Riyadh – Mubasher: National Industrialization Co (Tasnee) on Monday reported a 322.86% year-on-year hike in net profit for the second quarter of 2018, recording SAR 395.8 million from SAR 93.6 million.

Quarter-on-quarter, net profit increased by 9.52% from SAR 361.4 million, Tasnee added in a filing to the Saudi Stock Exchange (Tadawul).

The Saudi company attributed the surge in Q2-18 net profit to the increase in average sales prices of titanium dioxide products and lower financial charges.

Revenues rose by 12% to SAR 2.99 billion in Q2-18, compared to SAR 2.67 billion in the year-ago period.

At the level of interim results, net profit leapt 284.56% to SAR 757.2 million during the first half of 2018, up from SAR 196.9 million in H1-17.

Moreover, revenue rose 13% to SAR 5.81 billion in the six-month period ended June, versus SAR 5.15 billion in the prior-year period.

Tasnee previously posted a 250% year-on-year growth in its net profit for Q1-18, generating SAR 361.4 million in profits, versus SAR 103.3 million.