Riyadh – Mubasher: Saudi Arabia-based National Gas and Industrialization Company (GASCO) on Wednesday reported an 8.2% decrease in net profits during the third quarter of 2018, compared to the year-ago period.

GASCO’s net profits after calculating Zakat and Tax hit SAR 35.55 million ($9.48 million) by the end of Q3-18, down from SAR 38.72 million ($10.32 million) during Q3-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the third-quarter profit decline to a SAR 7.27 million drop in total profits led by a decrease in gas cylinder sales, along with higher selling, marketing, general, and administrative expenses.

GASCO’s revenues fell 2.72% to SAR 447.66 million during Q3-18, versus SAR 460.18 million in the same period last year.

Operational profits went down 43.6% to SAR 16.98 million from July to September, compared to SAR 30.13 million a year earlier.

Quarter-on-quarter, the Saudi firm’s profits increased by 11.8% during the three-month period ended September, from SAR 31.78 million.

From January to September, the firm’s net profits after calculating Zakat and Tax tumbled 25% year-on-year to SAR 106.17 million, against SAR 141.5 million.

Net profits levelled down in the nine-month period due to a SAR 6.86 million decline in total profits after a decrease in gas cylinders’ sales, investments’ income, other revenues, coupled with higher general and administrative expenses.

Year-on-year, sales dipped 5% to SAR 1.41 billion in the January-September period of 2018, against SAR 1.47 billion.

Operational profits declined 21% to SAR 72.03 million by the end of September, from SAR 91.12 million in the year-ago period.

Earnings per share (EPS) amounted to SAR 1.42 by the end of September, down from SAR 1.89.

GASCO’s stock inched up 0.52% to close Wednesday’s trading session at SAR 29.15.