Riyadh – Mubasher: National Gas and Industrialization Co. (GASCO) on Monday posted a sharp drop in profits for the first quarter of 2018.

The Saudi firm logged SAR 38.83 million ($10.35 million) in profits between January and March, down 40% year-on-year from SAR 64.98 million ($17.32 million).

Gross profit amounted to SAR 60.34 million in Q1-18, a decline of 4.95% from SAR 63.48 million in the year-ago period, the company said in a statement to the Saudi Stock Exchange (Tadawul).

GASCO attributed the profit drop to lower sales, increased selling and marketing costs, and increased general and administrative expenses.

The Saudi gas firm also attributed the 40% decline in profits to higher Zakat and lower revenues from an associate, as well as a drop in other revenues.

GASCO’s total revenues fell 5.76% to SAR 490 million in Q1-18 from SAR 520 million in the same period of 2017, the statement indicated.