GASCO awaits issuance of sector regulations, plans to distribute most of profits to investors: CEO

Abdulrahman Bin Sulaiman, CEO, National Gas and Industrialization Co.

National Gas and Industrialization Co. (GASCO) is awaiting the issuance of sector regulations from the Ministry of Energy in order to work with the relevant authorities, CNBC Arabia reported, citing CEO Abdulrahman Bin Sulaiman.

GASCO enjoys strong financial solvency and can expand through acquisitions or enter into fragmented investments if there is a suitable opportunity.

He added that the picture will become clear once the regulations are issued.

GASCO always prioritizes shareholders, with most of the profits distributed through dividends, Bin Sulaimans said.

“This is because the company is stable and has no obligations or debts,” he explained.

The firm registered historical results, thanks to the contribution of some initiatives whose results have started to appear and some of its earlier investments.

GASCO reported a net profit after Zakat and tax of SAR 201.7 million for 2021, a rise of 47%, compared with SAR 136.9 million a year earlier, according to data compiled by Argaam.

The company’s Q4 2021 profit declined 50% year-on-year (YoY) to SAR 43.3 million.