Tasnee turns to SAR 1.017 bln profit in 9M 2021

National Industrialization Co. (Tasnee) reported a net profit after Zakat and tax of SAR 1.017 billion for the first nine months of 2021, against a net loss of SAR 274.3 million in the same period last year.

The net profit was attributed to higher average selling prices, which also resulted in a rise in the company’s profit share from investments in associates and joint ventures. This came despite an increase in the average prices of some feedstock materials and lower sales volumes of certain products.

The company also cited lower general and administrative expenses, a decline in finance charges and higher other income.

Tasnee reported a net profit after Zakat and tax of SAR 333.4 million for Q3 2021, compared to a net loss of SAR 42.3 million a year earlier, on higher average selling prices.

On a sequential basis, the third-quarter net profit decreased by 6.5% from SAR 356.7 million in the previous quarter.

Total shareholders’ equity, excluding minority interests, stood at SAR 8.329 billion as of Sept. 30, 2021, growing by 12.7% from SAR 7.393 billion a year earlier.

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