Riyadh – Mubasher: Saudi Arabia-based National Industrialization Company (Tasnee) reported a 249.9% leap in its net profits in the first quarter of 2018, compared to the same period in the prior year.

Tasnee’s net profits skyrocketed to SAR 361.4 million during Q1-18 versus SAR 103.3 million in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi company attributed the positive turn in its first-quarter financials to a rise in selling price of titanium dioxide products, the hike of its profits from associates, joint projects, and a decline in financing costs.

Tasnee’s sales increased 14% to SAR 2.82 billion during Q1-18, from SAR 2.48 billion in the corresponding period in the same period of 2017.

Quarter-on-quarter, the firm’s profits went up 10.3% to SAR 361.4 million in Q1-18, compared to SAR 327.7 million in the corresponding period in the year before.

By 10:34 am KSA time, the stock rose 1.49%, reaching SAR 21.78.