Riyadh – Mubasher: Saudi Arabia's National Industrialization Co (Tasnee) on Thursday reported a 68% year-on-year profit increase during the full-year 2018.

Tasnee’s profits after calculating Zakat and Tax reached SAR 1.20 billion ($320 million) from January to December 2018, compared to SAR 716.2 million ($190.94 million) in 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the major rise in 2018 earnings to a jump in average selling prices of titanium dioxide product, coupled with a hike in the stake of net profits in associate firms.

Revenues rose 6% to SAR 11.43 billion last year, compared to SAR 10.8 billion in 2017, while operating profits levelled up 69% to SAR 2.75 billion, against SAR 1.62 billion.

“Certain corresponding figures for the last year have been reclassified to be aligned with presentation of the current year,” the statement added.

Earnings per share (EPS) reached SAR 1.8 in 2018, up from SAR 1.07 in the year before.

Tasnee’s profits tumbled 43.4% to SAR 185.6 million in the fourth quarter of 2018, compared to SAR 327.8 million during Q4-17, according to data compiled by Mubasher.

By 11:55 Saudi time, Tasnee’s stock inched up 0.61% to SAR 16.60.