Riyadh – Mubasher: National Gas and Industrialization Co (GASCO) achieved a surge of 64.2% in net earnings during the second quarter of 2017 compared to the same period a year ago.
Net profits grew to SAR 37.8 million in Q2-17 from SAR 23.02 million in Q2-16, according to a bourse statement issued on Tuesday.
Meanwhile, the company’s earnings declined by 41.8% in Q2-17 compared to the previous quarter, posting SAR 64.98 million.
Total revenues edged down 0.8% to SAR 499 million in Q2-17 from SAR 503 million in Q2-16, the statement noted.
GASCO noted that the increase in profit margins in Q2-17 is attributed to a decline of SAR 6.6 million in general and administrative expenses, an increase of SAR 2 million in investment income in associates, and a growth of SAR 7.9 million in income investments available for sale despite an increase of SAR 2 million in zakat expenses.
During the first half of 2017, GASCO’s profits increased by 40.2% to SAR 102.8 million from SAR 73.3 million in the same period a year ago.
