Tasnee incurs SAR 19.2M loss in H1 2024, earns SAR 52.8M in Q2

The company’s six-month results were hurt by a slight decline in revenue, primarily attributable to lower selling prices for most of the products and scheduled maintenance at some of the plants in Q1 2024. This came despite higher sales volumes of certain products.

In addition, Tasnee reported a drop in selling prices for most of the products, higher cost of goods sold, as well as increased selling and distribution costs amid higher sales volumes.

Financing costs also increased, while other income declined.

In Q2 2024, the company’s bottom line leapt 68% to SAR 52.8 million, from SAR 31.4 million in Q2 2023, thanks to a marginal increase in revenue and higher sales volumes for some products.

Tasnee also reported a profit share from investments in associates and no impairment of financial assets, despite lower selling prices for most of the products, as well as higher cost of sales and distribution expenses.

It also reported increased sales volumes, higher finance costs, general and administrative expenses and lower other income.

Meanwhile, the company turned profitable from a net loss of SAR 72 million in Q1 2024, driven by better average selling prices for some products and higher sales volumes after completing maintenance at some plants.

Shareholders’ equity, after minority interest, reached SAR 9.53 billion by June 30, 2024, compared to SAR 9.67 billion in the prior-year period.

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