PHOTO
Image used for illustrative purpose. Saudi traders monitor stocks at the Saudi Investment Bank in Riyadh August 7, 2011.
National Industrialization Company (Tasnee) swung to net losses valued at SAR 19.20 million in the first half (H1) of 2024, against net profits worth SAR 113.50 million in H1-23.
The revenues edged down by 0.52% to SAR 1.76 billion in H1-24 from SAR 1.77 billion a year earlier, according to the income results.
Loss per share reached SAR 0.03 in the first six months (6M) of 2024, compared to a profit per share of SAR 0.17 in the year-ago period.
Financial Results for Q2-24
In the second quarter (Q2) of 2024, Tasnee achieved net profits amounting to SAR 52.80 million, lower by 68.15% year-on-year (YoY) than SAR 31.40 million.
Revenues increased by 13.25% to SAR 1 billion in Q2-24 from SAR 889.20 million in Q2-23.
Quarterly, the company turned profitable in Q2-24 when compared to net losses valued at SAR 72.10 million in January-March 2024. Meanwhile, the revenues hiked by 32.26% from SAR 761.40 million.
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