Saudi Arabia's National Industrialisation Company (Tasnee) said on Tuesday its fourth-quarter net profit dropped 46.5 per cent on lower petrochemicals prices.

It also attributed the drop to lower prices of titanium dioxide and lower sales and prices of acrylic acid.

Tasnee, is one of the world's largest producers of titanium dioxide through its subsidiary Cristal.

The company made SR160.7 million  ($42.8 million) in the three months to Decemebr 31, down from SR300.1 million  in the same period a year ago, Tasnee said in a statement.  - Reuters