Riyadh - Mubasher: National Industrialization Company (NISCO) reported a 49.01% decline in net profits in 2024, compared to 2023, due to a decline in the group's share of profits from investments in joint ventures.

The company's results, listed on the Saudi Stock Exchange (Tadawul) on Sunday, revealed a decline in net profit to SAR 102.8 million last year, compared to SAR 201.6 million the previous year.

The company explained that the decline in net profits was due to a decrease in the group's share of profits from investments in joint ventures, resulting from lower sales volumes of some products, higher costs of sales, selling and distribution expenses, general and administrative expenses, higher impairment charges for non-financial assets, and lower other income.

She noted that this was partially offset by higher revenues, gains from business combinations resulting from the acquisition of a joint venture, and lower zakat expense.