Tasnee’s net profit soars to SAR 388 mln in 9M 2017 on higher TiO2 prices

25/10/2017 Argaam Exclusive

 

National Industrialization Co.’s (Tasnee) net profit for the first nine months of 2017 has more than quadrupled to SAR 388.4 million compared to a net profit of SAR 92 million the year earlier. The increase was attributed to higher average sales prices of titanium dioxide (TiO2) and an increase in other income.



Financials (M)

Item 9m 2016 9m 2017 Change‬
Revenues 6,334.57 7,907.13 24.8 %
Gross Income 513.59 1,388.56 170.4 %
Operating Income (656.18) 197.35 130.1 %
Net Income 91.98 388.45 322.3 %
Average Shares 668.91 668.91 -
EPS (Riyals) 0.14 0.58 322.3 %

The company’s net profit for the third quarter rose 78 percent year-on-year (YoY) to SAR 191.6 million due to higher average sales prices of titanium dioxide and an increase in its share in net profit from associates.

 

Q3 net profit more than doubled compared to the previous quarter on an increase in average sales prices of titanium dioxide, higher share in net profit from associates and lower finance charges.



Current Quarter Comparison (M)

Compared With The
Item Q3 2016 Q3 2017 Change‬
Revenues 2,080.08 2,759.12 32.6 %
Gross Income 268.25 536.68 100.1 %
Operating Income (183.99) 121.66 166.1 %
Net Income 107.94 191.55 77.5 %
Average Shares 668.91 668.91 -
EPS (Riyals) 0.16 0.29 77.5 %

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