Riyadh – Mubasher:  National Industrialization Company (Tasnee) disclosed its interim consolidated financial results for the third quarter of 2019.

Net profits after zakat and tax plunged by 84.1% to SAR 41.2 million in Q3-19, compared to SAR 259.4 million in Q3-18, according to the firm’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The decrease in net profit is attributable to lower average selling prices and higher cost of sales as a result of increase in sales volume of certain products, decrease in company's share of income from associates and joint ventures due to lower product sales prices, in addition to the deconsolidation of Cristal commercial business and assets sold to Tronox

Revenues of the Saudi-based firm levelled down by 5.8% year-on-year to SAR 799.6 million during the three-month period between July and September.

For the first nine months of 2019, net profits of Tasnee decreased by 51% to SAR 497.5 million, from SAR 1.016 billion in the same period a year ago.

The company generated SAR 2.26 billion in revenues by the end of September, up 3.8% from SAR 2.18 billion in September 2018.

Profit per share stood at SAR 0.74 in nine months, versus SAR 1.52 in the same period last year.