National Industrialization Company (Tasnee) posted an 81.27% plunge in net profit after Zakat and tax to SAR 113.50 million during the first half (H1) of 2023, versus SAR 606.10 million in H1-22.

Revenues declined by 13.54% to SAR 1.77 billion as of 30 June 2023 from SAR 2.05 billion in the year-ago period, according to the initial income statements.

The earnings per share (EPS) hit SAR 0.17 during the first six months (6M) of 2023, down from SAR 0.91 in the January-June 2022 period.

Financial Results for Q2-23

In the second quarter (Q2) of 2023, Tasnee witnessed 89.43% year-on-year (YoY) lower net profits after Zakat and tax at SAR 31.40 million, compared to SAR 297.10 million.

The listed firm generated revenues amounting to SAR 889.20 million in April-June 2023, an annual drop of 17.44% from SAR 1.07 billion.

On a quarterly basis, the Q2-23 net profits plummeted by 61.75% from SAR 82.10 million in Q1-23, while the revenues levelled up by 0.06% from SAR 888.70 million.

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