Riyadh - Mubasher: The CEO of National Industrialization Company (Tasnee) said that his company’s debts will decline by around SAR 7 billion in the upcoming period.

The company’s debts amounted to SAR 24 billion, and will decreased to nearly SAR 17 billion, Mutlaq Al Morished added in an interview with CNBC Arabia.

Tasnee will soon begin operating a number of new factories, the CEO added.

The company reported on Wednesday a surge in net profits in the third quarter of 2017 by 77.6% year-on-year to SAR 191.6 million up from SAR 107.9 million in Q3-16, as shown by the company’s financial statements.

Quarterly profits also soared 104.7% compared to the previous quarter, the company said in a statement to the Saudi Stock Exchange (Tadawul).