TAQA’s Q1 net profit drops 6% to SAR 50 mln

Saudi Arabia-based Industrialization & Energy Services Co. (TAQA) has reported a net profit of SAR 50 million for the first quarter of this year, marking a six percent decline compared to the same period last year.

The lower earnings were mainly attributed to a profit margin drop of 21 percent during the quarter, compared to 23 percent in Q1-2014. The company also incurred higher general and administrative expenses, which reached SAR 47.8 million within the first three months of 2015, compared to SAR 36.6 million in the same period in 2014.

TAQA is 45 percent owned by the Saudi government, while joint stock companies and several private and industrial investors own the remaining 55 percent.