10 stories mentioning SASE:2060Updated 34d ago
Every FINWIRES story that references SASE:2060, newest first.
Recent broker actions mentioned in FINWIRES coverage. Compiled from wire headlines; not investment advice.
National Industrialization Co. (SASE:2060), d/b/a Tasnee, said Tuesday that Chief Executive Officer Fawaz Al-Fawaz is stepping down from the role, with effect from Sept. 30.The petrochemical company's board approved the appointment of Fahad Al-Mishal as the new CEO, effective Oct. 1.
Riyad Capital maintained its neutral rating on National Industrialization Co. (SASE:2060), d/b/a Tasnee, as it took note of the company's second-quarter results and other operational updates.The petrochemical company logged a loss of 548 million Saudi riyals in the second quarter, against Riyad Capital's estimate of a 353 million-riyal loss, according to a Monday note. The company's 380 million-riyal revenue, meanwhile, surpassed the research firm's 327 million-riyal forecast."Other notable developments: SEPC restarting, with scheduled maintenance completed 7 June and pilot production at the Ethylene Cracker Expansion commencing 1 July (per Tadawul), placing expansion economics into 2H26. The Rowad sale cleared a key condition precedent with GAC approval on 14 July; completion would bring roughly SAR 700 mln in liquidity, likely used for debt reduction," analysts said. "With the SEPC restart and downstream business exit advancing, but the stock down roughly -12% Y/Y and deleveraging pending the Rowad closing, we maintain our Neutral rating and our [SAR9] target price."
National Industrialization Co. (SASE:2060), d/b/a Tasnee, said Sunday that it swung to a loss in the first half, while revenue decreased year over year.Loss attributable to shareholders of the issuer for the six months ended June 30 was 889.1 million Saudi riyals, compared with a net profit of 830 million riyals earlier. Loss per share moved to 1.34 riyals from an EPS of 1.24 riyals.The Tadawul-listed petrochemical company's revenue was 875 million riyals, compared with 1.23 billion riyals a year ago.
National Industrialization Co. (SASE:2060), d/b/a Tasnee, obtained a no-objection notice for the sale of its Al Rowad Industrial Transformation Co unit to Saudi Holding Co for Conversion Industries, or Tahweel Holding.The letter from Saudi Arabia's General Authority for Competition concerns the economic concentration related to the deal, according to a Tuesday release.The petrochemical company added that the transaction is still subject to other requirements and procedures.
Riyad Capital on Tuesday increased the price target for petrochemical company National Industrialization Co. (SASE:2060), d/b/a Tasnee, to 9 Saudi riyals from 8 riyals and kept its neutral rating.
Riyad Capital raised its price target for National Industrialization Co. (SASE:2060), d/b/a Tasnee, following the industrial and petrochemical company's first-quarter results."Tasnee recorded a net loss of SAR (341) mln, wider than our estimate of SAR (152) mln, driven by the SAR 299 mln share of loss from associates and JVs. Offsetting the operational weakness: a commercial-bank refinancing term sheet for the SAR 2.0 bln current portion of LT borrowings, extending maturity by 7 years beyond November 2026; the RITC SPA signed in 1Q26 with Tahweel for SAR 700 mln; and the initiation of idling of Furnace One at Jazan," Riyad Capital said in a first look note published Tuesday.Revenue for the three months ended March 31 came in at 495 million Saudi riyals, down 23.6% year over year and below the research firm's forecast of 585 million riyals. Analysts attributed the annual decline to the group's weaker-than-expected acrylic business performance."With current negative macro factors and Hormuz shipping exposure, but ample cash and several impairments in the rear-view mirror, we maintain our Neutral rating and raise our target price [to SAR9]," analysts added.
National Industrialization Co. (SASE:2060), d/b/a Tasnee, said Sunday that it swung to an attributable loss for the first quarter, while revenue declined year over year.Net loss attributable to shareholders of the issuer for the three months ended March 31 was 341.3 million Saudi riyals, compared with a profit of 895.8 million riyals earlier. Loss per share moved to 0.51 riyal from an EPS of 1.34 riyals.The Tadawul-listed petrochemical company's revenue was 495 million riyals, compared with 648.2 million riyals a year ago.
SNB Capital on Sunday decreased its price target for petrochemical company National Industrialization Co. (SASE:2060), d/b/a Tasnee, to 11.20 Saudi riyals from 12.00 riyals, while maintaining its neutral rating.
Sadif Investment Analytics on Wednesday downgraded petrochemical company National Industrialization Co. (SASE:2060), d/b/a Tasnee, to hold from buy and decreased its price target to 9.575 Saudi riyals from 11.02 riyals.
National Industrialization Co. (SASE:2060), d/b/a Tasnee, said Wednesday the scheduled maintenance at its ethylene and polyethylene plant was delayed due to global supply chain disruptions.The Saudi Arabia-listed petrochemical company will announce a revised start date in due course, adding that the financial impact of the shutdown will be reflected in its first and second-quarter earnings.Tasnee owns a 60% stake in the facility, which operates as a joint venture.
