The net profits of National Gas and Industrialization Company (GASCO) increased by 7.67% year-on-year (YoY) to SAR 78.60 million in the first quarter (Q1) of 2024, versus SAR 73 million.

The Saudi firm posted revenues valued at SAR 706.80 million in January-March 2024, up 14.94% YoY from SAR 614.90 million, according to the interim financials.

The higher revenues were attributed to an increase in gas sales by SAR 46 million due to a rise in gas volume. They were also driven by a SAR 6 million hike in sales of empty cylinders.

Earnings per share (EPS) rose YoY to SAR 1.05 in the first three months (3M) of 2024 from SAR 0.97.

On a quarterly basis, the Q1-24 net profits jumped by 84.50% from the SAR 42.60 million registered in Q4-23, while the revenues increased by 6.14% from SAR 665.90 million.

In 2023, GASCO logged 6.17% higher net profits at SAR 227.30 million, compared to SAR 214.10 million in 2022.

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