NATIONAL GAS AND INDUSTRIALIZATION COMPANY 1443/04/03 Mon Nov 8, 2021 08:19:10
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| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
| Sales/Revenue | 444.8 | 453.7 | -1.961 | 467.8 | -4.916 |
| Gross Profit (Loss) | 59.3 | 44 | 34.772 | 64.8 | -8.487 |
| Operational Profit (Loss) | 8.9 | -3.9 | - | 16.5 | -46.06 |
| Net Profit (Loss) after Zakat and Tax | 36.7 | 17 | 115.882 | 36.5 | 0.547 |
| Total Comprehensive Income | 15.3 | 23 | -33.478 | 45.1 | -66.075 |
| All figures are in (Millions) Saudi Arabia, Riyals |
| Element List | Current Period | Similar period for previous year | %Change |
| Sales/Revenue | 1,423.7 | 1,462.2 | -2.633 |
| Gross Profit (Loss) | 200.4 | 167.8 | 19.427 |
| Operational Profit (Loss) | 59.3 | 21.1 | 181.042 |
| Net Profit (Loss) after Zakat and Tax | 158.4 | 54.8 | 189.051 |
| Total Comprehensive Income | 164.2 | -34.5 | - |
| Total Share Holders Equity (after Deducting Minority Equity) | 1,635.9 | 1,561.6 | 4.757 |
| Profit (Loss) per Share | 2.11 | 0.73 | |
| 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 20 million is mainly due to the followings:
- First: increase in operating income by SR 13 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 8 million represented mainly by the increase in the dividends received from National Industrial Gases Company. - Third: decrease in zakat expense by SR 3 million. Despite the increase in finance charges by SR 1 million and decrease in other income by SR 2 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 increase in net profit by SR 0.2 million is mainly due to the followings:
- First: increase in investments income and share in results of associates by SR 5.4 million. - Second: decrease in zakat expense by SR 6.5 million. - Third: decrease in finance charges by SR 0.5 million. Despite the decrease in operating income by SR 7.6 million and other income by 4.6 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 104 million is mainly due to the followings:
- First: increase in operating income by SR 38 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 71 million represented mainly by the increase in the dividends received from National Industrial Gases Company and the income from the revaluation in investment funds. Despite the increase in finance charges by SR 4 million and zakat expense by SR 4 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 September 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 September 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 (19) 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. |
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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GASCO - National Gas & Industrialization Co. SJSC published this content on 08 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 November 2021 05:47:07 UTC.
