SAR 1.2 Billion Tasnee Net Profits for 2018

​Tasnee achieved positive results for the fiscal year ending December 31, 2018. Net profit for the whole year reached SAR 1.2 billion compared with SAR 716 million in 2017, an increment of 68%. 
The results were announced, at a press conference hosted by Tasnee’s Chief Executive Officer, Eng. Mutlaq Al-Morished and the CFO, Mr. Fawaz Al-Fawaz. The conference was held on Thursday, February 28, 2018, at the company's headquarters in Riyadh.
Eng. AL-Morished explained the positive results that reflected Tasnee’s strength and ability to develop and expand, enhancing the company’s financial and operational performance. It also showed the considerable efforts that Tasnee family has invested, in addition to the unlimited support from its Board of Directors throughout the year and in previous years.
Al Fawaz expressed his satisfaction with the positive results achieved during the fiscal year 2018, confirming the company's ability to expand and grow. The company's sales amounted to SAR 11.4 billion during 2018 compared to SAR 10.8 billion for the same period last year. Moreover, the company's operating profit reached SAR 2.7 billion compared to an operating profit of SAR 1.6 billion for the same period last year, an increment of 69%.
These positive results are attributed to increases in the average selling price of some products including TiO2, additionally Tasnee’s profit share of joint ventures increased as a result of an incline in the average price of petrochemical products. These results have been achieved despite the increase in general, marketing and administration expenses, and Zakat and taxes for Tasnee’s affiliates companies, in addition to the decrease of income and expenses due to fund allocations for the Acrylic complex. 
On the subject matter of the definitive agreement to acquire Tasnee’s Titanium Dioxide business by Tronox Limited, both companies have obtained the regulatory approvals from related parties around the world, and are continuing to work on obtaining the remaining regulatory approval from the FTC in United States. 
Tasnee is working on completing a series of projects to support the Saudi 2030 vision of diversifying the national economy, offer sustainable growth and employ Saudi talents in world-class industrial technologies. These projects include the Smelter in Jazan, the commercial start-up for which is expected during the second half of 2019, following the resolution of some technical issues. 
Additionally the production stage for the titanium sponge project in Yanbu is expected to commence during the first half of 2019, once the construction of the TCL4 unit has been completed. The sponge project aims to produce titanium sponge which enhances the competitiveness of Saudi products globally.  The sponge will be used in the desalination, oil and gas, petrochemicals and modern industries such as aviation.
Moreover, production started in Taldeen complex for downstream industries in Hail which is considered the largest in the Middle-East region. This project aims at increasing the added value of Tasnee’s operations, providing more employment opportunities for the Hail talents, and works on localization of a range of global technologies. The complex produces agricultural solutions, water solutions, piping solutions and handling solutions.