Riyadh – Mubasher: National Industrialization Company (Tasnee) on Thursday announced that net profits reached SAR 103.3 million in the first quarter of 2017, against SAR 103.5 million in net losses in the same quarter in 2016.
The reported profit is attributable to the increase in average sales prices and the rise in other income, despite the surge in selling and marketing expenses and the increase in the financial charges, according to the company’s statement to the Saudi Stock Exchange (Tadawul).
Quarter-on- quarter, net profits grew 56.99% in Q1-17, compared to the last quarter of 2016.
Total sales jumped 19% to reach SAR 2.48 million in the quarter ended March 2017, compared to SAR 2.08 million in the same quarter last year.
Tasnee had previously reported an annual profit of SAR 208.3 million in 2016, against SAR 1.42 billion in losses in 2015.
