Saudi Tasnee’s profits fall 5.5% in Q1-22 initial financials

On a quarterly basis, the revenues in Q1-22 plunged by 15.80%

Staff Writer, Mubasher

April 28, 2022

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Riyadh –The National Industrialization Company (Tasnee) has registered net profits after Zakat and tax worth SAR 309 million during the first quarter (Q1) of 2022, down 5.64% from SAR 327.50 million from Q1-21.

During the January-March 2022 period, the company generated SAR 979.20 million in revenue, higher by 34.98% than SAR 725.40 million in Q1-21, according to a bourse filing on Wednesday.

Moreover, the earnings per share (EPS) declined to SAR 0.46 in Q1-22 from SAR 0.49 in Q1-21.

On a quarterly basis, the revenues in Q1-22 plunged by 15.80% from SAR 1.16 billion in Q4-21, while the net profits dropped by 8.76% from SAR 338.70 million.

In 2021, the Saudi listed firm reported net profits after Zakat and tax worth SAR 1.35 billion, versus net losses of SAR 446.70 million in 2020.

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