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Fawaz Al Fawaz, Executive Vice President, Finance at Tasnee
National Industrialization Co.’s (Tasnee) Q3 2021 profit margins were hit by a continued rise in feedstock costs on higher oil prices as well as shipping and distribution charges amid fierce competition and a limited number of containers, Fawaz Al Fawaz, Executive Vice President, Finance told Argaam in an exclusive.
The world is facing major supply chain challenges, as prices rose from 25% to 30%, and sometimes exceeded this level. However, Tasnee addressed this wisely, driven by its experience, organization and pre-planning with its customers and private sector companies, Al Fawaz affirmed.
On the other hand, prices of most of Tasnee products increased from 40% to 50%, which in turn, contributed to generating profit in the third quarter of the year, when compared to the year-earlier period.
Al Fawaz explained that Tasnee’s strategy to expand in the petrochemicals sector gives a priority to local expansion, if sufficient and affordable feedstock is available, or eyes investments overseas. “We’re still awaiting opportunities for providing feedstock locally,” the top executive added.
Elsewhere, Al Fawaz expects Tasnee to deliver strong performance in the fourth quarter, similar to average in the second and third quarter, in light of the current data.
Commenting on the performance of Yanbu-based titanium sponge project, Al Fawaz added: “The product prices were hard hit, as it is linked to the aviation, aerospace and other industries, which were hurt by the COVID-19 pandemic. We hope prices will improve with the normalization of aviation sector and growth in the related industries locally and abroad.”
Meanwhile, the top executive said that the Jazan titanium slag smelter facility faced great difficulties in terms of operation and the used technology in the last few years. The company approached specialist experts and was also backed by Tronox. In the next few days, the plant will brace for commencing initial operations by the end of the year.
The operation of large furnaces with the latest technology in the project takes from six to nine months to reach 50% of production capacity. Then, the slagger will begin commercial operations, Al Fawaz concluded.
Tasnee turned to a net profit after Zakat and tax of SAR 1.017 billion for the first nine months of 2021, against a net loss of SAR 274.3 million in the same period last year. The third-quarter net profit of SAR SAR 333.4 million, Argaam reported.
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Tasnee turns to SAR 1.017 bln profit in 9M 2021 |
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