Riyadh – Mubasher: National Gas and Industrialization Company (GASCO) on Monday posted a 15.9% year-on-year decline in its net profits for the second quarter of 2018.

GASCO’s profits reached SAR 31.78 million during Q2-18, compared to SAR 37.9 million in Q2-17, according to a bourse filing.

Quarter-on-quarter, profits tumbled 18.16% in the period between April and June, from SAR 38.83 million.

GASCO attributed the second-quarter profit decrease to a drop in investment revenues, coupled with higher selling, marketing, general, and administrative expenses.

Revenues fell 5.2% to SAR 499 million during the three-month period ended June, compared to SAR 499 million in the same period a year earlier.

The firm’s profits slid 31.29% to SAR 70.61 million in the first six months of 2018, against SAR 102.77 million in H1-17.

Revenues tumbled 5.49% to SAR 963 million during H1-18, compared to SAR 1 billion in the same six months in the year before.

By 10:57 am Saudi time, GASCO’s stock rose 0.17% to SAR 29.45.