Riyadh – Mubasher: Saudi Arabia-based National Industrialization Co (Tasnee) on Wednesday announced a 35.4% year-on-year profit increase in the third quarter of 2018 after calculating Zakat and Tax.

Tasnee’s profits amounted to SAR 259.4 million ($69.16 million) during Q3-18, up from SAR 191.6 million ($51.08 million) in Q3-17, according to a bourse statement.

The Saudi firm ascribed the third-quarter profit growth to a rise in average sales prices of Titanium Dioxide products.

Revenues grew 5.1% to SAR 2.90 billion by the end of Q3-18, from SAR 2.75 billion in the year-ago period.

Quarter-on-quarter, profits retreated 34.4% during the three-month period ended September, from SAR 395.8 million.

From January to September this year, Tasnee’s profits after calculating Zakat and Tax soared 161.7% to SAR 1.016 billion, compared to SAR 388.4 million in the corresponding months a year before.

Year-on-year, sales went up 10.1% to SAR 8.7 billion by the end of September, from SAR 7.9 billion in the same period a year earlier.

Earnings per share (EPS) increased to SAR 1.52 by the end of Q3-18, from SAR 0.58 during Q3-17.

By 10:13 am Saudi time, Tasnee’s stock fell 1.16% to reach SAR 17.10.