Riyadh – Mubasher: The National Industrialization Company (Tasnee) has achieved net profits after Zakat and tax of SAR 684.3 million during the first half (H1) of 2021, against net losses of SAR 232 million in the year-ago period.

Achieving net profits is attributed to higher average selling prices, resulting in a higher share of profit from investments in associates and joint ventures despite the increase in average prices of some of the feedstocks and lower sales volumes of certain products, according to a bourse filing on Sunday.

The company's revenues increased by 37.93% to SAR 1.51 billion in the first six months of 2021 from SAR 1.09 billion in the same period of 2020.

The earnings per share (EPS) settled at SAR 1.02 in H1-21, against the losses per share of SAR 0.35 in the same half of 2020.

During the second quarter (Q2) of 2021, the company recorded net profits of SAR 356.7 million, versus net losses of SAR 180.2 million in the corresponding period of 2020.