Riyadh-Mubasher: National Gas and Industrialisation Co’s (GASCO) net profits retreated 18.02% to SAR 22.48 million ($6 million) in the second quarter of 2016 from SAR 27.42 million ($7.3 million) in the same quarter of 2015.
The company attributed the decrease in net profits to the decline in total earnings by SAR 13.7 million, according to a bourse filing on Tuesday.
Lower earnings were due to the increase in salaries and wages by SAR 3.9 million, depreciations by SAR 2 million, operating expenses by SAR 1.5 million, gas cost by SAR 3.3 million and general and administrative expenses by 3.3 million.
The Saudi-listed company achieved 4.49% higher net profits in H1-16 to SAR 72.2 million from SAR 69.1 million in the year-ago period.
