Core Viewpoint - National Industrialization Company (Tasnee) reported a significant decline in revenue and an increase in net losses for the year 2025, primarily due to lower average selling prices and sales volumes across most products [1][4]. Financial Performance - Tasnee's revenue decreased by 17.70%, amounting to SAR 2.48 billion in 2025 compared to SAR 3.02 billion in 2024 [1]. - The company incurred net losses of SAR 1.76 billion in 2025, marking a staggering increase of 6,227% from SAR 27.90 million in the previous year [1][2]. Impairments and Non-Cash Impacts - The increase in net loss was largely due to the impairment of non-financial assets at the Ilmenite Titanium Smelter Complex and the Acrylic Monomers plant, resulting in a non-cash negative impact of SAR 2.10 billion, with Tasnee's share being SAR 1.76 billion [2]. - Additionally, there was an impairment of investment in Tronox Holdings plc amounting to SAR 464 million, with Tasnee's share at SAR 367 million [3]. Operational Challenges - The decline in revenue was attributed to lower average selling prices and sales volumes, alongside increased general administrative expenses due to the full consolidation of a subsidiary in the Acrylic Complex (SAMCO) and a Zakat charge [4]. - Despite a decrease in the cost of sales, the company faced lower finance income and shared net losses from joint ventures and associates [4]. Loss Per Share - The loss per share for Tasnee stood at SAR 2.64 in 2025, a significant increase from SAR 0.04 in 2024 [4]. Year-to-Date Performance - In the first nine months of 2025, Tasnee recorded net profits of SAR 271.50 million and revenue of SAR 2.53 billion [5].