National Industrialization Company (Tasnee) raked in a substantial net profit in the second quarter at SR594.2 million, an increase of 54.2 percent compared to SR385.4 million for the same period last year, the company said in a statement on Tadawul website Sunday. It posted an increase of 2.4 percent compared to first quarter 2011 at SR580 million. The net income for the six months ended June 30, 2011 was SR1174.2 million, an increase of 63.5 percent compared to the same period last year at SR718.2 million. The growth of income for the second quarter and the six months compared to the same period last year 2010 is due to improvement of subsidiaries' revenues, increase in sales volume and improvement in prices, the company said. Dr. Moayyed Al-Qurtas is the Vice Chairman & CEO of Tasnee. Gross income for the second quarter was SR1846.6 million, an increase of 49.7 percent compared to same quarter last year (SR1233.5 million). Income from operations for the second quarter was SR1453.1 million, an increase of 70.6 percent compared to same period last year (SR851.9 million). Earnings per share during the six months amounted to SR2.11 compared to SR1.29 for the same period last year. The gross income for the six months was SR3436.6 million, an increase of 43.8 percent compared to the same period last year at SR2389.3 million. Income from operations for the last six months was SR2662.8 million, an increase of 55.9 percent compared to the same period last year at SR1708 million.
