Saudi Arabia’s TASNEE Q2 net profit falls 17% on higher costs
Pearl Bantillo
04-Aug-2022
SINGAPORE (ICIS)–Saudi Arabia’s National Industrialization Co (TASNEE) posted a 17% year-on-year decline in its second-quarter net profit on a combination of higher costs and lower average selling prices of some products.
in million Saudi riyal (SR) | Q2 2022 | Q2 2021 | % change | H1 2022 | H1 2021 | % change |
Sales | 1,077.1 | 780.4 | 38.0 | 2,056.3 | 1,505.8 | 36.6 |
Operating income | 563.2 | 608.7 | (7.5) | 1,106.3 | 1,170.6 | (5.5) |
Net income | 297.1 | 356.7 | (16.7) | 606.1 | 684.3 | (11.4) |
Its share of profit from investments in joint ventures for the period shrank also due to higher feedstock and logistics costs, the company said in a statement.
Increased provisions and financial charges also hit profitability for the three months to June 2022.
Second-quarter revenues increased on higher prices and sales volumes of some downstream products, it said.
TASNEE’s petrochemical subsidiaries are Saudi Polyolefins Co (75%) and Saudi Acrylic Acid Co (52.29%), while its affiliates include Saudi Ethylene and Polyethylene Co (45.34%), Saudi Acrylic Monomers Co (39.22%), Saudi Acrylic Polymer Co (39.22%), and Saudi Butano Co (17.43%), according to the company’s website.
($1 = SR3.75)
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