Saudi Arabia’s GASCO posted strong results for the close of 2011

(Arabian oil and gas) -- 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 (USD13.2 million compared to profit of SR 25.5 million (USD6.8 million) in 2010, an increase of 95%.

The operating profit during the fourth quarter SR 31.6 million (USD8.42 million)compared to SR 22.9 million (USD6.1 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 (USD24 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.

Shares in the company have increased in value by 7.05% over the last year, according to Bloomberg data.

mrcplast.com