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Saudi Arabia’s Tasnee swings to net profit in Q2

by ChemOrbis Editorial Team - content@chemorbis.com
  • 26/07/2016 (14:34)
According to media reports, Saudi Arabia’s National Industrialization Co (Tasnee) posted a net profit of 103.9 million riyals ($27.7 million) in the April-June period, following a period of five straight quarterly losses. The company’s Q2 net profit also beat Reuters analysts’ projections which called for a net loss of 1.20 million riyals ($320,000). In the same period of last year, Tasnee posted a net loss of 107.7 million riyals due to impairment charges related to non-current assets.

The stronger financial results of the company were attributed to operational improvements, a decrease in certain feedstock costs and higher other income and these factors offset the negative impacts of lower average sales prices for certain products and higher financial charges.

Tasnee also reported that its sales in the second quarter declined to 3.8 billion riyals ($1.0 billion) from 4.2 billion riyals in the same period of last year.
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