National Industrialization Co. (TASNEE) is expected to start commercial operations at Hail manufacturing complex in H2 2017, CEO Mutlaq Al-Morished told Argaam, adding that he expects prices of petrochemicals to edge up in the second half.
The Yanbu titanium sponge plant is set to begin trial run in the second half of 2017, while the Jazan smelting plant will start commercial operations in H1 2018, he added.
Although Q2 saw lower acrylic acid prices, Al-Morished attributed the company’s strong set of earnings in the quarter to higher prices of titanium dioxide. Titanium dioxide price averaged $2,850 in Q2, compared to $2,000 in the same period last year.
“Tasnee’s debts dropped from SAR 24 billion to SAR 17 billion, after the implementation of the International Financial Reporting Standards (IFRS), which deconsolidated some of the company’s subsidiaries,” he said.
Tasnee reported a 7 percent rise year-on-year (YoY) in net profit to SAR 93.6 million in Q2 2017.
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