Financial Results : Tasnee swings to profit of SAR 830M in H1 2025, Q2 loss at SAR 65.8M

Tasnee swings to profit of SAR 830M in H1 2025, Q2 loss at SAR 65.8M

03/08/2025 Argaam Exclusive

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National Industrialization Co. (Tasnee) turned to a net profit of SAR 830 million in H1 2025, versus a SAR 19.2 million loss a year earlier.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Revenues 1,768.47 1,671.56 (5.5 %)
Gross Income 114.42 191.41 67.3 %
Operating Income (180.75) (128.19) 29.1 %
Net Income (19.21) 829.99 4420.6 %
Average Shares 668.91 668.91 -
Earnings Per Share before unusual items (Riyals) (0.03) (0.35) (1,102.6 %)
EPS (Riyal) (0.03) 1.24 4420.6 %

The profit was driven by a one-off non-cash positive impact of debt restructuring for the Acrylic Complex, a lower cost of sales due to a change in product mix, and higher other income.

 

This was partially offset by lower revenues due to a decline in average selling prices and reduced sales volumes, and a decrease in share from joint venture profits. This was in addition to increased losses from one of the company’s subsidiaries (Tronox Holdings Plc), as well as higher selling, distribution, and financing costs.

 

In Q2 2025, Tasnee swung to a loss of SAR 65.8 million, versus a SAR 52.84 million profit in Q2 2024, mainly due to lower revenues.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Revenues 1,007.07 808.91 (19.7 %)
Gross Income 94.86 122.11 28.7 %
Operating Income (67.79) (44.46) 34.4 %
Net Income 52.84 (65.82) (224.6 %)
Average Shares 668.91 668.91 -
Earnings Per Share before unusual items (Riyal) 0.08 (0.10) (224.6 %)
EPS (Riyal) 0.08 (0.10) (224.6 %)

Sequentially, the petrochemical major slipped into a loss against a net profit of SAR 895.81 million in Q1 2025.

 

Total shareholders’ equity, after minority interest, rose to SAR 10.48 billion by the end of the current period, from SAR 9.53 billion a year earlier.

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