Saudi Arabia-based Industrialization & Energy Services Co. (TAQA) reported a net profit of SAR 221.3 million for fiscal year ended March 31, marking a 28 percent drop year-on-year (YoY).
The profit drop was due to decline in profit margins to 22 percent from 26 percent in the previous year as well as a 46 percent rise in general and administrative expenses.
In addition, the company incurred SAR 35 million losses from goodwill impairment.
Profit from oil and gas operations increased by 31.5 percent YoY while manufacturing services showed a loss of SAR 186.6 million.
TAQA is a project developer and its broad charter allows it to participate in a spectrum of activities in support of oil and gas, metals, petrochemicals, mining, electricity and water sectors, either directly or by forming specialized subsidiaries.
The company is 45 percent-owned by the Saudi Government, while the remaining stake is owned collectively by joint stock companies and several private and industrial investors.