GASCO profit rises 8% to SAR 78.6M in Q1 2024

GASCO profit rises 8% to SAR 78.6M in Q1 2024

09/05/2024 Argaam Exclusive

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National Gas and Industrialization Co. (GASCO) reported a net profit rise of 8% to SAR 78.6 million for the first quarter of 2024, from SAR 73 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 614.93 706.83 14.9 %
Gross Income 90.32 99.49 10.1 %
Operating Income 50.41 53.74 6.6 %
Net Income 72.98 78.61 7.7 %
Average Shares 75.00 75.00 -
EPS (Riyals) 0.97 1.05 7.7 %

The profit growth was driven by an increase in revenue from gas sales by SAR 74 million, due to a rise in gas prices and sales volume. In addition, sales of empty cylinders grew by SAR 7 million year-on-year (YoY), and revenues from commercial projects leapt by SAR 6 million.

 

The company also reported an increase in revenues from other services by SAR 2 million, as well as an increase in sales of scrap and spare parts by SAR 3 million.

 

However, this was offset by an increase in operating expenses by SAR 6 million and a decrease in share of results of associates by SAR 2 million.

 

The first-quarter net profit jumped 84.5% from SAR 42.60 million in Q4 2023, as sales revenue rose while Zakat and operating expenses declined.

 

Shareholders’ equity, after minority interest, increased to SAR 1.93 billion as of March 31, 2024, from SAR 1.87 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q2 2021 467.82 (2.5 %) 62.63 26.1 % 16.48 1291.3 %
Q3 2021 444.77 (2.0 %) 58.01 31.7 % 8.58 320.8 %
Q4 2021 480.56 (4.0 %) 57.92 5.8 % 15.30 (18.3 %)
Q1 2022 517.18 1.2 % 76.44 0.2 % 33.64 (0.9 %)
Q2 2022 479.11 2.4 % 72.12 15.1 % 25.32 53.7 %
Q3 2022 512.73 15.3 % 62.49 7.7 % 18.45 115.0 %
Q4 2022 571.19 18.9 % 67.58 16.7 % 30.56 99.7 %
Q1 2023 614.93 18.9 % 90.32 18.2 % 50.41 49.9 %
Q2 2023 567.44 18.4 % 72.68 0.8 % 27.50 8.6 %
Q3 2023 609.61 18.9 % 77.18 23.5 % 31.88 72.8 %
Q4 2023 665.93 16.6 % 64.64 (4.4 %) 17.90 (41.4 %)
Q1 2024 706.83 14.9 % 99.49 10.1 % 53.74 6.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q2 2021 36.51 58.0 % 0.49 - 36.51 0.49
Q3 2021 36.45 114.0 % 0.49 - 36.45 0.49
Q4 2021 44.00 (46.4 %) 0.59 - 44.00 0.59
Q1 2022 70.64 (17.1 %) 0.94 - 70.64 0.94
Q2 2022 31.77 (13.0 %) 0.42 - 31.77 0.42
Q3 2022 56.98 56.3 % 0.76 19.69 37.29 0.50
Q4 2022 54.67 24.3 % 0.73 11.18 43.50 0.58
Q1 2023 72.98 3.3 % 0.97 - 72.98 0.97
Q2 2023 54.52 71.6 % 0.73 - 54.52 0.73
Q3 2023 57.22 0.4 % 0.76 - 57.22 0.76
Q4 2023 42.60 (22.1 %) 0.57 - 42.60 0.57
Q1 2024 78.61 7.7 % 1.05 - 78.61 1.05

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2021 12.30 % 8.15 % 11.42 %
Q3 2021 13.08 % 8.88 % 12.48 %
Q4 2021 13.38 % 8.92 % 10.62 %
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 %
Q1 2023 13.43 % 11.00 % 8.52 %
Q2 2023 12.93 % 10.55 % 9.19 %
Q3 2023 13.02 % 10.64 % 9.66 %
Q4 2023 12.40 % 9.78 % 9.25 %
Q1 2024 12.31 % 9.62 % 9.14 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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 24.03
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
Q4 2023 75.00 3.03 3.03 24.61
Q1 2024 75.00 3.11 3.11 25.84

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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 2.11
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
Q4 2023 22.44 22.44 2.76
Q1 2024 27.11 27.11 3.26

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 -
Q2 2021 439.52 24.04 - 4.26 -
Q3 2021 418.62 20.55 1.83 3.77 -
Q4 2021 448.04 24.45 1.73 3.88 2.45
Q1 2022 481.76 29.97 1.23 3.69 0.52
Q2 2022 446.88 20.12 1.52 3.94 6.66
Q3 2022 479.96 27.60 0.33 4.66 0.17
Q4 2022 529.79 22.13 5.73 4.31 9.23
Q1 2023 578.85 24.54 4.91 4.88 1.74
Q2 2023 537.60 16.83 7.29 5.41 0.31
Q3 2023 555.57 30.78 14.24 8.87 0.16
Q4 2023 607.33 21.92 26.78 5.18 4.73
Q1 2024 653.29 26.54 17.20 6.45 3.35

Current
Market Cap (M Riyal) 7,875.00
Enterprise Value (EV) (M) 7,709.02
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) 34.05
P/E (TTM) 34.05
Price/book 4.04
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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