Tasnee H1 2022 net profit down 11% to SAR 606.1 mln; Q2 at SAR 297.1 mln

04/08/2022 Argaam Exclusive

National Industrialization Co. (Tasnee) reported a net profit after Zakat and tax of SAR 606.1 million in the first six months of 2022, a decrease of 11% compared to SAR 684.3 million in the year-earlier period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 1,505.79 2,056.31 36.6 %
Gross Income 405.99 547.29 34.8 %
Operating Income 43.29 258.07 496.2 %
Net Income 684.25 606.08 (11.4 %)
Average Shares 668.91 668.91 -
EPS (Riyals) 1.02 0.91 (11.4 %)

The earnings decline was attributed to lower share of profit from investments in joint ventures, mainly due to higher average feedstock and logistics costs and lower average selling prices for some of the products. This came despite higher revenue due to improved average selling prices of downstream products and sales volume of certain products, lower general and administrative expenses and higher other income.

 

In Q2 2022, net profit after Zakat and tax inched down 16.7% year-on-year (YoY) to SAR 297.1 million, from SAR 356.7 million in the year-earlier period.

 

On a sequential basis, net profit dropped 3.8% from nearly SAR 309 million in Q1 2022.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 780.42 1,077.12 38.0 %
Gross Income 219.43 259.14 18.1 %
Operating Income 21.06 114.78 445.1 %
Net Income 356.74 297.12 (16.7 %)
Average Shares 668.91 668.91 -
EPS (Riyals) 0.53 0.44 (16.7 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 9.530 billion by the end of H1 2022, compared to SAR 8.053 billion in the year-earlier period.

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Share Price

National Industrialization Co.
10.42
0.02 0.19 %

National Industrialization Co. (TASNEE)

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Financial Ratios
Current
Market Cap (M Riyal) 6,970.08
Enterprise Value (EV) (M) 11,628.38
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 0.72
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 2013 4,783.87 2.1 % 1,374.79 (12.1 %) 896.63 (22.6 %)
Q2 2013 4,517.23 (2.3 %) 994.39 (35.0 %) 647.56 (45.3 %)
Q3 2013 4,375.55 5.0 % 1,190.09 (11.0 %) 777.89 (18.8 %)
Q4 2013 4,522.32 1.8 % 1,278.00 11.3 % 766.37 (4.5 %)
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 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 355.41 (32.2 %) 0.53 - 355.41 0.53
Q2 2013 303.09 (47.8 %) 0.45 - 303.09 0.45
Q3 2013 226.37 (45.8 %) 0.34 (148.13) 374.50 0.56
Q4 2013 292.57 20.9 % 0.44 (43.88) 336.44 0.50
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 29.91 % 28.88 % 8.85 %
Q2 2013 27.10 % 26.05 % 7.36 %
Q3 2013 25.98 % 24.76 % 7.04 %
Q4 2013 26.58 % 25.13 % 7.52 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 668.91 2.38 2.38 18.60
Q2 2013 668.91 1.97 1.97 16.69
Q3 2013 668.91 1.68 1.91 17.30
Q4 2013 668.91 1.76 2.05 17.95
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 12.88 12.88 1.65
Q2 2013 13.30 13.30 1.57
Q3 2013 16.09 14.22 1.57
Q4 2013 19.03 16.36 1.87
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

Business Segments (Million)

Compared With The
Period Petrochemical sector Transformative Industries and others Chemicals Industrial development Headquarters & Others Consolidation adjustments & eliminations
Q1 2013 3,172.73 - - 2,333.52 84.70 (807.08)
Q2 2013 2,656.83 - - 2,486.25 86.65 (712.50)
Q3 2013 2,708.39 - - 2,303.50 102.32 (738.65)
Q4 2013 3,322.96 - - 2,031.06 108.34 (940.04)
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 - - -

Analysts Estimates (Million)

Item Q2 2022 (e) Q2 2022 (a) Change‬
Average 312.87 297.12 (5.0 %)

Estimates vs Actual (Million)

Item Q2 2022 (e) Q2 2022 (a) Change
Hermes 299.00 297.12 (0.6) %
Riyad Capital 290.00 297.12 2.5 %
AlJazira Capital 280.60 297.12 5.9 %
SNB Capital 323.00 297.12 (8.0) %
ALEMBIC 324.00 297.12 (8.3) %
U-Capital 360.60 297.12 (17.6) %

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