GASCO’s Q1 net profit up 19% to SAR 50 mln

14/04/2016 Argaam Exclusive

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National Gas and Industrialization Co. (GASCO), a retailer of liquefied petroleum gas (LPG), reported a net profit of SAR 49.7 million for the first quarter of 2016, a 19.3 percent year-on-year (YoY) rise on higher sales and increased revenue from investor companies.

Profit for Q1-2016 climbed 23.4 percent to SAR 40.3 million compared to the previous quarter, due to higher sales, lower general and administrative expenses and higher other income.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2015	Q1 2016	Change‬
Revenues	482.46	511.22	6.0 %
Gross Income	45.82	63.03	37.6 %
Operating Income	31.42	37.13	18.2 %
Net Income	41.68	50.28	20.6 %
Average Shares	75.00	75.00	-
EPS (Riyals)	0.56	0.67	20.6 %

Item	Q4 2015	Q1 2016	Change‬
Revenues	496.02	511.22	3.1 %
Gross Income	52.33	63.03	20.4 %
Operating Income	30.59	37.13	21.4 %
Net Income	40.29	50.28	24.8 %
Average Shares	75.00	75.00	-
EPS (Riyals)	0.54	0.67	24.8 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2007	353.17	5.5 %	35.20	0.7 %	28.18	(7.9 %)	0.38
Q2 2007	330.21	4.4 %	24.12	(1.4 %)	38.80	26.6 %	0.52
Q3 2007	340.29	3.5 %	31.68	(8.2 %)	24.26	7.7 %	0.32
Q4 2007	365.83	1.6 %	48.98	7.2 %	43.64	57.6 %	0.58
2007	1,389.49	3.7 %	139.98	0.2 %	134.88	21.0 %	1.80
Q1 2008	375.78	6.4 %	22.62	(35.7 %)	29.27	3.9 %	0.39
Q2 2008	347.69	5.3 %	14.99	(37.8 %)	51.48	32.7 %	0.69
Q3 2008	364.39	7.1 %	33.34	5.2 %	27.25	12.3 %	0.36
Q4 2008	383.47	4.8 %	41.30	(15.7 %)	40.99	(6.1 %)	0.55
2008	1,471.33	5.9 %	112.25	(19.8 %)	148.99	10.5 %	1.99
Q1 2009	389.71	3.7 %	28.51	26.0 %	12.54	(57.2 %)	0.17
Q2 2009	371.09	6.7 %	19.97	33.2 %	10.82	(79.0 %)	0.14
Q3 2009	381.11	4.6 %	44.09	32.3 %	38.12	39.9 %	0.51
Q4 2009	404.20	5.4 %	33.93	(17.9 %)	(134.12)	(427.2 %)	(1.79)
2009	1,546.11	5.1 %	126.50	12.7 %	(72.64)	(148.8 %)	(0.97)
Q1 2010	406.12	4.2 %	25.64	(10.1 %)	16.25	29.6 %	0.22
Q2 2010	383.76	3.4 %	28.45	42.4 %	21.40	97.7 %	0.29
Q3 2010	385.00	1.0 %	42.73	(3.1 %)	26.97	(29.2 %)	0.36
Q4 2010	406.46	0.6 %	49.67	46.4 %	25.54	119.0 %	0.34
2010	1,581.33	2.3 %	146.49	15.8 %	90.16	224.1 %	1.20
Q1 2011	417.26	2.7 %	20.96	(18.3 %)	8.92	(45.2 %)	0.12
Q2 2011	410.88	7.1 %	41.71	46.6 %	36.45	70.3 %	0.49
Q3 2011	402.50	4.5 %	35.12	(17.8 %)	26.95	(0.1 %)	0.36
Q4 2011	440.84	8.5 %	46.27	(6.8 %)	34.03	33.2 %	0.45
2011	1,671.48	5.7 %	144.06	(1.7 %)	106.34	17.9 %	1.42
Q1 2012	447.13	7.2 %	43.36	106.9 %	34.97	292.3 %	0.47
Q2 2012	416.02	1.3 %	42.07	0.9 %	33.81	(7.2 %)	0.45
Q3 2012	429.06	6.6 %	44.11	25.6 %	29.16	8.2 %	0.39
Q4 2012	459.49	4.2 %	56.80	22.8 %	41.44	21.8 %	0.55
2012	1,751.71	4.8 %	186.34	29.4 %	139.39	31.1 %	1.86
Q1 2013	457.70	2.4 %	43.49	0.3 %	36.39	4.1 %	0.49
Q2 2013	437.49	5.2 %	50.50	20.0 %	37.90	12.1 %	0.51
Q3 2013	440.07	2.6 %	46.27	4.9 %	37.06	27.1 %	0.49
Q4 2013	452.53	(1.5 %)	41.51	(26.9 %)	2.58	(93.8 %)	0.03
2013	1,787.78	2.1 %	181.76	(2.5 %)	113.94	(18.3 %)	1.52
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	1,339.81	4.6 %	139.64	8.9 %	111.44	(36.1 %)	1.49
2007	1,389.49	3.7 %	139.98	0.2 %	134.88	21.0 %	1.80
2008	1,471.33	5.9 %	112.25	(19.8 %)	148.99	10.5 %	1.99
2009	1,546.11	5.1 %	126.50	12.7 %	(72.64)	(148.8 %)	(0.97)
2010	1,581.33	2.3 %	146.49	15.8 %	90.16	224.1 %	1.20
2011	1,671.48	5.7 %	144.06	(1.7 %)	106.34	17.9 %	1.42
2012	1,751.71	4.8 %	186.34	29.4 %	139.39	31.1 %	1.86
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

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	10.30 %	9.35 %	8.03 %
Q2 2007	10.17 %	9.50 %	8.54 %
Q3 2007	9.88 %	10.10 %	8.60 %
Q4 2007	10.07 %	10.87 %	9.71 %
2007	10.07 %	10.87 %	9.71 %
Q1 2008	9.02 %	9.76 %	9.63 %
Q2 2008	8.27 %	9.02 %	10.40 %
Q3 2008	8.25 %	8.52 %	10.43 %
Q4 2008	7.63 %	7.79 %	4.71 %
2008	7.63 %	7.79 %	4.71 %
Q1 2009	7.95 %	8.33 %	3.53 %
Q2 2009	8.16 %	8.85 %	0.78 %
Q3 2009	8.78 %	9.49 %	1.49 %
Q4 2009	8.18 %	8.78 %	5.31 %
2009	8.18 %	8.78 %	5.31 %
Q1 2010	7.91 %	8.34 %	5.49 %
Q2 2010	8.39 %	8.74 %	6.12 %
Q3 2010	8.28 %	8.56 %	5.40 %
Q4 2010	9.26 %	8.72 %	5.70 %
2010	9.26 %	8.72 %	5.70 %
Q1 2011	8.90 %	8.29 %	5.06 %
Q2 2011	9.57 %	9.02 %	5.90 %
Q3 2011	9.01 %	8.57 %	5.84 %
Q4 2011	8.62 %	8.83 %	6.79 %
2011	8.62 %	8.83 %	6.93 %
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 %
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 %
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 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	10.42 %	8.79 %	8.32 %
2007	10.07 %	10.87 %	9.71 %
2008	7.63 %	7.79 %	4.71 %
2009	8.18 %	8.78 %	5.31 %
2010	9.26 %	8.72 %	5.70 %
2011	8.62 %	8.83 %	6.93 %
2012	10.64 %	11.35 %	7.81 %
2013	10.17 %	9.58 %	5.92 %
2014	10.40 %	12.07 %	8.47 %
2015	10.18 %	11.29 %	7.44 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	9.97 %	10.40 %	7.98 %
Q2 2007	7.30 %	6.55 %	11.75 %
Q3 2007	9.31 %	12.00 %	7.13 %
Q4 2007	13.39 %	14.15 %	11.93 %
Q1 2008	6.02 %	6.28 %	7.79 %
Q2 2008	4.31 %	3.65 %	14.81 %
Q3 2008	9.15 %	9.83 %	7.48 %
Q4 2008	10.77 %	11.07 %	(10.11 %)
Q1 2009	7.32 %	8.38 %	3.22 %
Q2 2009	5.38 %	6.09 %	2.92 %
Q3 2009	11.57 %	12.34 %	10.00 %
Q4 2009	8.39 %	8.27 %	5.10 %
Q1 2010	6.31 %	6.72 %	4.00 %
Q2 2010	7.41 %	7.79 %	5.58 %
Q3 2010	11.10 %	11.59 %	7.01 %
Q4 2010	12.22 %	8.88 %	6.28 %
Q1 2011	5.02 %	5.12 %	1.59 %
Q2 2011	10.15 %	10.72 %	8.87 %
Q3 2011	8.72 %	9.64 %	6.70 %
Q4 2011	10.50 %	9.83 %	9.86 %
Q1 2012	9.70 %	10.43 %	7.32 %
Q2 2012	10.11 %	10.83 %	8.02 %
Q3 2012	10.28 %	11.87 %	6.80 %
Q4 2012	12.36 %	12.22 %	9.02 %
Q1 2013	9.50 %	10.55 %	6.66 %
Q2 2013	11.54 %	12.80 %	8.30 %
Q3 2013	10.51 %	12.20 %	8.29 %
Q4 2013	9.17 %	2.95 %	0.57 %
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2007	75.00	1.45	1.45	13.41
Q2 2007	75.00	1.56	1.56	13.07
Q3 2007	75.00	1.59	1.59	13.56
Q4 2007	75.00	1.80	1.80	14.59
Q1 2008	75.00	1.81	1.81	14.71
Q2 2008	75.00	1.98	1.98	14.64
Q3 2008	75.00	2.02	2.02	13.88
Q4 2008	75.00	1.99	0.92	12.55
Q1 2009	75.00	1.76	0.70	11.51
Q2 2009	75.00	1.22	0.16	12.06
Q3 2009	75.00	1.37	0.30	12.81
Q4 2009	75.00	(0.97)	1.09	12.85
Q1 2010	75.00	(0.92)	1.14	13.73
Q2 2010	75.00	(0.78)	1.29	13.23
Q3 2010	75.00	(0.93)	1.14	13.81
Q4 2010	75.00	1.20	1.20	13.36
Q1 2011	75.00	1.10	1.07	13.22
Q2 2011	75.00	1.30	1.27	13.77
Q3 2011	75.00	1.30	1.27	13.92
Q4 2011	75.00	1.42	1.51	13.72
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	75.00	1.49	1.49	12.71
2007	75.00	1.80	1.80	14.59
2008	75.00	1.99	0.92	12.55
2009	75.00	(0.97)	1.09	12.85
2010	75.00	1.20	1.20	13.36
2011	75.00	1.42	1.54	13.72
2012	75.00	1.86	1.82	14.56
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	20.98	20.98	2.27
Q2 2007	16.00	16.00	1.91
Q3 2007	17.50	17.50	2.05
Q4 2007	19.18	19.18	2.37
Q1 2008	16.27	16.27	2.00
Q2 2008	14.63	14.63	1.98
Q3 2008	10.88	10.88	1.59
Q4 2008	8.71	18.74	1.38
Q1 2009	11.68	29.43	1.79
Q2 2009	18.46	More than 100	1.87
Q3 2009	17.64	79.60	1.88
Q4 2009	NEG	21.37	1.82
Q1 2010	NEG	20.06	1.67
Q2 2010	NEG	15.29	1.49
Q3 2010	NEG	16.94	1.39
Q4 2010	15.68	15.68	1.41
Q1 2011	16.53	16.99	1.38
Q2 2011	14.71	15.06	1.39
Q3 2011	13.64	13.97	1.28
Q4 2011	13.54	12.69	1.40
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

Period	P/E	Adjusted P/E	Price/book
2006	21.70	21.70	2.54
2007	19.18	19.18	2.37
2008	8.71	18.74	1.38
2009	NEG	21.37	1.82
2010	15.68	15.68	1.41
2011	13.54	12.44	1.40
2012	9.79	9.98	1.25
2013	17.51	18.84	2.00
2014	16.04	16.04	2.41
2015	13.44	13.44	1.81

Financial Ratios

	Current
Market Cap (M Riyal)	6,382.50
Enterprise Value (EV) (M)	6,172.67
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)	27.40
P/E (TTM)	27.40
Price/book	3.29
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’s Q1 net profit up 19% to SAR 50 mln

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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

Financial Ratios

Share Price

National Gas and Industrialization Co. (GASCO)

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GASCO’s Q1 net profit up 19% to SAR 50 mln

View other reports

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

Financial Ratios

Share Price

National Gas and Industrialization Co. (GASCO)

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