Saudi: Tasnee’s profits exceed $21.8mln in Q1-23

The net profits after Zakat and tax of National Industrialization Company (Tasnee) shrank by 73.43% to SAR 82.10 million in the first quarter (Q1) of 2023, versus SAR 309 million in Q1-22.

The company’s revenues hit SAR 888.70 million in Q1-23, an annual drop of 9.24% from SAR 979.20 million, according to the interim financial results.

Earnings per share (EPS) stood at SAR 0.12 in the January-March 2023 period, compared to SAR 0.46 in Q1-22.

On a quarterly basis, the Q1-23 net profits hiked by 90.49% from SAR 43.10 million in Q4-22, while the revenues declined by 5.41% from SAR 939.50 million.

In 2022, Tasnee registered net profits after Zakat and tax valued at SAR 666.30 million, lower by 50.88% than SAR 1.35 billion in the 12-month period that ended on 31 December 2021.

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