Na­tional Gas H1 net profit de­clines 48%

Muscat Daily - - BUSINESS -

Na­tional Gas Com­pany re­ported 47.8 per cent de­cline in net profit for the six months pe­riod ended June 30, 2017. The com­pany’s group net profit fell to RO1.19mn for the first half of 2017 com­pared with RO2.28mn for the same pe­riod of pre­vi­ous year, ac­cord­ing to its fil­ing to the Mus­cat Se­cu­ri­ties Mar­ket.

The com­pany said the profit was lower due to a com­bi­na­tion of var­i­ous fac­tors such as the pur­chase prices from al­ter­na­tive sup­ply sources see­ing an up­ward trend.

To­tal group rev­enue rose to RO37.12mn in the first half of this year from RO31.04mn for the same pe­riod of 2016. The par­ent com­pany’s rev­enue de­creased to RO5.81mn from RO6.32mn in the same pe­riod of last year.

De­spite faced with a tough busi­ness en­vi­ron­ment Na­tional Gas said it con­tin­ued to per­form well in Oman and other key mar­kets of Saudi Ara­bia and Malaysia.

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