According to the company’s statement on the Saudi Stock Exchange website, the increase in net loss is mainly due to recording a decrease in the value of non-financial assets of the ilmenite smelting complex in Jazan and the SAMCO acrylic monomers factory in Jubail belonging to the group’s companies, which resulted in a negative non-cash impact of SAR 2,108 million (manufacturing’s share of SAR 1,760 million).
The reasons included: recording a decrease in the value of the investment in one of the associate companies (Tronox Holding Company) by an amount of 464 million riyals (Tasnee’s share of 367 million riyals), despite the positive non-recurring and non-cash impact of the debt restructuring of the acrylic complex by an amount of 2,029 million riyals (Tasnee’s share of 1,061 million riyals).
The reasons included: a decrease in average selling prices and sales volumes for most products, which resulted in a net loss in the company’s share of profits from joint ventures and associates, an increase in administrative and general expenses (resulting from the full consolidation of the financial results of one of the subsidiaries of the acrylic complex, Samco Company) and the zakat provision, and a decrease in financial revenues despite a decrease in the cost of sales.
