Saudi’s Tasnee net profit up 7.6 percent in Q3

27 Oct 2014

(MENAFN) Saudi Arabia’s National Industrialization Co (Tasnee) announced it has registered an increase in its net profit by 7.6 percent during the July-September period of this year, Gulf Business reported.

During this year’s third quarter, Tasnee said it posted a net profit of USD65 million compared with USD60.31 million of net profit, which was registered during the same quarter last year.

The company said that its increase in profits happened despite the company taking a provision for a legal case relating to one of its units and increased expenses and finance charges.

The company also announced it has raised its stake in its Cristal subsidiary by 13 percent, in a deal which is expected to be worth USD479.53 million and to be completed during the October-December period of this year.

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