Natural Gas Distribution reports profit slide of 44% last year

Natural Gas Distribution Co. announced that its profits after zakat and tax declined 43.9% to SR 2.48 million in 2021 from SR 4.42 million in 2020.

Based on financial result statement published on Tadawul, the company recorded operational profit drop by 39.4% to SR 2.94 million in 2021 compared to SR 4.85 million in the previous year.

Gross profits of the company slipped 11.7% to SR 8.43 million compared to SR 9.55 million in 2020, while  profit per share decreased to SR 0.5 from SR 0.88.

Lower net profit of Natural Gas Distribution Co. was due to the increase in the cost of revenues, the increase in general and administrative expenses, the increase in financing costs, and the decrease in other revenues compared to last year.

Additional Information:

– Total shareholders’ equity (there are no minority interests) at the end of the current year amounted to 56.19 million riyals, compared to 56.28 million riyals at the end of the previous year, with a decrease of (0.17%).

– Total comprehensive income for the current year amounted to 2.4 million riyals, compared to 4.57 million riyals for the previous year, a decrease of 47.5%.