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Saudi Tasnee net profit down 46.5 percent in Q4
(MENAFN) Saudi Arabia's National Industrialization Company (Tasnee) said that the company registered a 46.5 percent increase in its net profit during the October-December period of 2014, Gulf Daily News reported.
During the fourth quarter of 2014, the company said that it has recorded a net profit of USD42.8 million compared with USD80 million posted during the corresponding period of 2103.
Tasnee attributed the steep decline in net profit to the lower prices for its petrochemical products, as well as for titanium dioxide and acrylic acid.
"I believe the petrochemical industry would benefit in the long term from cheaper oil, as it would help to stimulate economic growth around the world and therefore demand for petrochemical products, the industry would suffer in the short term," Tasnee's new Chief Executive said.
During the fourth quarter of 2014, the company said that it has recorded a net profit of USD42.8 million compared with USD80 million posted during the corresponding period of 2103.
Tasnee attributed the steep decline in net profit to the lower prices for its petrochemical products, as well as for titanium dioxide and acrylic acid.
"I believe the petrochemical industry would benefit in the long term from cheaper oil, as it would help to stimulate economic growth around the world and therefore demand for petrochemical products, the industry would suffer in the short term," Tasnee's new Chief Executive said.
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