Saudi Arabia’s National Gas & Industrialisation Company (GASCO), has posted strong results for the close of 2011.
GASCO transports, fills and markets LNG under a mandate from the Saudi government.
The company, based in Jubail, Saudi Arabia, posted net profit for the last quarter of 2011 of SR 49.8 million ($13.2 million compared to profit of SR 25.5 million ($6.8 million) in 2010, an increase of 95%.
The operating profit during the fourth quarter SR 31.6 million ($8.42 million)compared to SR 22.9 million ($6.1 million) for the same quarter of last year, with an increase of 38%.
Annual operating profit increased by SR 3 million to SR 90 million ($24 million).
In a statement to the Saudi stock exchange – Tadawul – GASCO attributed the operating profit hikes to an increase in sales, and a boom in net profit to the company’s divestment of stakes in banks and other non-core investments.Â
Shares in the company have increased in value by 7.05% over the last year, according to Bloomberg data.
