Tasnee profits decreased to SR666.3 mln in 2022, by 51%‎

The net profit after zakat and tax for the National Industrialization Company decreased to 666.3 million riyals during the year 2022 AD, compared to 1.35 billion riyals in the year 2021 AD, at a rate of 51%. This came after today’s announcement of the annual financial results ending on 12-31-2022.

The operating profit amounted to 1.32 billion riyals during the year ending in 2022, compared to 2.5 billion riyals in the previous year, a decline of 47%.

As for the total profit, it amounted to 864 million riyals in the current year, compared to 987 million riyals in the previous year, with a decrease of 12%.

Earnings per share in the current year amounted to 1 riyal, compared to 2.03 riyals in the previous year.

The reason for the decrease in the net profit is mainly due to the decrease in the company’s share in the profits of joint ventures and associate companies as a result of the decrease in the average selling prices and the quantities sold for petrochemical products, in addition to the increase in the average cost of feedstock, shipping costs, financing costs, and recording a provision for a decrease in the value of some of the company’s non-current assets The Advanced Metal Industries Complex is one of the subsidiaries of the group despite the increase in sales as a result of the improvement in the average selling prices and the quantities sold for some products, the reversal of part of the provision for the decline of financial assets, the increase in financial and other revenues, and the decrease in administrative and general expenses and the provision for zakat.

The company said that some of the comparative figures for the previous year have been re-adjusted in line with the current year’s presentation.