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Saudi’s Tasnee Q3 Profit Rises 7.6%

Saudi’s Tasnee Q3 Profit Rises 7.6%

Tasnee made a net profit of SAR243.7 million ($65 million) in the three months ending Sept. 30, up from SAR226.4 million a year ago.

Saudi Arabia’s National Industrialization Co (Tasnee) reported a 7.6 per cent rise in third-quarter net profit on Monday.

Tasnee made a net profit of SAR243.7 million ($65 million) in the three months ending Sept. 30, up from SAR226.4 million a year ago.

The company said its quarterly profit rose despite taking a provision for a legal case relating to one of its units and increased expenses and finance charges. It did not provide further details.

Last month, Tasnee said it planned to pay SAR1.8 billion to raise its stake in its Cristal subsidiary by 13 per cent. The deal is expected to be completed in the fourth quarter.

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