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Numbers below show the Company annual financial results for the 1st quarter 2023 in Saudi Riyals
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Tasnee is the First joint-stock industrial company fully owned by the private sector, one of the largest industrial companies in KSA in petrochemicals, downstream and advanced metals, and one of the world's largest investors in titanium dioxide.
Pioneer in petrochemicals, downstream, and advanced metals with high quality products to meet customers' needs.
Valuable partners and technology developers to sustain our excellence.
Powerful supply chain for effective and efficient production and delivery worldwide.
Tasnee owns a good financial position and financial indicators. Navigate through the tabs below to see our results.
2022 | 2021 | 2020 | |
---|---|---|---|
Income | 3,882,862 | 3,673,085 | 2,271,835 |
Sales/ Revenues Costs | 3,018,573 | 2,686,081 | 1,941,999 |
Gross Profit | 864,289 | 987,004 | 329,836 |
Net profit | 666,346 | 1,356,388 | (446,747) |
Current assets | 6,308,603 | 6,409,266 | 5,172,444 |
Noncurrent assets | 18,349,299 | 18,570,925 | 17,148,422 |
Total assets | 24,657,902 | 24,980,191 | 22,320,866 |
Current liabilities | 5,448,096 | 4,767,853 | 3,640,695 |
Noncurrent liabilities | 6,814,375 | 8,649,430 | 8,894,529 |
Total liabilities | 12,262,471 | 13,417,283 | 12,576,527 |
Tasnee owns a good financial position and financial indicators. Navigate through the tabs below to see our results.
Annual Reports comply with stock market reporting requirements. They provide a detailed description of our assets, corporate functions and investments worldwide as well as formal reviews and analyses of our operations and financial positions. They also contain the Directors' Report and the consolidated financial statements.
In accordance with the Companies Law, and the Corporate Governance Regulations issued from the Capital Market Authority, TASNEE is committed to Corporate Governance and its best practices to ensure protection of Shareholders’ rights as well as the rights of Stakeholders.
The Audit Committee Charter, which was approved by the General Assembly, sets forth the policies and procedures for the Audit Committee activities, its mission, and the rules for selecting and nominating its members, the term membership and compensation.
Responsibilities
The responsibilities of the Audit Committee are involved with appraising the Financial Reports and its fairness of representation, appraising the Internal Control environments and adequacy thereof, appraising the Statutory Auditor’s fairness and transparency, and ensuring the compliance of Internal Control environments.
Powers of the Audit Committee and its Scope of Work
The Audit Committee is authorized in fulfillment of its role and whilst observing confidentiality and sensitivity of information, with full, free and unrestricted access to relevant documents of the Board of Directors, Executive management, and the Company’s employees. The Audit Committee is entitled to seek clarifications regarding relevant subjects of interest, and request the Board of Directors to call for the General Assembly to be notified should their independence is compromised, their role is impeded, or the company was facing significant damages or losses, as and when this may be required. The Audit Committee develops arrangements that enable employees to confidentially provide their remarks with respect to any inaccuracies in the financial statements or other TASNEE reports.
The formation of the Audit Committee and its Competency
The Audit Committee is formed by a resolution of the Company's Ordinary General Assembly as suggested by the Board of Directors, and the members of the Audit Committee can be from the shareholders or others provided that at least one of its members is an Independent Director and that no Executive Director is among its members, few members can also be a non-board member. The number of members the audit committee has is not less than three nor more than five, provided that one of its member is specialized in finance and accounting. Should any position become vacant in the Audit Committee, the Board may assign another member for the position, which will be voted upon for approval in the nearest General Assembly Meeting. The chairman of the Audit Committee or their delegated authority attends the General Assembly meeting to answer any inquiries raised by the shareholders, and the General Assembly has the authority to end the term or reappoint the members, at any time.
The Board of Directors’ specifies in the Audit Committee formation resolution, its responsibilities, scope of work, and members remuneration. The membership term for Audit Committee members coincides for the elected Board of Directors’ term. The Audit Committee members are adequately qualified to assume their roles, and have clear understanding for the importance of their active participation in Corporate Governance, and can take appropriate decisions for the Audit Committee activities. The combined Audit Committee members expertise covers all aspects relevant to TASNEE’s activities and includes financial and accounting proficiency necessary in conducting its function. TASNEE Audit Committee members also hold no indictment of fraudulent or dishonorable activities and have commendable integrity standards. In order to redress any potential conflict of interest, it is also required that Audit Committee members have not been working for at least two years in executive or financial management of TASNEE, nor its Statuary Auditor.
The Audit Committee Meeting
The Audit Committee periodically convenes at least four times during the Company’s financial year, the meetings are called by the Audit Committee Chairman and additional meetings are made when requested by either the Audit Committee members, the Internal Audit Department, or the Statuary Auditor, as needed. The Audit Committee meeting is valid only if the attendees, whether Audit Committee members or their delegated authority, constitute the quorum. The Audit Committee Secretary is assigned to record the meeting’s proceedings and he can be either a member or a non-member of the Audit Committee.
Objectives
The objective of the Internal Audit Charter is to document the purpose, authority, and responsibility of the Internal Audit Department. The Charter establishes the Department position within TASNEE and its affiliates; authorizes access to records, personnel, and physical properties relevant to the performance of duties and engagements; and defines the scope of work.
Independency and Authority
Internal Audit remains free from interference by any element in the organization to permit maintenance of a necessary independent and objective mental attitude. TASNEE Internal auditors adopt the best international practices and exhibit the highest level of professional objectivity in gathering, evaluating, and communicating information about the activity or process being examined. Internal auditors also make a balanced assessment of all the relevant circumstances not to be unduly influenced by their own interests or by others in forming judgments. Internal auditors have no direct operational responsibility or authority over any of the activities audited. Accordingly, they do not implement internal controls, develop procedures, install systems, prepare records, or engage in any other activity that may impair their professional judgment.
Responsibilities
The Internal Audit Department is responsible to manage an overall strategy, direction and leadership of the function in order to provide an independent assurance to the Audit Committee and the Executive Management on the effectiveness and efficacy of risk management, control, and governance processes within TASNEE and its affiliates in all locations, and to ensure the Department is provided with necessary resources to remain abreast of the changes, latest development and best practices of the Internal Audit profession, regulatory matters and other emerging issues and opportunities under the direction of the Audit Committee.
In line with its strategy of serving its key stakeholders’ expectations, the Internal Audit Department is required to propose and execute a flexible risk-based Audit Plan approved by the Audit Committee at least annually, in line with the organizational objectives and to meet the expectations of the Board, Audit Committee, Senior Management, Shareholders and other Stakeholders. This includes the reporting of Audit observations and ensuring they are managed at the appropriate level in the organization. The Department also offers consulting services when required.
Scope of Work
The scope of Internal Audit Department encompasses, but is not limited to, the examination and evaluation of the adequacy and effectiveness of the organization's governance, risk management, and internal control processes as well as the quality of performance in carrying out assigned responsibilities to achieve the organization’s goals and objectives.
Internal Audit Reports
Audit reports are prepared and issued by Internal Audit following the conclusion of each audit engagement and are distributed to concerned parties and executive management as appropriate. The summary of key audit results is ultimately communicated to the Audit Committee. The audit reports include detailed description of each audit observation, management response and proposed corrective action plan. Accordingly, the Internal Audit Department follows up on the implementation of corrective actions agreed by management.
National Industrialisation Company
Qurtubah Area - Eastern Ring - Business Gate
P.O. Box 26707 Riyadh 11496
Name | Membership Type | Other listed joint stock companies participating in its board of directors |
---|---|---|
Eng. Mubarak Abdullah Al-Khafrah Chairman |
Non-Executive Member |
|
Eng. Talal Ibrahim Al-Maiman |
Non-Executive Member |
|
Eng. Abdullatif Khalifah Al-Melhem | Independent Member | |
Mr. Bader Ali Al-Dakheel | Non-Executive Member | |
Mr. Saud Sulaiman Al-Juhani | Independent Member |
|
Mr. Musaab Saulaiman Al-Muhaideb | Independent Member |
|
Eng. Abdulrahman Sulaiman Al-Sayyari | Independent Member | |
Mr. Fahad Abdulrahman Al-Mishal | Executive Member | |
Eng. Mutlaq Hamad Al-Moraished |
Executive Member |
|
Mr. Ahmad Naja Al Theabi | Independent Member |
Name | Role |
---|---|
Eng. Mubarak Abdullah Al-Khafrah | Chairman |
Eng. Talal Ibrahim Al-Maiman | Member |
Eng. Mutlaq Hamad Al-Moraished | Member |
Eng. Abdulrahman Sulaiman Al-Sayyari | Member |
Eng. Abdullatif Khalifah Al-Mulhim | Member |
Name | Role |
---|---|
Mr. Sami Abdulaziz Alshenaiber | Chairman |
Mr. Bader Ali Saleh Al Dakhil | Member |
Mr. Musaab Sulaiman Al Muhaidib | Member |
Mr. Maher Saad Alaiyadhi | Member |
Name | Role |
---|---|
Eng. Abdulrahman Sulaiman Al-Sayyari | Chairman |
Mr. Saud Sulaiman Al-Juhani | Member |
Mr. Ahmed Neja Al-Theabi | Member |
Name | Role |
---|---|
Mr. Saud Sulaiman Al-Juhani | Chairman |
Mr. Fahad Abdulrahman Al-Mishal | Member |
Mr. Musaab Sulaiman Al-Muhidib | Member |
Mr. Bader Ali Al Dakhil | Member |
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