Riyadh – Mubasher: Saudi Arabia-based National Industrialization Co (Tasnee) announced that operating titanium sponge project will be postponed until the first half of 2019 due to delay on operating the raw material unit of titanium tetrachloride.
Tasnee also stated that the project’s cost is expected to increase by $60 million, according to a statement to the Saudi Stock Exchange (Tadawul).
The firm further noted that the project will produce 15,600 tonnes of titanium sponge on annual basis.
Tasnee’s profits amounted to SAR 259.4 million during Q3-18, up from SAR 191.6 million in Q3-17, according to a bourse statement.
At the level of the first nine months, Tasnee’s profits after calculating Zakat and Tax soared 161.7% to SAR 1.016 billion, compared to SAR 388.4 million in the corresponding months a year before.
Tasnee’s stock rose 1.33% to end Thursday’s trading session at SAR 15.24.
