Saudi petrochemical maker Tasnee’s shares end lower following 11% drop in profits

RIYADH: National Industrialization Co.’s shares closed 0.84 percent lower on Thursday after reporting an 11 percent decline in first-half profits.

The SR606 million ($162 million) figures is 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.