The National Industrialization Company was able to turn to profitability after it achieved profits after zakat and tax of 333.4 million riyals in the third quarter of 2021, compared to losses of 42.3 million riyals in the same quarter of 2020.
According to Arabiya Net and on a quarterly basis, the company's profits fell in the third quarter of this year by 6.53%, compared to profits of 356.7 million riyals in the second quarter of 2021.
The company said in a statement to Saudi Arabia's Tadawul, today, Thursday, that the reason for achieving the net profit is due to the high average selling prices for all products, in addition to the company's high share in Profits of associates and joint ventures despite the increase in average feedstock prices and the decrease in the quantities sold for some products as a result of the periodic maintenance of factories.
The company indicated a decrease in general and administrative expenses and financing costs and an increase in other revenues.
The company stated that one of the joint venture companies, the Saudi Ethylene and Polyethylene Company, had temporarily suspended the company's factories during the second quarter of 2021 for the purpose of conducting scheduled periodic maintenance operations. It was announced on the Tadawul website on April 14, 2021, and the financial impact as a result of this halt, according to average prices, appears in the company's consolidated interim financial statements during the second and third quarters of 2021.
The company's sales in the third quarter jumped by 75.27% to 1.004 billion riyals, compared to 573 million riyals in the same period of the previous year.
