GASCO’s Q3 hit by lower sales, higher expenses: CEO

National Gas & Industrialization Co.’s (GASCO) results for Q3 2018 was impacted by lower sales and an increase in expenses driven by the restructuring process the firm is undertaking, CEO Abdul Kareem Al Nojaidi told CNBC Arabia.

The firm is working on reducing expenses while maintaining production quality and innovation, which helped cut operating expenses, he said.

As for the decrease in sales, Al Nojaidi said he expects Q4 sales to retrieve 2017 levels.

GASCO plans to launch new services across the Kingdom, he said.

The gas distributor finished digitalizing its procedures in order to achieve operating efficiency, which will reflect on the firm’s results, he added.

When asked about GASCO’s investment gains, he said that it rose by SAR 5.6 million in Q3 compared to a year earlier.

According to data compiled by Argaam, GASCO reported a net profit of SAR 35.5 million in Q3 2018, down by 8.2 percent year-on-year (YoY).