RIYADH: National Industrialization Co.’s first-half profits fell 11 percent to SR606 million ($162 million), down from SR684.3 million in the prior-year period, according to a bourse filing,
The company said the decline in profit resulted from slower average feedstock and logistics costs and lower average selling prices for some of the products, as well as a decline in the share of profits from joint ventures.
Despite lower profit, Tasnee’s revenues increased 37 percent to SR2 billion during the same period, driven by improved downstream product prices and volume sales.