Riyadh – Mubasher: National Gas and Industrialisation Co (GASCO) reported on Sunday a 6.37% decrease in its net profits for the third quarter of 2016, according to a bourse filing.
The company recorded SAR 30.42 million ($8.11 million) in Q3-16 from SAR 32.49 million ($8.66 million) in Q3-15.
The decrease in net profits was attributed to the increase in damaged gas cylinders by SAR 5 million, adding to lower other revenues by around SAR 14 million and higher general and administrative expenses by SAR 3.7 million.
Total earning rose to SAR 7.8 million, representing an increase in gas sales and lower revenues costs, the statement said.
The Saudi-listed company achieved 1.01% higher net profits in the nine-month period of 2016 to SAR 102.62 million from SAR 101.59 million in the year-ago period.
