The net profit of the National Industrialization Company decreased by 50.88% in 2022, to about 666.3 million riyals, after zakat and tax, compared to about 1.356 billion riyals in 2021.
The company said in a statement on “Tadawul Saudi Arabia”, today, Tuesday, that the reason for the decrease in net profit in 2022, on an annual basis, is mainly due to the decrease in the company’s share in the profits of joint ventures and associate companies as a result of the decrease in average selling prices and the quantities sold for petrochemical products.
She added that it is also due to the increase in the average cost of feedstock, freight costs, financing costs, and the recording of a provision for decline in the value of some non-current assets of the Advanced Metal Industries Complex Company, one of the group’s subsidiaries, despite the increase in sales as a result of the improvement in average selling prices and the quantities sold for some products and the reversal of part of the provision for asset decline. Financial, an increase in financial and other revenues, a decrease in administrative and general expenses, and the provision for zakat.
National Industrialization revenues increased by 5.7% in 2022, to about 3.88 billion riyals, compared to 3.67 billion riyals in 2021.
