scrap sales
Q1 2021 468.87 37.05 1.12 4.03 -

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

Share Price

National Gas and Industrialization Co. (GASCO)


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