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Saudi Tasnee logs SAR 327mn profit in Q4

Saudi Tasnee logs SAR 327mn profit in Q4
The Kingdom-based firm posted SAR 716.2 million in net profits during the full-year 2017
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Riyadh – Mubasher: Saudi Arabia’s National Industrialization Company (Tasnee) on Tuesday posted a 3387% year-on-year surge in its net profits during the fourth quarter of 2017, compared to the year-ago period.

Tasnee’s net profits amounted to SAR 327.8 million during Q4-17, compared to SAR 9.4 million in the same period a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).

The Kingdom-based firm posted SAR 716.2 million in net profits during the full-year 2017 versus SAR 101.4 million in the year before.

Tasnee attributed the increase in its annual profits to an improvement in operational performance, a rise in sales prices of Titanium Dioxide products, and growth in other revenues.

The stock inched down 0.12%, closing Monday at SAR 16.19.