Tasnee to complete restructuring plans by 2015E, says CEO

The National Industrialization Co. (Tasnee) has accomplished 90 percent of its restructuring plan and will complete the process by the end of this year, the company’s chief executive Mutlaq Al-Morished told Alriyadh newspaper.

In addition, Saudi Arabia’s second-largest petrochemical producer will also improve its financial statements, Al-Morished said during a press conference announcing the firm’s second-quarter results.

Tasnee’s Hail and Jizan projects were said to be yielding positive results. However, the Jizan project is performing better and will reflect positively on financial statements in early 2016, he added.

Tasnee reported on Sunday a net loss of SAR 440.2 million for H1-2015, compared to a net profit of SAR 729.1 million in H1-2014.