Mubasher: The initial financial results of Muscat Gases Company showed a 59% decline in net profits in the fourth quarter of 2016, according to a bourse filing.

Profits totalled OMR 117,880 ($305,088) in Q4-16 compared to OMR 290,000 ($750,556) in the same period the year before.

The company’s profits also decreased by 41.70% to OMR 763,586 in 2016 compared to OMR 1.31 million in 2015.