Tasnee incurs book losses only in 2019, says CEO

The losses incurred by National Industrialization Co. (Tasnee) in 2019 were 100% book losses, on the revaluation of sold assets, CEO Mutlaq Al-Morished told Argaam in an exclusive on Wednesday.

The company reported SAR 313 million in operating profit last year.

Since mid-2019, market conditions have been difficult for the world’s basic materials manufacturers as US producers entered the market.

“Tough conditions are not only suffered by petrochemical producers, but by all basic materials manufacturers, such as steel and copper producers, etc.,” Al-Morished said.

“The rapid spread of the coronavirus also intensified market tough conditions,” he concluded.

Tasnee reported a net loss after Zakat and tax of SAR 1.579 billion for fiscal year 2019, compared to a net profit of SAR 1.202 billion a year earlier.

In Q4 2019, the company posted a net loss of SAR 2.076 billion compared to a net profit of SAR 185.57 million in Q4 2018.