Riyadh, Saudi Arabia — National Gas and Industrialization Co. (GASCO) posted a 16 percent profit increase in the first nine months of 2023 to SAR 184.7 million ($49.23 million), compared to SAR 159.4 million in the year-earlier period.
GASCO noted an increase in revenue and financing income, along with higher share of results from associates. In addition, operating expenses and financing cost edged lower, Argaam reported.
Meanwhile, other income and investment income declined.
In Q3 2023, net profit rose slightly by 0.4 percent to SAR 57.2 million from SAR 56.98 million in Q3 2022.
On a sequential basis, the bottom line grew 4.9 percent from SAR 54.52 million in Q2 2023.
Shareholders’ equity, no minority interest, reached SAR 1.83 billion as of Sept. 30, 2023, up from SAR 1.69 million a year earlier, Argaam reported.