Tasnee’s Q3 likely to improve on higher petrochemicals prices: CEO

National Industrialization Company’s (Tasnee) performance is expected to improve in the third quarter as the prices of petrochemicals and titanium dioxide stabilize, CEO Mutlaq Al-Morished told al-Arabiya television.

The first half losses are mainly because of a 20 percent drop in titanium dioxide prices, compared with the same period last year, he said, adding that he expects the price to improve because it has bottomed out.

Up to 90 percent of the company’s revenues are generated from titanium and petrochemicals sales, he said.

Tasnee posted a net loss of SAR 440.2 million in the first half versus a SAR 729.1 million net profit in the same period last year.