Riyadh – Mubasher: Saudi Arabia’s National Industrialization Co (Tasnee) reported a 55.87% year-on-year decline during the first quarter of 2019.
Tasnee’s profits amounted to SAR 159.5 million in Q1-19, down from SAR 361.4 million during Q1-18, according to a statement to the Saudi Stock Exchange (Tadawul).
The firm attributed the large decline in Q1-19 profits to price hikes of raw materials, while there was a drop in sales volume and average sales prices of Titanium Dioxide products.
Tasnee further noted that its profits went down due to a decrease in its share of net profits from associates and joint ventures (JVs).
Quarter-on-quarter, profits slid 14%, from SAR 185.6 million.
