National Gas H1 net profit declines 48%
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.