Tasnee shifts to $19.2mln net losses in Q1-24 on lower sales volume

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National Industrialization Company (Tasnee) turned to net losses standing at SAR 72.10 million during the first quarter (Q1) of 2024, against net profits worth SAR 82.10 million in Q1-23.

Tasnee attributed the incurred losses to a decrease in sales volume, which was affected by scheduled maintenance works, as well as a decline in average selling prices for the majority of products.

Therefore, the revenues shrank by 14.32% year-on-year (YoY) to SAR 761.40 million during the January-March 2024 period from SAR 888.70 million, according to the financial results.

The company registered a loss per share of SAR 0.11 in Q1-24, compared with earnings per share (EPS) worth SAR 0.12 in the year-ago period.

On a quarterly basis, the net losses in Q1-24 deepened by 321.63% from SAR 17.10 million in Q4-23 and the revenues decreased by 20.44% from SAR 957.10 million.

In 2023, Tasnee reported lower net profits and revenues of SAR 174.60 million and SAR 3.56 billion, respectively, when compared to the prior year.