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Tasnee reports 94% plunge in Q1-20 losses

Tasnee reports 94% plunge in Q1-20 losses
Revenues for Q1-20 slipped to SAR 659.4 million
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Riyadh – Mubasher: The National Industrialization Company (Tasnee) has reduced its net losses after Zakat and tax by 94% annually in the first quarter (Q1) of 2020 to reach SAR 76.5 million.

The company generated SAR 659.4 million worth of revenues in the first three months of 2020, down by 10.8% year-on-year (YoY) when compared to SAR 739.2 million, according to a bourse filing on Sunday.

The decrease in net loss is largely due to the non-cash losses that resulted from re-measurement of discontinued operations of Cristal business classified as held for sale in Q1-19 amounting to SAR 1.45 billion. In addition, financing costs, Zakat provision and income tax declined.

This came despite the drop in average selling prices of all products and slumping demand of some products due to the coronavirus (COVID-19) outbreak, a lower share of profit from investments in associates and joint ventures (JV), decrease in other income, and a rise in general and administrative expenses.