The profits of the National Gas and Industrialization Company, “Gasco”, increased by 6.4% to 58 million riyals in the second quarter of this year, compared to 54.5 million riyals in the same quarter of 2023.

On a quarterly basis, the company’s profits decreased by 26.2% from the level achieved in the first quarter of this year, which was 78.6 million riyals.

The company stated in a statement on Wednesday that its revenues for the second quarter of this year grew by 13.3% to approximately 643 million riyals, compared to 567.4 million riyals in the second quarter of 2023.

The quarterly revenue growth was attributed to an increase in gas sales revenue by 54 million riyals due to higher gas prices and quantities sold, an increase in commercial project revenue by 16 million riyals, and a rise in empty cylinder sales by 3 million riyals, as well as increased scrap and spare parts sales by 3 million riyals.

 The company stated that the growth in quarterly profits was due to an increase in gross profit of 5 million riyals as a result of higher revenues, an increase in other revenues of 7 million riyals, and a decrease in zakat expenses of 11 million riyals.

The company’s revenues grew by 14.15% to approximately 1.35 billion riyals in the first half of this year, compared to 1.18 billion riyals in the same period last year.