Tasnee & Sahara Olefins’ 2014 profit falls 10% on polyethylene prices, lower sales

Tasnee & Sahara Olefins Co. (TSOC) reported a net profit of SAR 1.169 billion for 2014, marking a 10 percent year-on-year drop from SAR 1.295 billion.

The decline was mainly attributed to falling polyethylene prices and lower sales. In addition, the acrylic complex launched by the company in mid-2014 was also said to have weighed on results, as it incurred financing and amortization costs associated with the facility.

During 2014, the closed joint stock company paid a cash dividend of SAR 3.4 per share, totaling SAR 964.9 million.

TSCOC is 32.55 percent owned by Sahara, while Saudi Arabia’s General Organization for Social Insurance holds a seven percent stake. The remaining 60.45 percent is owned by other firms including Tasnee Petrochemicals and Tasnee Petrochemicals Marketing Co.

TSOC, which also invests in projects, holds a 75 percent equity stake in Saudi Ethylene & Polyethylene Co. (SEPC) and a 65 percent stake in Saudi Acrylic Acid Co. Limited (SAAC).