2025
Annual Report
2025 was a year of execution, focus, and deliberate progress for GAS Arabian Services. Building on the strategic foundations established by the Board, management concentrated on converting opportunity into performance, strengthening our operating platform, improving execution quality, and scaling the business responsibly as demand across the Kingdom’s gas, power, and industrial sectors continued to expand.
Our priority throughout the year was clear: execute well, allocate capital prudently, and build capabilities that sustain growth beyond the current cycle.
GAS’s strategy is anchored in providing integrated, in-Kingdom solutions across the full asset lifecycle. In 2025, we advanced this strategy by sharpening execution across our three operating pillars:
Technical Services, where EPC/LSTK and field services continue to anchor backlog growth and long-term customer engagement.
Trading, which deepens our aftermarket presence and strengthens recurring revenue streams.
Manufacturing, which enables localization, faster response times, and tighter control over quality and delivery.
We remained disciplined in project selection, prioritizing contracts where GAS can deploy its technical depth, local capabilities, and operational controls to deliver predictable outcomes.
The broader energy transition continues to evolve, and our approach is to be practical and value-accretive. Where customers pursue efficiency gains, emissions reductions, or digital monitoring, we will bring solutions that are technically sound and commercially grounded. Where growth is driven by reliability and availability, we will lead with execution muscle and proven methods. Through all of it, we will anchor decisions in governance that is transparent and Saudi-compliant, and we will measure success not only by the projects we win, but by the confidence we sustain—confidence from customers who invite us back, from employees who choose to build careers with us, and from shareholders who see prudent stewardship translating into durable value.
As activity levels increased, maintaining execution quality became even more critical. In 2025, we focused on standardizing project controls, strengthening cost and schedule discipline, and enhancing coordination between site teams, workshops, and supply-chain partners.
Our embedded operating model combining on-site execution with responsive service workshops and centralized engineering support allowed us to manage complexity while maintaining reliability. This approach is particularly important in gas infrastructure, power-linked pipelines, and industrial facilities, where downtime and safety incidents carry material consequences.
Operational excellence at GAS is not a slogan; it is a system. Certified management frameworks, strong HSE leadership, and growing attention to cybersecurity and data integrity support consistent delivery across geographies and project types.
A defining feature of 2025 was the continued evolution of our customer relationships; from transactional delivery toward longer-term partnerships. Customers increasingly engage GAS not only to execute projects but to support asset reliability, lifecycle maintenance, and localization objectives.
Our expanding aftermarket capabilities, including sealing, testing, calibration, and service support, enhance customer uptime while creating more resilient and recurring revenue streams for GAS. This shift strengthens the quality of our earnings and reinforces our role as an accountable, long-term partner.
Growth places demands not only on systems and assets, but on people. During the year, we invested deliberately in workforce capability, leadership depth, and national talent development. Training pipelines, structured development programs, and knowledge transfer through joint ventures continue to build skills that will define GAS’s competitiveness over the next decade.
Equally important, we maintained a strong focus on safety culture, ethics, and compliance. As the organization scales, these elements are essential to protecting our people, our reputation, and our license to operate.
From a management perspective, capital discipline remains non-negotiable. In 2025, we balanced growth investments with cash generation and balance-sheet strength, ensuring the Company retained flexibility in supporting shareholder returns.
Every capital decision, whether related to capacity expansion, partnerships, or working capital, was assessed against its contribution to sustainable returns and risk-adjusted value creation. This discipline will remain central as GAS continues to grow as a Main Market listed company.
In 2025, we also took deliberate steps to strengthen our platform through targeted inorganic growth, aligned with our strategy to expand lifecycle services, deepen localization, and increase the share of recurring aftermarket revenues. During the year, GAS signed binding agreements and acquired a 12.90% equity stake in EagleBurgmann Saudi Arabia Co. Ltd. (EBKSA) and a 40% stake in TCR Arabia Co. Ltd. (TCR). These acquisitions are strategically complementary: they broaden participation in high-value reliability and sealing solutions, enhance technical depth in specialized services, and strengthen our ability to support customers beyond initial project execution through maintenance, upgrades, and lifecycle support.
Looking ahead, we remain confident in the strength of our platform and the durability of the markets we serve. With a clear strategy, disciplined capital allocation, and an unwavering commitment to safety, integrity, and execution excellence, GAS will continue to scale responsibly and build long-term value for shareholders and all stakeholders.
