The National Industrialization Company (Tasnee) turned to losses during the third quarter of 2020, with losses amounting to 49.2 million riyals, compared to a net profit after zakat and tax of 22.4 million riyals during the same quarter From 2019.
According to Arabiya Net, the company's losses decreased by 73.9% compared to a net loss of about 188.8 million riyals in the second quarter of 2020.
During the first nine months of this year, the company's losses fell to 314.5 million riyals, compared to losses of about 1.05 billion riyals in the same period of the year 2019, a decrease of 70.2% .
The company attributed, in a statement to the Saudi Stock Exchange - Tadawul, today, Tuesday, the reason for the loss in the third quarter of this year, compared to the same quarter of 2019, mainly to a decrease Average selling prices and a decrease in the company's share in the profits of associates and joint ventures, in addition to the increase in general and administrative expenses and zakat provision despite the decrease in financing costs and the increase in other revenues.
