National Industrialization turns to profit in 2021

National Industrialization Co. said that it reported a net profit of SR 1.35 billion in 2021 against a loss of SR 447 million the year before.

The Saudi company added in its financial result statement that it turned to operational profit of SR 2.5 billion from operational loss of SR 9.8 million in 2020.

Gross profit leaped 199% to SR 987 million last year from SR 330 million, while it reported profit per share (EPS) at SR 2.03 from loss per share at SR 0.67.

Turning to net profit was spurred by higher average selling prices of all the products also resulting in higher share of profit from investments in associates and joint ventures, reversal of an impairment charge on investment in an associate “Tronox” amounting to SR 693 million (Tasnee share SR 547 million) due to consistently higher share prices above the carrying value, reduction in financial costs and increase in other income, despite of price increase of certain feedstocks, higher zakat provisions and recording provision for impairment of loans amounting to SR 466 million (Tasnee share SR 417 million).