SG:National Gas Company profit up by 37pct on export growth
On the back of strong growth in liquefied natural gas exports and income from synthetic natural gas projects in Saudi Arabia and Qatar, National Gas Company, a major supplier of LPG in Oman and UAE has reported 37% rise in its net profit for the 9 month period ended September 30th 2011.
According to a filing to Muscat Securities Market, however due to the fixed quota on selling LPG to local distributors, the Omani market remained constrained for the company in terms of volume growth as well as prices. Net profit grew from OMR 661,010 to OMR 907,217 in the first 9 months of this year.
Mr Goutam Sen CEO of National Gas said that the more than 50% growth in export volumes and income from SNG projects contributed to the net profit. Total revenue surged by 62.7% to OMR 13.36 million in the 9 month period compared to OMR 8.21 million in the corresponding period of last year. Net assets increased from OMR 8.4 million to OMR 8.9 million.
