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National Gas and Industrialization Co. announces its Interim Financial Results for the Period Ending on 2021-06-30 ( Six Months

GASCO 2080 0.00% 55.50 0.00
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Sales/Revenue 467.8 479.9 -2.521 511.1 -8.471
Gross Profit (Loss) 64.8 49.7 30.382 76.3 -15.072
Operational Profit (Loss) 16.5 -1.4 - 33.9 -51.327
Net Profit (Loss) after Zakat and Tax 36.5 23.1 58.008 85.2 -57.159
Total Comprehensive Income 45.1 -3.5 - 103.9 -56.592
All figures are in (Millions) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Sales/Revenue 978.9 1,008.5 -2.935
Gross Profit (Loss) 141.2 123.7 14.147
Operational Profit (Loss) 50.4 25 101.6
Net Profit (Loss) after Zakat and Tax 121.7 37.8 221.957
Total Comprehensive Income 149 -57.5 -
Total Share Holders Equity (after Deducting Minority Equity) 1,676.9 1,538.6 8.988
Profit (Loss) per Share 1.62 0.5
All figures are in (Millions) Saudi Arabia, Riyals
Element List Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The increase in net profit by SR 13 million is mainly due to the followings:

- First: increase in operating income by SR 18 million due to decrease in cost of revenues and general & administrative expenses resulted from the Company's initiatives, which contributed in improving the efficiency of operations and decreasing costs, including early retirement plan for employees.

- Second: increase in investments income by SR 4 million represented mainly by the increase in the dividends received from National Industrial Gases Company.

Despite the increase in finance charges by SR 1 million and zakat expense by SR 7 million.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The decrease in net profit by SR 49 million is mainly due to the followings:

- First: decrease in operating income by SR 18 million due to decrease in revenues and increase in general & administrative expenses.

- Second: decrease in share of results of associates by SR 4 million.

- Third: decrease in investments income by SR 24 million represented mainly by the decrease in the dividends received from National Industrial Gases Company.

- Forth: increase in zakat expense by SR 7 million.

Despite the increase in other income by SR 5 million.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The increase in net profit by SR 84 million is mainly due to the followings:

- First: increase in operating income by SR 25 million due to decrease in cost of revenues and general & administrative expenses resulted from the Company's initiatives, which contributed in improving the efficiency of operations and decreasing costs, including early retirement plan for employees.

- Second: increase in share of results of associates by SR 4 million.

- Third: increase in investments income by SR 63 million represented mainly by the increase in the dividends received from National Industrial Gases Company by SR 37 million and the income from the revaluation in investment funds by SR 25 million.

Despite the increase in finance charges by SR 3 million and zakat expense by SR 7 million.

Statement of the type of external auditor's report Qualified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion Included in accrued expenses and other current liabilities is an unapplied collection account of SR 27.4 million (31 December 2020: SR 27.4 million). During 2020, the Company discovered that certain transactions totaling SR 25.7 million related to embezzlement transactions committed by a former employee, were routed through this account. These transactions were reversed as at 31 December 2020. Due to lack of information, other transactions in this account could not be traced and the closing balance not reconciled as at 30 June 2021. We were unable to satisfy ourselves with respect to the existence and completeness of this account, nor were we able to perform other alternative procedures. Accordingly, we are unable to determine if any adjustments may have been necessary on the balances as at 30 June 2021 and the results of operations for the period then ended and to the respective comparative figures.
Reclassification of Comparison Items Certain comparative figures have been modified and reclassified to conform to the current period's presentation. For more information refer to note (18) to the interim condensed consolidated financial statements.
Additional Information In reference to the qualification mentioned in the independent auditor report regarding the balance of unapplied collection account amounted to SR 27.4 million, the Company assured that it is still continuing its efforts in coordination with the external auditor to reconcile this account, and expects that such reconciliation will have a positive impact on the Company's results in the future.

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