Tasnee considering new petrochemical investments, says CEO

The National Industrialization Co. (Tasnee) is seeking new investments in global petrochemicals firms, Chief Executive Officer, Mutlaq Al-Morished told CNBC Arabia, adding that details will be duly revealed.

Tasnee is having talks with other titanium-related companies, in line with Saudi Vision 2030, he noted.

“The company is highly-leveraged, and is currently seeking to cut debt from SAR 22 billion to SAR 15 billion, after finalizing Tronox’s acquisition of the TiO2 business of Cristal,” Al-Morished said, adding that Tasnee enjoys robust operating cashflows.

Commenting on Q3 2018 financials, Al-Morished attributed Tasnee’s strong results to an increase in average selling prices of titanium dioxide products, as well as higher profit share from associates and joint ventures. Al-Morished also cited the lower value of the non-current assets in some companies especially the Saudi Acrylic Monomers Co., in addition to higher tax provisions.

Tasnee’s net profit in Q3 rose 35.4 percent YoY to SAR 259.4 million, Argaam reported.