GASCO’s operating profit improves in Q3 2022, demand to rise in Q4: CEO

Abdulrahman bin Sulaiman, CEO of GASCO

National Gas and Industrialization Co. (GASCO) witnessed improved operating profit in the third quarter of 2022, as well as non-recurring profit, under other revenue, at a value of SAR 17 million after the sale of tanker trucks, CEO Abdulrahman bin Sulaiman told Argaam.

In a phone call, Sulaiman said that the demand for gas is at normal levels and has not witnessed any radical change, as the third-quarter is a low-consumption period due to seasonal factors.

As for the project to boost the storage capacity of liquefied gas, the CEO said that the project is divided into two phases: the first phase is for experimentation and operational tests, while the second phase is expected to be completed within six months.

He added that the project is for Riyadh region and is located inside the company's branch near Aramco refinery.

Sulaiman expects the fourth quarter to witness increased demand due to seasonality and as a majority of the consumers remain within the Kingdom. Demand is also likely to find support from increased consumption for heating during winter months.

The company's net profit after Zakat and tax climbed 56% to SAR 57 million in Q3 2022, from SAR 36.50 million in Q3 2021, according to Argaam's data.