The initial results of the National Gas and Industrialization Company, GASCO, recorded an increase in its net profits by 115.88 percent, to reach, after zakat and tax, 36.7 million riyals in the third quarter of 2021, compared to 17 million riyals, profits in the same quarter of 2020.
According to Arabia Net, and on a quarterly basis, Gasco's net profit increased by a marginal 0.55% in the third quarter of 2021, compared to a net profit of about 36.5 million riyals in the second quarter. From 2021.
In a statement on Tadawul Saudi Arabia, today, Monday, GASCO said that the reason for the increase in net profit by about 20 million riyals in the third quarter on an annual basis is mainly due to 3 factors, namely, the increase in operating profit by an amount of 13 million riyals due to the decrease in the cost of revenues and administrative and general 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.
She added that the second factor is the increase in investment revenues by 8 million riyals, mainly represented by the increase in dividends received from the National Industrial Gases Company, and the third factor is the decrease in Zakat expenditure by 3 Millions of riyals.
The profits of the National Gas and Industrialization Company increased by 189.05%, after zakat and tax, in the first nine months of 2021, to reach 158.4 million riyals, compared to a net profit of about 54.8 million riyals in the same period of 2020.
