GASCO recorded SAR 73 million net profit in Q1

National Gas and Industrialization Co. recorded net profits after zakat and tax of SAR 73 million during Q1, compared to SAR 73 million in the same quarter of last year. This came after the announcement on Thursday of the interim financial results for the period ended on 31.03.2023 (Three months).

The operational profit amounted to SAR 50.4 million in the first quarter, compared to SAR 36 million in the same quarter of the previous year, a growth of 40%.

While total profit amounted to SAR 90.3 million in the current period, compared to SAR 76 million in the same period last year, an increase of 19.4%.

Profit per share in the current period reached SAR 0.97, compared to SAR 0.97 in the same period last year.

The increase in net profit by SAR 18 million is mainly due to the followings:

– Increase in gross profit by SAR 15 million as a result of the increase in revenues.

– Increase in investments income by SAR 14 million resulted from the revaluation of investment funds and the dividends received from National Industrial Gases Company.

– Decrease in Zakat expense by SAR 0.6 million.

Despite the:

– Decrease in other income by SAR 9 million.

– Increase in operating expenses by SAR 3 million resulted mainly from the reversal of the provision for expected credit losses in previous quarter.

The company stated that certain comparative figures have been modified and reclassified to conform to the current period’s presentation. For more information refer to note (24) to the interim condensed consolidated financial statements.