Riyadh – Mubasher: The net profits after Zakat and tax of National Industrialization Company (Tasnee) dropped by 69.24% to SAR 191.70 million in the first nine months (9M) of 2023 from SAR 623.20 million in 9M-22.
Revenues shrank by 11.33% to SAR 2.60 billion in 9M-23 from SAR 2.94 billion during the same period in 2022, according to the income statements.
The earnings per share (EPS) stood at SAR 0.29 as of 30 September 2023, down year-on-year (YoY) from SAR 0.93.
Financial Results for Q3-23
During the third quarter (Q3) of 2023, the Saudi firm posted a 357.31% surge in net profit after Zakat and tax to SAR 78.20 million, versus SAR 17.10 million.
Tasnee generated revenues amounting to SAR 831.90 million during July-September 2023, an annual decrease of 6.22% from SAR 887.10 million.
On a quarterly basis, the Q3-23 net profits hiked by 149.04% from SAR 31.40 million in Q2-23, while the revenues declined by 6.44% from SAR 889.20 million.
