Riyadh – Mubasher: The National Gas and Industrialization Company’s (GASCO) profits grew 29.26% in the first quarter of 2017.
Profits reached SAR 64.98 million in Q1-17 from SAR 50.27 million in Q1-16, according to a bourse filing on Tuesday.
The company attributed the rise in net profits to higher revenues of associated companies by SAR 7.5 million, higher investments available for sale by SAR 4.5 million, in addition to achieving SAR 8 million from selling assets and other revenues.
General and administration expenses rose by SAR 3.2 million, marketing expenses added SAR 314,000, in addition to an increase in investment provision by SAR 2 million.
Total revenues went up 1.72% to SAR 520 million in Q1-17 compared to SAR 511.2 million in the year-ago period.
