Gas and manufacturing profits fall to 38.8 million in the first quarter by 40%

Media In / Agencies / Riyadh 7 May 2018
The net profit of Saudi National Gas and Industrialization Company decreased to SR38.8 million during the first quarter of 2018 compared to SAR 64.9 million for the corresponding quarter of the previous year by 40%. This came after today’s announcement of financial results for the period ended 2018-03-31 (three months).
Gross profit for the quarter was SAR 60.3 million compared to SAR 63.5 million during the same period last year, a decline of 5%.
Operating profit stood at SAR 29.6 million during the first quarter compared to SAR 34 million for the same quarter last year, down 13%.
Earnings per share during the current period amounted to SR 0.52, up from 0.87 during the same period last year.
The decrease in net profit for the quarter compared to the same quarter of the previous year is due to a decrease in total income of SR 3.1 million due to the decrease in sales of cylinder gas and sales of tanks and cylinders, increase in selling and marketing expenses by 1.1 million riyals, Decrease in revenues of associates and investors by 11 million, decrease in other revenues by 9.4 million and increase in Zakat by SR1.3 million.
The increase in net profit for the quarter compared to the previous quarter of last year is due to the decrease in selling and marketing expenses by 7.6 million, the decrease in general and administrative expenses by 16.4 million, the increase in investment income by 4.3 million, In addition to a provision for the previous quarter of last year of 45 million for the stock of cylinders. Despite a decline in total revenues of 21.3 million due to a decrease in sales of cylinder gas and sales of tanks and cylinders.
The Company has adopted International Financial Reporting Standards 15 and IFRS 9 effective 1 January 2018 which did not have a material impact on the Company’s financial statements.
Total revenues for the current quarter amounted to SR 490 million compared to SR 520 million in the same quarter last year, a decrease of 5.76% compared to SR 505 million from the previous quarter of last year, a decrease of 2.9%. On 31 March 2018 amounted to SR 1,169 million compared to SR 1,116 million as at 31 December 2017, an increase of 4.74% compared to SR 1.159 million as at 31 March 2017, an increase of 0.86%. Total comprehensive income for the first quarter of this year amounted to SR 52 million compared to SR 66 million for the same quarter last year, a decrease of 21% compared to SR 10 million for the previous quarter of last year, an increase of 620%