Riyadh – Mubasher: National Gas and Industrialization Company (GASCO) reported a decline in profit by 63.66% during the first quarter (Q1) of 2020 to SAR 33.44 million, down from SAR 92.03 million for the corresponding period last year.

This comes despite a 6.73% increase in revenues to SAR 528.64 million, as shown by the company’s interim financial results, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

The decline in profits resulted from lower investment revenue, due to the exceptional distribution of SAR 81 million received by the company from the National Industrial Gases Company in Q1-19.