Saudi: Tasnee turns to losses in H1-24; revenues hit $452.8mln

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National Industrialization Company (Tasnee) swung to net losses valued at SAR 19.20 million in the first half (H1) of 2024, against net profits worth SAR 113.50 million in H1-23.

The revenues edged down by 0.52% to SAR 1.76 billion in H1-24 from SAR 1.77 billion a year earlier, according to the income results.

Loss per share reached SAR 0.03 in the first six months (6M) of 2024, compared to a profit per share of SAR 0.17 in the year-ago period.

Financial Results for Q2-24

In the second quarter (Q2) of 2024, Tasnee achieved net profits amounting to SAR 52.80 million, lower by 68.15% year-on-year (YoY) than SAR 31.40 million.

Revenues increased by 13.25% to SAR 1 billion in Q2-24 from SAR 889.20 million in Q2-23.

Quarterly, the company turned profitable in Q2-24 when compared to net losses valued at SAR 72.10 million in January-March 2024. Meanwhile, the revenues hiked by 32.26% from SAR 761.40 million.