National Gas and Industrialization Co. announces its Annual Financial Results for the Period Ending on 2022-12-31

21 March 2023 08:02 AM

AWPT 2081.B 0.00% 0.00 0.00

Element List	Current Year	Previous Year	%Change
Sales/Revenue	2,080.2	1,904.2	9.24
Gross Profit (Loss)	278.6	254.8	9.34
Operational Profit (Loss)	108	73.5	46.94
Net Profit (Loss) after Zakat and Tax	214.1	201.4	6.3
Total Comprehensive Income	193.8	224.7	-13.75
Total Share Holders Equity (after Deducting Minority Equity)	1,735	1,736.2	-0.07
Profit (Loss) per Share	2.85	2.68
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is	The increase in net profit by SR 13 million is mainly due to the followings: - Increase in gross profit by SR 24 million as a result of increase in revenues. - Decrease in operating expenses by SR 10 million. - Increase in other income by SR 29 million. - Decrease in finance costs by SR 3 million. Despite the decrease in: - Investments income by SR 42 million resulted from the valuations of investment funds and the dividends received from National Industrial Gases Company. - Decrease in share of results of associates by SR 11 million.
Statement of the type of external auditor's report	Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	None
Reclassification of Comparison Items	Certain comparative figures have been modified and reclassified to conform to the current year's presentation. For more information refer to note (39) to the consolidated financial statements.
Additional Information	The Company would like to point out that the qualification has been removed from the auditors’ report of the current year, and adjusted the balance of unapplied collection account amounted to SR 27.4 million. This adjustment had a positive impact in increasing the shareholders’ equity (retained earnings) and without any financial impact on the results of the current year. For more information refer to note (39) to the consolidated financial statements.

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