JEDDAH: The National Industrialization Company's (TASNEE) has posted a net income of SR594.2 million for the second quarter 2011.
This is an increase of 54.2 percent compared to SR385.4 million for the same period last year and an increase of 2.4 percent compared to the first quarter 2011 of SR580 million.
The company's gross income for the second quarter was SR1846.6 million, an increase of 49.7 percent compared to same quarter last year of SR1233.5 million.
Income from operations for the second quarter was SR1453.1 million, an increase of 70.6 percent compared to same period last year of SR851.9 million.
The net income for the six months ended June 30, 2011 was SR1.17 billion, an increase of 63.5 percent, compared to the same period last year of SR718.2 million. Earnings per share amounts to SR2.11 compared to SR1.29 for the same period last year.
Earnings per share calculated for the fiscal period comparison based on the number of shares (557.4) million shares to show the impact of bonus shares -- approved by the extraordinary general assembly meeting on April 4.
The gross income for the six months ended June 30 was SR3.44 billion, an increase of 43.8 percent compared to the same period last year of SR2.39 billion. Income from operations was SR2.66 billion, an increase of 55.9 percent compared to the same period last year of SR1.71 billion.
"The growth of income for the second quarter and the six months ended June 30, 2011 compared to the same period last year 2010 is due to improvement of subsidiaries' revenues (quantities and selling prices) and compared to the first quarter 2011 is mainly to the increase of sales volume and improvement in prices," the statement added.
Some figures of income statement for 2010 have been reclassified, it pointed out.
© Arab News 2011
