(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%.
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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
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