Tasnee earns SAR 69.8M in 9M 2024; Q3 at SAR 89M

National Industrialization Co. (Tasnee) posted a net profit decline to SAR 69.8 million in the first nine months of 2024, from SAR 191.7 million in the year-earlier period.

The nine-month net profit was hurt by a decline in the average selling prices of some products, along with an increase in cost of sales. Additionally, the company reported lower profit share from investment in joint ventures (JVs), due to a rise in production input costs.

The company also recorded a decrease in other income and higher finance costs. On the other hand, the revenue growth came in line with the improved sales volumes of some products, lower Zakat provisions and the zero provisions allocated for financial asset impairment.

The third-quarter net earnings rose 14% to SAR 89 million, compared to SAR 78.2 million in Q3 2023, thanks to improved topline amid better sales volumes of some products. Tasnee reported a rise in other income, and lower general and administrative expenses (G&A).

Tasnee’s net profit jumped 68.6% from SAR 52.8 million in Q2 2024 on higher revenue and an increase in the company’s profit share from investments in JVs.

Total shareholders’ equity, after minority interest, increased to SAR 9.70 billion as of Sept. 30, 2024, from SAR 9.65 billion a year earlier.

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