Riyadh – Mubasher: National Industrialisation Co. (Tasnee) on Tuesday reported turning to profit with SAR 122.2 million ($32.6 million) in the third quarter of 2016, against a net loss of SAR 296.3 million ($79 million) in the year-ago period.
Quarter-on-quarter, the company posted a 17.61% increase in profits due to higher sales prices and increased other income, according to a filing to the Saudi Stock Exchange (Tadawul).
Operating profit stood at SAR 444.6 million in Q3-16 against an operating loss of SAR 47.8 million the same period in 2015.
“The reported profit is attributable to the increase in sales volumes, decrease in certain feedstock cost and increase in other income,” Tasnee said in its statement.
Profits were achieved despite lower average sales prices for certain products and higher financial charges, the company added.
As for the nine-month period ended 30 September 2016, Tasnee achieved a net profit of SAR 131.2 million against a net loss of SAR 736.5 million in the corresponding period in 2015.
