Riyadh – Mubasher: National Industrialization Company (Tasnee) on Wednesday posted a 7% increase in net profits in the second quarter of 2017 from the corresponding quarter of 2016, according to a bourse filing.
The firm achieved a net profit of SAR 93.6 million in Q2-17 from SAR 87.5 million in Q2-16.
The Saudi-listed company reported a 9.7% decline in net profit in Q2-17, compared to profits in Q1-17.
The company attributed the surge in net profits to the increase in average sales prices and other revenues, despite the rise in financing expenses, the allocation of zakat, and tax income, in addition to the company's lower share in the net profit of its associates, Tasnee said in a filing to the Saudi Stock Exchange (Tadawul).
In the first six months of 2017, the firm turned to profitability with SAR 197 million against losses of SAR 16 million in the same period in the year before.
The firm’s net revenues surged 23% to SAR 2.67 billion in Q2-17 from SAR 2.17 billion in Q2-16.
In the first half of 2017, net revenues rose 21% to SAR 5.15 billion from SAR 4.25 billion in H1-16.
By the end of trading on Tuesday, Tasnee’s stock closed 1% higher at SAR 15.18.
