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GASCO profit falls 8% in 2018

GASCO profit falls 8% in 2018
The firm attributed 2018 profit decline to a drop in sales of gas and cylinders
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Riyadh – Mubasher: Saudi Arabia’s National Gas and Industrialization Company (GASCO) on Monday reported an 8% year-on-year profit decrease during the full-year 2018.

GASCO’s net profits after calculating Zakat and Tax amounted to SAR 117.14 million ($31.23 million) last year, down from SAR 127.34 million ($33.95 million) a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed 2018 profit decline to a drop in sales of gas and cylinders, coupled with higher administrative, general, marketing, and expenses sales.

Revenues fell 4.5% to SAR 1.9 billion in the 12-month period ended last December, compared to SAR 1.99 billion in the year before. 

Operational profits levelled down 34% to SAR 99.08 million in 2018, against SAR 150.36 million a year earlier, while earnings per share (EPS) amounted to SAR 1.56, down from SAR 1.7.

GASCO reported turning to profits during the fourth quarter of 2018 after logging SAR 11 million earnings, against SAR 14.16 million in losses during Q4-17, according to data compiled by Mubasher.

GASCO and Oman’s National Gas last December discussed the available opportunities for expanding their business in Saudi Arabia.

By 10:19 am Saudi time, GASCO's stock went up 0.82% to SAR 30.90.