Saudi Arabia’s National Industrialization Co. (Tasnee) posted on Tuesday financial results for the 12-month period ending on Dec. 31, 2014.
Q4 net profit reached SAR 160.7 million, 46.45% lower than SAR 300.1 million in Q4 2013 and 34.06% below SAR 243.7 million in Q3 2014.
The full-year earnings netted SAR 1,133.4 million, falling 3.74% compared with SAR 1,177.4 million in the previous year.
The earnings per share decreased from SAR 1.76 to SAR 1.69.
Q4 profit decline y/y was ascribed by the company to the price decrease in the titanium dioxide sector, in addition to decline of sales and prices of the Acrylic Acid Complex products, and decrease in the petrochemical sector which impacted the company's results despite fall in the general and administrative expenses.
Q4 profit fall q/q was due to the price decrease in the titanium dioxide sector, in addition to decrease of the Acrylic Acid Complex results and decrease in the petrochemical sector which impacted the company's results despite decrease in the general and administrative expenses, Tasnee said.
It attributed FY2014 profit drop to decrease of profit margin in the titanium dioxide sector, in addition to decrease of sales and prices of the Acrylic Acid Complex products. All depreciation and financing costs were recognized in the second half of this year due to the complex commercial startup which impacted the company's results.
Photo Credit: Arabianeye-Reuters