GASCO 9M 2023 profit rises 16% to SAR 184.7 mln; Q3 at SAR 57.2 mln

06/11/2023 Argaam Exclusive

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National Gas and Industrialization Co. (GASCO) posted a 16% profit increase in the first nine months of 2023 to SAR 184.7 million, compared to SAR 159.4 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	1,509.02	1,791.99	18.8 %
Gross Income	211.05	240.18	13.8 %
Operating Income	77.41	109.79	41.8 %
Net Income	159.39	184.72	15.9 %
Average Shares	75.00	75.00	-
EPS (Riyals)	2.13	2.46	15.9 %

GASCO noted an increase in revenue and financing income, along with higher share of results from associates. In addition, operating expenses and financing cost edged lower.

Meanwhile, other income and investment income declined.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	512.73	609.61	18.9 %
Gross Income	62.49	77.18	23.5 %
Operating Income	18.45	31.88	72.8 %
Net Income	56.98	57.22	0.4 %
Average Shares	75.00	75.00	-
EPS (Riyals)	0.76	0.76	0.4 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	567.44	609.61	7.4 %
Gross Income	72.68	77.18	6.2 %
Operating Income	27.50	31.88	15.9 %
Net Income	54.52	57.22	4.9 %
Average Shares	75.00	75.00	-
EPS (Riyals)	0.73	0.76	4.9 %

In Q3 2023, net profit rose slightly by 0.4% to SAR 57.2 million from SAR 56.98 million in Q3 2022.

On a sequential basis, the bottom line grew 4.9% from SAR 54.52 million in Q2 2023.

Shareholders’ equity, no minority interest, reached SAR 1.83 billion as of Sept. 30, 2023, up from SAR 1.69 million a year earlier.

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2014	459.99	0.5 %	44.02	1.2 %	33.53	(7.9 %)	0.45
Q2 2014	445.11	1.7 %	45.19	(10.5 %)	38.25	0.9 %	0.51
Q3 2014	436.94	(0.7 %)	54.00	16.7 %	43.99	18.7 %	0.59
Q4 2014	456.13	0.8 %	43.81	5.5 %	36.48	1312.9 %	0.49
2014	1,798.16	0.6 %	187.02	2.9 %	152.26	33.6 %	2.03
Q1 2015	482.46	4.9 %	45.82	4.1 %	41.68	24.3 %	0.56
Q2 2015	474.91	6.7 %	54.47	20.5 %	27.42	(28.3 %)	0.37
Q3 2015	453.64	3.8 %	41.59	(23.0 %)	32.50	(26.1 %)	0.43
Q4 2015	496.02	8.7 %	52.33	19.5 %	40.29	10.5 %	0.54
2015	1,907.02	6.1 %	194.21	3.8 %	141.89	(6.8 %)	1.89
Q1 2016	511.22	6.0 %	63.03	37.6 %	50.28	20.6 %	0.67
Q2 2016	503.70	6.1 %	44.05	(19.1 %)	23.03	(16.0 %)	0.31
Q3 2016	454.05	0.1 %	52.65	26.6 %	30.37	(6.6 %)	0.40
Q4 2016	506.99	2.2 %	72.28	38.1 %	43.06	6.9 %	0.57
2016	1,975.97	3.6 %	232.01	19.5 %	146.72	3.4 %	1.96
Q1 2017	520.06	1.7 %	63.49	0.7 %	64.98	29.2 %	0.87
Q2 2017	499.38	(0.9 %)	46.16	4.8 %	37.79	64.1 %	0.50
Q3 2017	460.19	1.4 %	55.56	5.5 %	38.73	27.5 %	0.52
Q4 2017	505.52	(0.3 %)	114.02	57.7 %	(14.15)	(132.9 %)	(0.19)
2017	1,985.13	0.5 %	279.23	20.4 %	127.35	(13.2 %)	1.70
Q1 2018	490.48	(5.7 %)	64.58	1.7 %	38.83	(40.2 %)	0.52
Q2 2018	474.75	(4.9 %)	60.69	31.5 %	32.36	(14.4 %)	0.43
Q3 2018	449.05	(2.4 %)	62.31	12.2 %	34.60	(10.6 %)	0.46
Q4 2018	486.30	(3.8 %)	47.00	(58.8 %)	(13.42)	5.2 %	(0.18)
2018	1,901.94	(4.2 %)	234.30	(16.1 %)	89.89	(29.4 %)	1.20
Q1 2019	495.28	1.0 %	67.59	4.7 %	93.17	139.9 %	1.24
Q2 2019	463.14	(2.4 %)	55.98	(7.8 %)	8.14	(74.8 %)	0.11
Q3 2019	462.01	2.9 %	82.15	31.8 %	30.46	(12.0 %)	0.41
Q4 2019	502.13	3.3 %	37.21	(20.8 %)	(22.32)	(66.3 %)	(0.30)
2019	1,922.56	1.1 %	242.92	3.7 %	109.44	21.7 %	1.46
Q1 2020	528.64	6.7 %	74.04	9.5 %	14.68	(84.2 %)	0.20
Q2 2020	479.89	3.6 %	49.68	(11.3 %)	23.10	183.7 %	0.31
Q3 2020	453.71	(1.8 %)	44.04	(46.4 %)	17.03	(44.1 %)	0.23
Q4 2020	500.80	(0.3 %)	54.75	47.1 %	82.08	467.8 %	1.09
2020	1,963.04	2.1 %	222.51	(8.4 %)	136.89	25.1 %	1.83
Q1 2021	511.08	(3.3 %)	76.32	3.1 %	85.19	480.4 %	1.14
Q2 2021	467.82	(2.5 %)	62.63	26.1 %	36.51	58.0 %	0.49
Q3 2021	444.77	(2.0 %)	58.01	31.7 %	36.45	114.0 %	0.49
Q4 2021	480.56	(4.0 %)	57.92	5.8 %	44.00	(46.4 %)	0.59
2021	1,904.23	(3.0 %)	254.76	14.5 %	201.36	47.1 %	2.68
Q1 2022	517.18	1.2 %	76.44	0.2 %	70.64	(17.1 %)	0.94
Q2 2022	479.11	2.4 %	72.12	15.1 %	31.77	(13.0 %)	0.42
Q3 2022	512.73	15.3 %	62.49	7.7 %	56.98	56.3 %	0.76
Q4 2022	571.19	18.9 %	67.58	16.7 %	54.67	24.3 %	0.73
2022	2,080.21	9.2 %	278.63	9.4 %	214.06	6.3 %	2.85
Q1 2023	614.93	18.9 %	90.32	18.2 %	72.98	3.3 %	0.97
Q2 2023	567.44	18.4 %	72.68	0.8 %	54.52	71.6 %	0.73
Q3 2023	609.61	18.9 %	77.18	23.5 %	57.22	0.4 %	0.76

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	1,787.78	2.1 %	181.76	(2.5 %)	113.94	(18.3 %)	1.52
2014	1,798.16	0.6 %	187.02	2.9 %	152.26	33.6 %	2.03
2015	1,907.02	6.1 %	194.21	3.8 %	141.89	(6.8 %)	1.89
2016	1,975.97	3.6 %	232.01	19.5 %	146.72	3.4 %	1.96
2017	1,985.13	0.5 %	279.23	20.4 %	127.35	(13.2 %)	1.70
2018	1,901.94	(4.2 %)	234.30	(16.1 %)	89.89	(29.4 %)	1.20
2019	1,922.56	1.1 %	242.92	3.7 %	109.44	21.7 %	1.46
2020	1,963.04	2.1 %	222.51	(8.4 %)	136.89	25.1 %	1.83
2021	1,904.23	(3.0 %)	254.76	14.5 %	201.36	47.1 %	2.68
2022	2,080.21	9.2 %	278.63	9.4 %	214.06	6.3 %	2.85

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q2 2020	12.32 %	5.38 %	2.33 %
Q3 2020	10.43 %	3.53 %	1.65 %
Q4 2020	11.33 %	6.81 %	6.97 %
2020	11.33 %	6.81 %	6.97 %
Q1 2021	11.55 %	7.22 %	10.66 %
Q2 2021	12.30 %	8.15 %	11.42 %
Q3 2021	13.08 %	8.88 %	12.48 %
Q4 2021	13.38 %	8.92 %	10.62 %
2021	13.38 %	8.88 %	10.57 %
Q1 2022	13.35 %	9.08 %	9.82 %
Q2 2022	13.76 %	9.81 %	9.52 %
Q3 2022	13.52 %	10.26 %	9.23 %
Q4 2022	13.39 %	10.72 %	8.81 %
2022	13.39 %	10.72 %	8.81 %
Q1 2023	13.43 %	11.00 %	8.52 %
Q2 2023	12.93 %	10.55 %	9.19 %
Q3 2023	13.02 %	10.64 %	9.66 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2020	11.33 %	6.81 %	6.97 %
2021	13.38 %	8.88 %	10.57 %
2022	13.39 %	10.72 %	8.81 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %	11.94 %	6.59 %
Q4 2019	7.41 %	(4.56 %)	(4.44 %)
Q1 2020	14.01 %	9.63 %	2.78 %
Q2 2020	10.35 %	4.78 %	4.81 %
Q3 2020	9.71 %	4.05 %	3.75 %
Q4 2020	10.93 %	8.28 %	16.39 %
Q1 2021	14.93 %	11.29 %	16.67 %
Q2 2021	13.39 %	8.58 %	7.80 %
Q3 2021	13.04 %	7.11 %	8.20 %
Q4 2021	12.05 %	8.42 %	9.16 %
Q1 2022	14.78 %	11.83 %	13.66 %
Q2 2022	15.05 %	11.52 %	6.63 %
Q3 2022	12.19 %	9.23 %	7.27 %
Q4 2022	11.83 %	10.38 %	7.62 %
Q1 2023	14.69 %	12.65 %	11.87 %
Q2 2023	12.81 %	9.64 %	9.61 %
Q3 2023	12.66 %	9.78 %	9.39 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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	21.45
Q1 2018	75.00	1.35	2.25	15.59
Q2 2018	75.00	1.28	2.18	15.23
Q3 2018	75.00	1.22	2.22	15.19
Q4 2018	75.00	1.23	1.23	21.98
Q1 2019	75.00	1.96	1.96	24.50
Q2 2019	75.00	1.63	1.63	24.70
Q3 2019	75.00	1.58	1.58	24.37
Q4 2019	75.00	1.46	1.46	20.86
Q1 2020	75.00	0.41	0.41	20.62
Q2 2020	75.00	0.61	0.61	20.52
Q3 2020	75.00	0.43	0.43	20.83
Q4 2020	75.00	1.83	1.83	20.87
Q1 2021	75.00	2.77	2.77	22.26
Q2 2021	75.00	2.94	2.94	22.36
Q3 2021	75.00	3.20	3.20	22.16
Q4 2021	75.00	2.70	2.70	23.15
Q1 2022	75.00	2.50	2.50	22.40
Q2 2022	75.00	2.44	2.44	22.14
Q3 2022	75.00	2.71	2.45	22.54
Q4 2022	75.00	2.85	2.44	23.13
Q1 2023	75.00	2.89	2.47	24.96
Q2 2023	75.00	3.19	2.78	24.21
Q3 2023	75.00	3.19	3.04	24.44

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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	21.45
2018	75.00	1.20	1.20	21.98
2019	75.00	1.46	1.46	20.86
2020	75.00	1.83	1.83	20.87
2021	75.00	2.68	2.68	23.15
2022	75.00	2.85	2.44	23.13

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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	1.42
Q1 2018	22.42	13.45	1.94
Q2 2018	24.08	14.12	2.02
Q3 2018	22.10	12.16	1.78
Q4 2018	22.73	22.73	1.27
Q1 2019	16.28	16.28	1.30
Q2 2019	18.40	18.40	1.22
Q3 2019	18.92	18.92	1.23
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
Q2 2021	14.57	14.57	1.92
Q3 2021	18.45	18.45	2.67
Q4 2021	20.11	20.11	2.34
Q1 2022	20.27	20.27	2.26
Q2 2022	17.37	17.37	1.91
Q3 2022	20.80	23.03	2.50
Q4 2022	18.15	21.21	2.24
Q1 2023	20.03	23.37	2.32
Q2 2023	20.29	23.30	2.67
Q3 2023	19.77	20.74	2.58

Period	P/E	Adjusted P/E	Price/book
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	1.42
2018	23.36	23.36	1.27
2019	21.18	21.18	1.48
2020	16.71	16.71	1.46
2021	20.19	20.19	2.34
2022	18.15	21.21	2.24

Business Segments (Million)

Compared With The

Period	Sale of gas	Sale of cylinders	Sale of tanks	Sale of extensions and other business	Other revenues	Scrap revenue	Commercial projects	Cages revenues	Sales return

Period	Sale of gas	Sale of cylinders	Sale of tanks	Sale of extensions and other business	Other revenues	Scrap revenue	Commercial projects	Cages revenues	Sales return
2019	1,808.77	37.49	51.53	8.32	11.38	-	4.86	5.62	(5.41)
2020	1,813.94	80.11	49.20	6.16	10.33	-	1.07	5.70	(3.45)
2021	1,774.81	57.14	42.76	5.23	10.85	-	4.68	6.02	-
2022	1,934.99	58.88	35.84	10.13	27.27	-	8.26	5.74	(0.90)

Financial Ratios

	Current
Market Cap (M Riyal)	6,660.00
Enterprise Value (EV) (M)	6,450.17
Shares Outstanding ((M))	75.00
EPS ( Riyal) (TTM)	3.11
Book Value (BV) ( Riyal)	25.84
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	28.59
P/E (TTM)	28.59
Price/book	3.44
Return on Average Assets (%) (TTM)	9.2
Return on Average Equity (%) (TTM)	12.2

National Gas and Industrialization Co. (GASCO)

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GASCO 9M 2023 profit rises 16% to SAR 184.7 mln; Q3 at SAR 57.2 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (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) 2023 Q3

Financial Ratios

Share Price

National Gas and Industrialization Co. (GASCO)

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GASCO 9M 2023 profit rises 16% to SAR 184.7 mln; Q3 at SAR 57.2 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) 2023

Revenue by Business Segment (Latest) 2023 Q3

Financial Ratios

Share Price

National Gas and Industrialization Co. (GASCO)

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Business Segments (Million)