Tasnee profits fell to SR17 mln during Q3, by 95%

The National Industrialization Company revealed that the net profit after zakat and tax in the third quarter decreased to SR17.1 million, compared to SR333.4 million in the same quarter of last year by 95%.
This came after the announcement on Sunday of the preliminary financial results for the period ending on September 30, 2022 (nine months).
The operational profit amounted to SR179 million in the third quarter, compared to SR526.2 million in the same quarter of the previous year, a decrease of 66%.
The net profit after zakat and tax in the 9-month period amounted to SR623.2 million, compared to SR1.01 billion in the same period last year.
The gross shareholders’ equity “without minority rights” amounted to SR9.5 billion in the current period, compared to SR8.7 billion in the same period last year, an increase of 9.4%.
Profits per share in the current period reached SR0.93, compared to SR1.52 in the same period last year.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:
Decrease in net profit is primarily attributable to decrease in share of profit from investments in joint ventures and sales revenue mainly resulting from lower average selling prices and sales volumes for certain products, in addition to higher feedstock and logistics costs, higher financial charges and lower other income, despite decrease in general and admin expenses and zakat provisions.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is:
Decrease in net profit is primarily attributable to decrease in share of profit from investments in joint ventures and sales revenue mainly resulting from lower average selling prices and sales volumes for certain products and lower other income, despite lower feedstock and logistics costs, decrease in general and admin expenses and zakat provisions.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is:
Decrease in net profit is primarily attributable to decrease in share of profit from investments in joint ventures mainly resulting from lower average selling prices and sales volumes for certain Petrochemical products, in addition to higher feedstock and logistics costs and lower other income, despite increase in revenue for certain products driven by improved average selling prices and sales volumes and decrease in general and admin expenses