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FINANCIAL NEWS
Saudi’s Tasnee net loss reaches USD 25.3mn in Q1
18 Apr 2016
(MENAFN) Saudi Arabia’s National Industrialization Co. (Tasnee) recorded net loss in Q1, due to higher sales volumes and not suffering the same negative influence from fiscal contracts.
The firm made a loss of USD 25.3mn in the three months to March 31, compared to a loss of USD 88.54mn in the prior year period.
Additionally, it also has interests in petrochemicals, metals and chemicals and is one of the world’s largest producers of titanium dioxide through its Cristal subsidiary.
However, the firm’s earnings have been affected hard by falling product prices, like many petrochemical firms in the kingdom.
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