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FINANCIAL NEWS
TASNEE net income up 54.2% in Q2
18 Jul 2011
(MENAFN) The National Industrialization Company (TANSEE) said that as a result of an improvement of subsidiaries’ revenues, a growth in sales volume and an increase in prices, in the second quarter, the company’s net income grew 54.2 percent from 2010’s same quarter to USD158.38 million, reported Arab News.
TASNEE added that compared with USD328.7 million in the second quarter of 2010, gross income rose 70.6 percent reaching USD492 million in this year’s same quarter, moreover, gross income for the year’s first half increased 43.8 percent to USD916 million from USD637 million in the same period a year ago.
It also said that in the quarter, income from operations surged 7.06 percent from last year’s reaching USD387.3 million.
It is worth noting that earnings per share reached USD0.56 from USD0.34 for the same period in 2010.
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