Saudi’s TASNEE Q4 2011 net profit rises 42.7% on higher prices

17 January 2012 08:25  [Source: ICIS news]

SINGAPORE (ICIS)--Saudi Arabia’s National Industrialization Corp (TASNEE) reported on Tuesday a 42.7% increase in its fourth-quarter net profit to Saudi riyals (SR) 544.1m ($145.1m) because of improved sales from its subsidiaries, aided by higher product prices.

Operating income for the three months ended December 2011 grew by 68% year on year to SR1.25bn, the petrochemical producer said in a disclosure to the Saudi Stock Exchange.

For the whole of 2011, TASNEE’s net profit increased by 65.9% year on year to SR2.44bn, while its operating profit rose by 74.2% to SR5.50bn, it said.

TASNEE owns 50.6% of Saudi Ethylene and Polyethylene Co (SEPC), while Sahara Olefins has a 24.4% stake and LyondellBasell holds the remaining 25% in SEPC.

In addition, TASNEE owns 75% of Saudi Polyolefins Co (SPC), with LyondellBasell as partner, according to the company’s website.

($1 = SR3.75)

By: Pearl Bantillo
+65 6780 4359

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