Tasnee Q1 2023 profit dips 73% to SAR 82.1 mln

07/05/2023 Argaam Exclusive

National Industrialization Co. (Tasnee) reported a 73% slump in Q1 2023 net profit to SAR 82.1 million, from SAR 309 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 979.18 888.69 (9.2 %)
Gross Income 288.15 115.04 (60.1 %)
Operating Income 143.29 (100.78) (170.3 %)
Net Income 308.96 82.09 (73.4 %)
Average Shares 668.91 668.91 -
EPS (Riyals) 0.46 0.12 (73.4 %)

The company was hurt by lower average selling prices of most products, which lowered revenue and Tasnee’s profit share from associates and joint ventures (JVs). The company also reported higher cost of sales and impairment of financial assets, despite an increase in the sales volume of certain products, higher other income and lower net finance costs.

 

Tasnee’s first-quarter net profit surged 90.3% from SAR 43.14 million in Q4 2022, thanks to a rise in the company’s profit share from associates and JVs, due to higher sales volumes and improved average selling prices of most petrochemical products. Tasnee also cited a decrease in impairment of assets and Zakat provisions, despite a drop in sales revenue on lower average selling prices of certain products and other income, along with higher general and administrative expenses, as well as net finance costs.

 

Shareholders’ equity, after minority interest, rose to SAR 9.70 billion as of March 31, 2023, from SAR 9.42 billion a year earlier.

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Share Price

National Industrialization Co.
10.92
0.00 0.00 %

National Industrialization Co. (TASNEE)

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Financial Ratios
Current
Market Cap (M Riyal) 7,304.54
Enterprise Value (EV) (M) 11,962.83
Shares Outstanding ((M)) 668.91
EPS ( Riyal) (TTM) 0.08
Book Value (BV) ( Riyal) 14.51
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 0.75
Return on Average Assets (%) (TTM) 0.2
Return on Average Equity (%) (TTM) 0.5
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 4,414.48 (7.7 %) 1,299.96 (5.4 %) 826.35 (7.8 %)
Q2 2014 5,086.92 12.6 % 1,361.88 37.0 % 908.93 40.4 %
Q3 2014 5,612.95 28.3 % 1,185.27 (0.4 %) 647.58 (16.8 %)
Q4 2014 3,676.28 (18.7 %) 751.11 (41.2 %) 387.55 (49.4 %)
Q1 2015 3,942.16 (10.7 %) 706.82 (45.6 %) 225.40 (72.7 %)
Q2 2015 4,156.43 (18.3 %) 820.46 (39.8 %) 257.25 (71.7 %)
Q3 2015 3,614.33 (35.6 %) 401.18 (66.2 %) (58.76) (109.1 %)
Q4 2015 3,432.59 (6.6 %) 284.30 (62.1 %) (433.80) (211.9 %)
Q1 2016 2,083.26 (47.2 %) 148.94 (78.9 %) (228.55) (201.4 %)
Q2 2016 2,171.23 (47.8 %) 96.40 (88.3 %) (243.65) (194.7 %)
Q3 2016 2,080.08 (42.4 %) 268.25 (33.1 %) (183.99) (213.1 %)
Q4 2016 2,284.97 (33.4 %) 393.45 38.4 % 9.70 102.2 %
Q1 2017 2,480.53 19.1 % 426.87 186.6 % 26.53 111.6 %
Q2 2017 2,667.48 22.9 % 425.01 340.9 % 52.22 121.4 %
Q3 2017 2,759.12 32.6 % 536.68 100.1 % 121.66 166.1 %
Q4 2017 2,889.29 26.4 % 715.60 81.9 % 267.68 2659.3 %
Q1 2018 620.13 (75.0 %) 77.46 (81.9 %) (110.55) (516.7 %)
Q2 2018 716.48 (73.1 %) 99.72 (76.5 %) (82.76) (258.5 %)
Q3 2018 849.05 (69.2 %) 162.53 (69.7 %) (57.82) (147.5 %)
Q4 2018 879.68 (69.6 %) 89.03 (87.6 %) (100.05) (137.4 %)
Q1 2019 739.17 19.2 % 118.87 53.5 % (43.21) 60.9 %
Q2 2019 731.16 2.0 % 87.74 (12.0 %) (126.47) (52.8 %)
Q3 2019 799.59 (5.8 %) 90.81 (44.1 %) (72.59) (25.5 %)
Q4 2019 708.62 (19.4 %) 103.84 16.6 % (6.75) 93.3 %
Q1 2020 654.37 (11.5 %) 94.06 (20.9 %) (79.15) (83.2 %)
Q2 2020 437.28 (40.2 %) 76.37 (13.0 %) (132.32) (4.6 %)
Q3 2020 573.02 (28.3 %) 71.64 (21.1 %) (140.75) (93.9 %)
Q4 2020 607.16 (14.3 %) 87.76 (15.5 %) (22.01) (226.1 %)
Q1 2021 725.38 10.9 % 186.56 98.3 % 22.23 128.1 %
Q2 2021 780.42 78.5 % 219.43 187.3 % 21.06 115.9 %
Q3 2021 1,004.29 75.3 % 249.91 248.8 % 99.83 170.9 %
Q4 2021 1,163.01 91.5 % 331.10 277.3 % (411.07) (1,767.7 %)
Q1 2022 979.18 35.0 % 288.15 54.5 % 143.29 544.6 %
Q2 2022 1,077.12 38.0 % 259.14 18.1 % 114.78 445.1 %
Q3 2022 887.11 (11.7 %) 130.11 (47.9 %) 15.38 (84.6 %)
Q4 2022 939.45 (19.2 %) 186.89 (43.6 %) (99.40) 75.8 %
Q1 2023 888.69 (9.2 %) 115.04 (60.1 %) (100.78) (170.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 320.77 (9.7 %) 0.48 - 320.77 0.48
Q2 2014 408.31 34.7 % 0.61 - 408.31 0.61
Q3 2014 243.66 7.6 % 0.36 - 243.66 0.36
Q4 2014 160.69 (45.1 %) 0.24 - 160.69 0.24
Q1 2015 (332.54) (203.7 %) (0.50) (277.29) (55.25) (0.08)
Q2 2015 (107.70) (126.4 %) (0.16) (64.48) (43.22) (0.06)
Q3 2015 (296.29) (221.6 %) (0.44) (33.18) (263.11) (0.39)
Q4 2015 (686.56) (527.3 %) (1.03) (245.19) (441.37) (0.66)
Q1 2016 (103.50) 68.9 % (0.15) - (103.50) (0.15)
Q2 2016 87.54 181.3 % 0.13 - 87.54 0.13
Q3 2016 107.94 136.4 % 0.16 - 107.94 0.16
Q4 2016 9.44 101.4 % 0.01 - 9.44 0.01
Q1 2017 103.34 199.8 % 0.15 - 103.34 0.15
Q2 2017 93.56 6.9 % 0.14 - 93.56 0.14
Q3 2017 191.55 77.5 % 0.29 - 191.55 0.29
Q4 2017 327.71 3370.7 % 0.49 (94.00) 421.71 0.63
Q1 2018 361.36 249.7 % 0.54 - 361.36 0.54
Q2 2018 395.81 323.1 % 0.59 - 395.81 0.59
Q3 2018 259.37 35.4 % 0.39 (73.44) 332.82 0.50
Q4 2018 185.56 (43.4 %) 0.28 (60.00) 245.56 0.37
Q1 2019 (1289.29) (456.8 %) (1.93) (1312.63) 23.34 0.03
Q2 2019 212.14 (46.4 %) 0.32 524.00 (311.86) (0.47)
Q3 2019 22.42 (91.4 %) 0.03 - 22.42 0.03
Q4 2019 (621.58) (435.0 %) (0.93) - (621.58) (0.93)
Q1 2020 (51.75) 96.0 % (0.08) (11.84) (39.91) (0.06)
Q2 2020 (180.23) (185.0 %) (0.27) (186.91) 6.68 0.01
Q3 2020 (42.33) (288.8 %) (0.06) - (42.33) (0.06)
Q4 2020 (172.44) 72.3 % (0.26) (307.26) 134.82 0.20
Q1 2021 327.52 732.8 % 0.49 - 327.52 0.49
Q2 2021 356.74 297.9 % 0.53 - 356.74 0.53
Q3 2021 333.45 887.8 % 0.50 - 333.45 0.50
Q4 2021 338.69 296.4 % 0.51 547.31 (208.62) (0.31)
Q1 2022 308.96 (5.7 %) 0.46 - 308.96 0.46
Q2 2022 297.12 (16.7 %) 0.44 - 297.12 0.44
Q3 2022 17.13 (94.9 %) 0.03 - 17.13 0.03
Q4 2022 43.14 (87.3 %) 0.06 145.43 (102.30) (0.15)
Q1 2023 82.09 (73.4 %) 0.12 - 82.09 0.12

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 26.71 % 25.43 % 7.49 %
Q2 2014 27.88 % 26.25 % 7.83 %
Q3 2014 26.10 % 24.39 % 6.67 %
Q4 2014 24.47 % 23.76 % 6.03 %
Q1 2015 21.86 % 21.56 % 4.13 %
Q2 2015 19.92 % 19.56 % 1.76 %
Q3 2015 17.41 % 17.85 % (1.31 %)
Q4 2015 14.61 % 12.00 % (5.30 %)
Q1 2016 12.46 % 8.32 % (6.41 %)
Q2 2016 8.24 % 3.15 % (6.37 %)
Q3 2016 8.17 % (0.40 %) (3.58 %)
Q4 2016 10.52 % 2.46 % 1.18 %
Q1 2017 13.14 % 5.22 % 3.42 %
Q2 2017 15.91 % 8.04 % 3.30 %
Q3 2017 17.48 % 10.54 % 3.90 %
Q4 2017 19.49 % 12.24 % 7.50 %
Q1 2018 19.64 % 13.16 % 11.95 %
Q2 2018 20.46 % 14.73 % 19.62 %
Q3 2018 20.79 % 16.49 % 29.79 %
Q4 2018 13.99 % 15.59 % 43.57 %
Q1 2019 14.76 % 18.78 % 31.33 %
Q2 2019 14.32 % 12.44 % 9.06 %
Q3 2019 12.27 % 7.88 % (0.65 %)
Q4 2019 13.47 % 4.82 % (29.80 %)
Q1 2020 13.01 % (2.66 %) (32.86 %)
Q2 2020 14.04 % (2.98 %) (24.32 %)
Q3 2020 14.58 % (6.52 %) (29.37 %)
Q4 2020 14.52 % (5.09 %) 2.61 %
Q1 2021 18.03 % (0.47 %) 18.21 %
Q2 2021 21.05 % 5.37 % 28.92 %
Q3 2021 23.86 % 12.30 % 36.97 %
Q4 2021 26.87 % 0.11 % 22.03 %
Q1 2022 27.72 % 3.10 % 20.13 %
Q2 2022 26.71 % 5.02 % 17.31 %
Q3 2022 24.56 % 3.09 % 10.10 %
Q4 2022 22.26 % 10.45 % 13.42 %
Q1 2023 18.23 % 4.45 % 7.75 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 668.91 1.71 2.00 18.61
Q2 2014 668.91 1.87 2.15 17.86
Q3 2014 668.91 1.89 1.96 18.09
Q4 2014 668.91 1.69 1.69 17.38
Q1 2015 668.91 0.72 1.13 14.97
Q2 2015 668.91 (0.05) 0.46 14.14
Q3 2015 668.91 (0.86) (0.30) 13.06
Q4 2015 668.91 (2.13) (1.20) 11.91
Q1 2016 668.91 (1.79) (1.27) 10.88
Q2 2016 668.91 (1.49) (1.08) 10.97
Q3 2016 668.91 (0.89) (0.52) 11.03
Q4 2016 668.91 0.15 0.15 10.96
Q1 2017 668.91 0.46 0.46 11.34
Q2 2017 668.91 0.47 0.47 11.44
Q3 2017 668.91 0.59 0.59 11.93
Q4 2017 668.91 1.07 1.21 12.48
Q1 2018 668.91 1.46 1.60 13.19
Q2 2018 668.91 1.91 2.05 13.53
Q3 2018 668.91 2.01 2.26 13.81
Q4 2018 668.91 1.80 2.00 13.96
Q1 2019 668.91 (0.67) 1.49 14.29
Q2 2019 668.91 (0.95) 0.43 14.90
Q3 2019 668.91 (1.30) (0.03) 14.91
Q4 2019 668.91 (2.51) (1.33) 11.70
Q1 2020 668.91 (0.66) (1.42) 11.30
Q2 2020 668.91 (1.24) (0.95) 11.20
Q3 2020 668.91 (1.34) (1.04) 11.21
Q4 2020 668.91 (0.67) 0.09 10.87
Q1 2021 668.91 (0.10) 0.64 11.38
Q2 2021 668.91 0.70 1.16 12.04
Q3 2021 668.91 1.26 1.72 12.45
Q4 2021 668.91 2.03 1.21 13.01
Q1 2022 668.91 2.00 1.18 14.09
Q2 2022 668.91 1.91 1.09 14.25
Q3 2022 668.91 1.44 0.62 14.24
Q4 2022 668.91 1.00 0.78 14.37
Q1 2023 668.91 0.66 0.44 14.51

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 19.67 16.84 1.81
Q2 2014 17.67 15.32 1.85
Q3 2014 20.47 19.78 2.14
Q4 2014 15.70 15.70 1.53
Q1 2015 32.42 20.55 1.55
Q2 2015 NEG 42.95 1.39
Q3 2015 NEG NEG 1.01
Q4 2015 NEG NEG 0.89
Q1 2016 NEG NEG 0.84
Q2 2016 NEG NEG 1.19
Q3 2016 NEG NEG 1.13
Q4 2016 More than 100 More than 100 1.59
Q1 2017 38.04 38.04 1.55
Q2 2017 30.05 30.05 1.23
Q3 2017 26.29 26.29 1.31
Q4 2017 15.32 13.54 1.31
Q1 2018 13.64 12.44 1.51
Q2 2018 11.60 10.81 1.64
Q3 2018 9.85 8.76 1.43
Q4 2018 8.41 7.57 1.08
Q1 2019 NEG 12.08 1.26
Q2 2019 NEG 39.69 1.15
Q3 2019 NEG NEG 0.89
Q4 2019 NEG NEG 1.17
Q1 2020 NEG NEG 0.81
Q2 2020 NEG NEG 0.93
Q3 2020 NEG NEG 1.18
Q4 2020 NEG More than 100 1.26
Q1 2021 NEG 23.77 1.33
Q2 2021 27.53 16.64 1.60
Q3 2021 18.60 13.64 1.89
Q4 2021 9.84 16.50 1.53
Q1 2022 11.55 19.55 1.64
Q2 2022 8.44 14.75 1.13
Q3 2022 9.49 22.01 0.96
Q4 2022 12.41 15.87 0.86
Q1 2023 18.60 27.80 0.84

Business Segments (Million)

Compared With The
Period Petrochemical sector Transformative Industries and others Chemicals Industrial development Headquarters & Others Consolidation adjustments & eliminations
Q1 2014 3,334.57 - - 2,192.15 93.31 (1205.54)
Q2 2014 3,712.69 - - 2,375.16 102.48 (1103.40)
Q3 2014 4,355.90 - - 2,353.37 111.76 (1208.08)
Q4 2014 2,484.05 - - 2,032.52 106.13 (1044.48)
Q1 2015 2,687.37 - - 1,932.09 100.40 (777.70)
Q2 2015 2,821.34 - - 2,071.59 100.47 (836.97)
Q3 2015 2,637.60 - - 1,756.99 95.25 (875.49)
Q4 2015 2,759.04 - - 1,583.43 104.47 (1014.35)
Q1 2016 2,855.34 - - 1,760.29 90.89 (988.74)
Q2 2016 2,822.57 - - 1,926.10 88.48 (1027.23)
Q3 2016 285.06 156.01 1,647.16 - - (8.15)
Q4 2016 432.53 243.83 1,612.19 - - (3.59)
Q1 2017 490.76 391.19 1,793.10 - - (194.51)
Q2 2017 324.73 131.24 2,017.28 - - 194.24
Q3 2017 377.73 274.93 2,106.64 - - (0.18)
Q4 2017 544.48 231.43 2,118.58 - - (5.19)
Q1 2018 328.84 291.46 2,200.13 - - (0.17)
Q2 2018 426.31 290.38 - - - (0.21)
Q3 2018 636.64 212.74 - - - (0.34)
Q4 2018 495.96 383.17 - - - 0.55
Q1 2019 456.10 283.34 - - - (0.27)
Q2 2019 453.18 278.33 - - - (0.35)
Q3 2019 463.30 336.74 - - - (0.45)
Q4 2019 396.13 312.78 - - - (0.29)
Q1 2020 341.74 312.95 - - - (0.32)
Q2 2020 245.64 192.22 - - - (0.58)
Q3 2020 202.12 371.62 - - - (0.72)
Q4 2020 269.54 336.00 - - - 1.62
Q1 2021 385.89 339.49 - - - -
Q2 2021 469.44 310.97 - - - -
Q3 2021 651.50 352.78 - - - -
Q4 2021 769.74 393.27 - - - -
Q1 2022 579.67 367.52 31.99 - - -
Q2 2022 640.85 346.60 57.67 - - -
Q3 2022 479.73 331.46 75.91 - - -
Q4 2022 494.75 350.13 94.57 - - -
Q1 2023 403.84 318.86 165.98 - - -

Analysts Estimates (Million)

Item Q1 2023 (e) Q1 2023 (a) Change‬
Average 53.14 82.09 54.47 %

Estimates vs Actual (Million)

Item Q1 2023 (e) Q1 2023 (a) Change
Arqaam Capital 77.00 82.09 6.6 %
SNB Capital 62.10 82.09 32.2 %
Hermes 49.00 82.09 67.5 %
AlJazira Capital 42.60 82.09 92.7 %
Riyad Capital 35.00 82.09 134.5 %

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