Saudi Tasnee 1Q Net Profit Falls 32% Mainly on Drop in Prices

Sunday, Apr 21, 2013

(This article was first published on Saturday.)

BEIRUT (Zawya Dow Jones)--Saudi Arabia's National Industrialization Co. (2060.SA), said its first-quarter net profit plunged 32% on-year due to a drop in titanium dioxide prices, foreign currency differences, and higher general expenses.

The company, better known as Tasnee, said in a statement posted on the Saudi bourse website on Saturday that its net profit fell to 355.4 million Saudi riyals ($94.8 million) in the first quarter of 2013 from SAR524.4 million a year earlier.

The profit decline was "due to a drop in the sale price of the titanium dioxide product, in addition to an increase in the general and administrative expenses as well as a decrease in other income resulting from foreign currency differences," Tasnee said.

Income from operations tumbled 23% to SAR900.5 million from SAR1.16 billion in the first quarter of 2012, according to the statement.

Tasnee is a holding company that invests in various industrial firms mainly in the petrochemical sector.

Write to Shikrallah Nakhoul at shikrallah@zawya.com

(END) Dow Jones Newswires

21-04-13 0351GMT