Tasnee narrows 9M 2020 net loss to SAR 314.5 mln

National Industrialization Co. (Tasnee) narrowed its net loss after Zakat and tax to SAR 314.5 million for the first nine months of 2020, compared to SAR 1.05 billion in the same period a year earlier.

The company attributed the decrease in losses to lower financial charges, higher other income. Moreover, the comparative figures included a non-cash loss on reassessment of discontinued operations of Cristal business, classified as held for sale in Q1 2019. Accordingly, the financial results of the comparative period will be reinstated. 

This was despite the negative impact of lower average selling prices, reduced share of profit from investments in associates and joint ventures, and higher general and administrative expenses and Zakat provisions.

The company turned to losses of SAR 49.2 million in Q3 2020, due to lower average selling prices, reduced profit share from associates and joint ventures, as well as higher general and administrative expenses and Zakat provision.

On a sequential basis, Tasnee narrowed its Q3 2020 net loss on impairment recorded in previous quarter for certain assets of Advanced Metal Industries Cluster Co. (a subsidiary).