The National Gas and Industrialization Company (GASCO) achieved an increase in annual profits by 47.3% to reach about 201.7 million riyals in 2021, compared to 136.9 million riyals in 2020.
According to Arabiya Net, the company said in a statement that the reason for the increase in net profit of 65 million riyals during 2021 is mainly due to the increase in operating profit by 32 million riyals due to the decrease in the cost of revenues and general and administrative expenses as a result of some of the initiatives undertaken by the company, which contributed to improving operating efficiency and reducing costs, including the early retirement program for employees.
This is also due to the increase in investment revenues of 43 million riyals, mainly represented by the increase in dividends received from the National Industrial Gases Company.
She added that despite the decrease in other revenues by 6 million riyals, and the increase in financing costs by 3 million riyals, and the Zakat expense by 2 million riyals.
According to Al Arabiya.net calculations, Gasco achieved a net profit after zakat and tax of 43.3 million riyals in the fourth quarter of 2021, compared to 82.1 million riyals in the same quarter of 2020. , down 47.3%.
In a separate statement, the National Gas and Industrialization Company announced the Board of Directors' decision to distribute cash dividends to shareholders for the second half of the fiscal year 2021, with a total of about 56.25 million riyals for a number of Shares payable to dividends of 75 million shares.
The company said that the share of the dividend is 0.75 riyals, with a distribution ratio of 7.5% to the nominal value of the share.
The eligibility for dividends is for the company's shareholders who own shares at the end of trading on Wednesday, March 30, 2022, and who are registered in the company's shareholders register at the Securities Depository Center at the end of the second trading day following the due date. .
Distribution date is April 13, 2022.
