Tasnee swings to SAR 1.33 billion nine-month loss on asset writedowns

Summary

• Tasnee reported a SAR 1,327.9 million nine-month net loss, against a SAR 271.5 million profit a year earlier.
• Revenue fell 29.669% to SAR 1,319.4 million as sold volumes dropped across most products.
• Equity attributable to shareholders shrank 34.657% to SAR 6,431.6 million, narrowing the group's balance-sheet cushion.

The latest

A SAR 886 million impairment on subsidiary assets helped push National Industrialization Company (Tasnee) to a net loss of SAR 1,327.9 million for the nine months ended 30 September 2026, reversing a SAR 271.5 million profit. The operating loss widened to SAR 1,934.6 million from SAR 888 million, according to the company's filing on the Saudi Exchange. The shares fell 3.01% on Sunday.

Details

• The writedown: Tasnee said non-financial assets at two subsidiaries, Saudi Acrylic Monomers Company (SAMCO) and Advanced Smelting Industries (ASIC/Slager), were impaired by SAR 886 million over nine months, with the parent's share at SAR 494 million. Of that, SAR 493 million was booked in the third quarter alone, SAR 276 million attributable to Tasnee.
• The top line: Revenue came in at SAR 1,319.4 million versus SAR 1,876 million, a 29.669% decline. The company attributed the drop to lower sold volumes caused by operational difficulties and supply-chain constraints, partly offset by higher average selling prices across most products.
• Quarterly picture: Third-quarter net loss narrowed 21.432% year on year to SAR 438.8 million from SAR 558.5 million, and improved from a SAR 547.8 million loss in the second quarter. Quarterly revenue of SAR 444.4 million fell 31.218% from a year earlier but rose 16.978% from SAR 379.9 million sequentially.
• The comparison base: Tasnee flagged that the year-earlier period carried a one-off gain from the restructuring of the acrylic complex's debt worth SAR 2,029 million, of which the company's share was SAR 1,061 million. That item inflates the swing between the two reporting periods.
• Joint ventures: The group's share of joint-venture losses rose, which Tasnee linked to sector-wide and logistical pressures, as well as scheduled maintenance and project expansion work tied to the Saudi Ethylene and Polyethylene Company (SEPC). Lower finance and other income added to the shortfall.
• Tronox: The company recorded a SAR 75 million impairment on its investment in associate Tronox Holdings in the third quarter, SAR 59 million of it Tasnee's share. Over nine months its share of Tronox losses fell, because the investment impairment provision was smaller than a year earlier.
• Partial offsets: Tasnee listed four cushions against the deterioration: higher selling prices for most products, the reduced Tronox loss share, lower cost of sales, and lower general, administrative, selling and zakat costs. None were sufficient to keep the group in profit.
• Asset sale: The company completed the sale of its entire stake in Rowad Industrial Transformation Company (RITC) to Saudi Manufacturing Holding (Tahweel) on 31 August 2026 for a final consideration of SAR 684 million. The disposal generated a net loss of SAR 16 million.
• Buybacks: Tasnee purchased 8,298,500 of its own shares for SAR 77.1 million during the period, bringing total repurchases since 2025 to 13,434,930 shares at a cost of SAR 130.3 million. The auditor's opinion on the results was unmodified.

Between the lines

The sequential numbers point in a different direction from the annual ones: third-quarter revenue rose 16.978% from the second quarter and the quarterly loss narrowed both year on year and against the prior quarter. The scale of the nine-month reversal rests heavily on two items outside recurring operations — the SAR 886 million impairment and the absence of last year's SAR 2,029 million restructuring gain.

What's next

Watch for the audited full-year 2026 results and any further impairment at SAMCO, ASIC or Tronox, plus whether SEPC maintenance and expansion work restores sold volumes in the fourth quarter.

Source: Saudi Exchange (Tadawul) — Tasnee disclosure, 8 November 2026