GASCO able to seize available opportunities on strong financial position: CEO

Abdulrahman bin Sulaiman CEO of GASCO 

National Gas and Industrialization Co. (GASCO) has a strong financial position and ample liquidity, which enables it to take advantage of the appropriate opportunities in the market, CEO Abdulrahman bin Sulaiman told Argaam.

He added that GASCO entered into the of gas installations business through Gas Solutions Co., stressing that the company’s goal is to regularly supply gas and avoid interruption.

This will reflect positively on the company, as the field of gas supply solutions is still nascent in Saudi Arabia, the CEO said.

He indicated that the acquisition of the Best Gas Carrier Co. will enable GASCO to have a foothold in the cylinder distribution business, which will boost its profits.

GASCO is waiting for the approval of the General Authority for Competition (GAC) and relevant government agencies on the acquisition, the top executive said.

Commenting on Q1 2022 financial results, Sulaiman said operating profit slightly improved, attributing the decline in the first-quarter profit to lower investment income and cash dividends from Industrial Gases Co. in Jubail.

GASCO reported a net profit after Zakat and tax of SAR 73 million in Q1 2022, a decline of 14% from SAR 85.2 million in the year-earlier period, according to data available with Argaam.