Saudi’s Tasnee Q3 net profit declines 42% as TiO2 sales, prices fall

17 October 2012 10:43  [Source: ICIS news]

SINGAPORE (ICIS)--Saudi Arabia’s National Industrialization Co (Tasnee) reported on Wednesday a 42.4% year-on-year decline in its third-quarter net profit to Saudi riyal (SR) 417.3m ($111.3m) as sales volumes and prices of titanium dioxide (TiO2) declined.

Petrochemical sales also fell, it said.

Gross income for the three months to September 2012 was down 32.1% to SR1.34bn, while income from operations slumped 39.3% to SR963.1m, the company said in a filing to the Saudi Stock Exchange.

For January-September 2012, Tasnee recorded a 19.9% year-on-year decline in net profit to SR1.52bn, with gross income falling 18.1% to SR4.43bn and income from operations slipping 20.9% to SR3.31bn, Tasnee said.

($1 = SR3.75)

By: Pearl Bantillo
+65 6780 4359

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