2025
Annual Report
GAS Arabian Services delivered a strong operating and financial performance in 2025, reflecting disciplined execution across its integrated Technical Services, Trading, and Manufacturing platform, alongside continued momentum in the Kingdom’s gas and industrial infrastructure cycle. Revenue increased 31.8% year-on-year to SAR 1,440.3 million (2024: SAR 1,093.0 million), supported by a higher contribution from overtime project revenue (SAR 759.2 million) and resilient point-in-time activity (SAR 681.1 million).
Profitability expanded on improved scale and operating leverage. Gross profit rose to SAR 226.2 million
(2024: SAR 172.4 million), while operating profit (EBIT) increased to SAR 149.0 million (2024: SAR 110.8 million).
Net profit increased 32.3% to SAR 150.8 million (2024: SAR 114.0 million), after zakat of SAR 4.7 million. Earnings quality was further supported by the Group’s share of results from associates and joint ventures of SAR 42.6 million (2024: SAR 27.9 million), reflecting the growing contribution of strategic investments and partnerships.
Net cash generated from operating activities remained positive at SAR 81.2 million (2024: SAR 193.1 million). The year-on-year change largely reflects deliberate working-capital investment to support project delivery and growth, most notably higher trade receivables and contract assets as activity levels expanded. Cash and cash equivalents ended the year at SAR 81.6 million (2024: SAR 172.7 million).
Investment remained targeted toward capacity and capability. The Group deployed SAR 57.8 million in property and equipment and SAR 0.1 million in intangible assets, consistent with scaling workshop, fleet, and operational infrastructure to support execution and localization priorities. The balance sheet remained sound with total assets of SAR 1,131.0 million (2024: SAR 838.3 million) and equity of SAR 482.6 million (2024: SAR 404.5 million). Liquidity remained healthy with a current ratio of ~1.3x (current assets SAR 767.1 million vs current liabilities SAR 589.9 million).
2025 was also a milestone year in corporate evolution, with the Company’s successful transition to the Saudi Exchange Main Market (Tadawul) supporting stronger visibility, governance maturity, and broader investor access. Operationally, GAS continued to advance its role in national gas-network and energy-linked infrastructure, strengthened its backlog position, and deepened its aftermarket and localization platform through OEM/JV partnerships and selective strategic stakes.
Overall, 2025 performance reflects a larger, more capable platform with stronger earnings power and an expanding contribution from strategic investments, positioning GAS to pursue balanced growth, protect margins, and execute project cycles with continued working-capital discipline in 2026 and beyond.
By the end of 2025, the Company has no outstanding loans
The company's business and revenues were concentrated in the Eastern Province, as shown in the following table:
