GASCO posts lower profits at $28mln in H1-22

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Riyadh – National Gas and Industrialization Company (GASCO) has registered net profits after Zakat and tax of SAR 104.70 million during the first half (H1) of 2022, down 13.97% from SAR 121.70 million in H1-21.

The revenues increased by 1.04% year-on-year (YoY) to SAR 989.10 million in the January-June 2022 period, compared to SAR 978.90 million, according to the interim financial results on Wednesday.

Moreover, the earnings per share (EPS) fell to SAR 1.40 in H1-22 from SAR 1.62 in H1-21.

During the second quarter (Q2) of 2022, the company’s net profits after Zakat and tax plunged by 12.88% YoY to SAR 31.80 million from SAR 36.50 million.

Meanwhile, the Q2-22 revenues went up by 1% YoY to SAR 472.50 million from SAR 467.80 million.

In the first three months (3M) of 2022, GASCO achieved net profits after Zakat and tax worth SAR 73 million, lower by 14.31% than SAR 85.20 million in the year-ago period.