National Industrialization Company (Tasnee) logged a 73.80% year-on-year (YoY) drop in net profit to SAR 174.60 million in 2023 from SAR 666.30 million in 2022.

The company’s revenue declined by 8.13% YoY to SAR 3.56 billion last year from SAR 3.88 billion, according to the annual financial results.

The earnings per share (EPS) reached SAR 0.26 in the 12-month period that ended on 31 December 2023, down from SAR 1 the year before.

Tasnee posted a 69.24% YoY decline in net profit after tax to SAR 191.70 million in the first nine months (9M) of 2023 from SAR 623.20 million.

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