Riyadh – Mubasher:National Industrialization Company (Tasnee) posted its interim consolidates financial results for the second quarter of 2019.
Net profits after zakat and tax fell by 25% to SAR 296.7 million in Q2-19, compared to SAR 395.8 million in Q2-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.
The firm attributed the decrease in profits to the drop in its share of income from associates and joint ventures due to the decrease in average selling prices of petrochemical and titanium dioxide products, as well as the write-offs related to certain projects in Advanced Metal Industries Cluster Company.
“This decrease in net profit is despite the lower financing costs, Zakat and income tax provisions, and the recording of gain resulted from the transaction closure between Cristal and Tronox, as referred below in the "Additional Information,” the statement highlighted.
Revenues of the Saudi-based company increased by 2.05% to SAR 731.2 million by the end of June, from SAR 716.5 million in the same period of the prior year.
For the first half of 2019, Tasnee reported a 32.9% year-on-year drop in profits, recording SAR 310.1 million.
Meanwhile, revenues levelled up 10% to SAR 1.47 billion in H1-19, versus SAR 1.33 billion in H1-18, the statement added.
Profit per share stood at SAR 0.68 during the six-month period between January and June, compared to SAR 1.13 in the corresponding period a year earlier.