6 Hrs
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الاقتصادية
Tasne'ah quarterly losses surge 733 percent
Operational challenges and supply chain disruptions have led to a decline in the National Industrialization Company’s results, with its losses increasing by approximately 732.5% in the second quarter of this year to reach 548 million SAR, compared to a loss of 66 million SAR a year earlier. The reasons for this include a decrease in sales volume and an increase in its share of losses from joint ventures, mainly due to the extension of maintenance and expansion works at the company’s complexes, as well as recording non-cash losses, deferred tax costs, and reduced revenues. Additionally, the full-year losses have surged by 6,227% to 1.8 billion SAR, despite a 35% drop in quarterly revenues to 380 million SAR, even though selling prices have risen. The company is currently undertaking measures, including restructuring, to address these financial challenges, and continues to sell stakes in subsidiary companies as part of halted operations to ensure financial stability.
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