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Tasnee announced that the preliminary consolidated financial statements of the company for the previous nine months (ending 30/09/2008)
The statements show a net consolidated profit of SR 518.9 million Saudi riyals, compared to 465.7 million Saudi Riyals for the same period last year, an increase of SR 53.2 million Saudi Riyals a Real growth rate of 11% which ammounts to 1.32 Saudi Riyals per share profit compared with 1.33 Saudi Riyals.
note that the capital was increased during the month of June 2008 and it was calculated earnings per share for the nine months ended on the 30/09/2008
The weighted average number of shares of 392.6 million shares compared with 349.6 million shares for the nine months ended 30/09/2007 and the company's sales rose to SR 7955 million, an increase of about 193% over the same period sales last year because of acquisitions and the National Company for dioxide Titanium "Cristal" on the work of the World (Lyondell) for the manufacture and sale of titanium dioxide in addition to the growth of sales of other companies.
While the net operating profits of the company by the end of September 30, 2008 amount to SR 885.1 million, an increase of SR 209 million (31%) over profits achieved for the same period the previous year, amounting to SR 676.1 million.
The company posted a net profit for the third quarter, totaling 149.9 million Saudi Riyals, compared to third quarter earnings last year of SR 101.6 million, up SR 48.3 million, or 48%.
The growth in profit during the nine months was due to improved revenues and operating profits of subsidiary companies in general.
As the company announced that one of its subsidiaries (the Saudi Company for ethylene and polyethylene), began a trial operation on 23 August 2008 of the Olivine plant for the production of ethylene with capacity of 1.000.000 tons annually and propylene a capacity of 285.000 tons per year within the petrochemical complex in Jubail Industrial City, but that the results of the operation of the plant did not reflect in the financial statements for the nine months, according to accounting standards because the plant under the experimental operation.