Tasnee Profits Decrease to SR309 mln during 1Q, down 6%

The net profit after zakat and tax for the National Industrialization Company “Tasnee” decreased to SR309 million during the first quarter, compared to SR328 million during the same quarter of the previous year, by 6%.

This came after Tasnee announcement on Wednesday of the consolidated preliminary financial results for the period ending on 31.03.2022 (three months).

The operational profit amounted to SR543 million during the first quarter, compared to SR562 million during the same quarter of the previous year, a decrease of 3%.

The gross profit amounted to SR288 million during the first quarter, compared to SR187 million during the same quarter of the previous year, an increase of 54%.

Profits per share during the current period amounted to SR0.46, compared to SR0.49 during the same period of the previous year.

Decrease in net profit is primarily attributable to decrease in share of profit from investments in associates and joint ventures mainly resulting from higher average feedstock cost and lower sales volumes of certain products, despite of increase in sales revenue due to improvement in average selling prices of most of the products.

Decrease in net profit is primarily attributable to decrease in sales revenue and share of profit from investments in associates and joint ventures due to lower average selling prices and sales volumes of certain products and higher general administrative and marketing expenses despite of lower impairment of non-current assets, decrease in zakat provisions and higher other income.

Certain corresponding figures for the comparative periods have been restated in compliance with the applicable accounting standards.