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Saudi Arabia’s Tasnee announces weaker results for Q4

by ChemOrbis Editorial Team - content@chemorbis.com
  • 26/01/2016 (14:02)
According to media reports, Saudi Arabian petrochemical company Tasnee (National Industrialization Co) reported weaker financial results for the fourth quarter of 2015. The company reported that it swung to a net loss in the last quarter.

The company’s net loss stood at SAR690.2 million ($183.90 million) in the fourth quarter in comparison to a profit of SAR160.7 million ($42.8 million) in the same period of 2014. Analysts had called for a net loss of SAR174.2 million ($46.4 million), according to a survey conducted by Reuters.

Tasnee cited lower sales prices as well as higher cost of sales, general and administrative expenses and staffing costs as the main reasons behind their weaker financial results in the last quarter.
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