TASNEE’s 2014 net profit down 4% to SAR 1133.4 mln

20/01/2015 Argaam Exclusive

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National Industrialization Company (TASNEE), diversified petrochemical and TiO2 producer, reported 2014 net profit of SAR 1133.4 million, a four percent decrease compared to the same period last year.

Financials (M)

Item	2013	2014	Change‬
Revenues	18,198.97	18,692.58	2.7 %
Gross Income	4,837.26	4,612.48	(4.6 %)
Operating Income	3,088.44	2,775.57	(10.1 %)
Net Income	1,177.44	1,070.55	(9.1 %)
Average Shares	668.91	668.91	-
EPS (Riyals)	1.76	1.60	(9.1 %)

A net profit of SAR 160.7 million was reported for Q4-2014 compared to SAR 243.7 million for Q3.

The Company attributed the decrease of 2014’s net profit compared to the last year to the decrease of the profit margin in the titanium dioxide sector, in addition to the decrease of sales and prices of the Acrylic Acid Complex products and all depreciation and financing cost were recognized in the second half of this year due to the Complex commercial start up which impacted the company's results.

The Company attributed the increase of Q4-2014’s net profit compared to the same period last year to the price decrease of the titanium dioxide sector, in addition to the decrease of sales and prices of the Acrylic Acid Complex products, and the decrease of the petrochemical sector which impacted the company's results, despite the decrease of the general & Administrative expenses.

The decline of Q4-2014’s net profit compared to the previous period (Q3-2014) was attributed to the price decrease of the titanium dioxide sector, in addition to the decrease of the Acrylic Acid Complex results, and the decreased of the petrochemical sector which impacted in the company's results, despite the decrease of the general & Administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2013	Q4 2014	Change‬
Revenues	4,522.32	3,676.28	(18.7 %)
Gross Income	1,278.00	751.11	(41.2 %)
Operating Income	766.37	387.55	(49.4 %)
Net Income	292.57	160.69	(45.1 %)
Average Shares	668.91	668.91	-
EPS (Riyals)	0.44	0.24	(45.1 %)

Item	Q3 2014	Q4 2014	Change‬
Revenues	5,612.95	3,676.28	(34.5 %)
Gross Income	1,185.27	751.11	(36.6 %)
Operating Income	647.58	387.55	(40.2 %)
Net Income	243.66	160.69	(34.1 %)
Average Shares	668.91	668.91	-
EPS (Riyals)	0.36	0.24	(34.1 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2005	742.72	214.9 %	328.91	332.6 %	275.58	510.0 %
Q2 2005	656.70	206.0 %	238.60	219.9 %	187.95	290.4 %
Q3 2005	664.22	26.0 %	199.12	13.0 %	147.34	27.8 %
Q4 2005	782.64	38.9 %	287.02	40.7 %	209.85	21.0 %
2005	2,846.27	84.7 %	1,053.65	98.5 %	820.72	114.8 %
Q1 2006	654.10	(11.9 %)	196.00	(40.4 %)	151.08	(45.2 %)
Q2 2006	781.73	19.0 %	287.03	20.3 %	231.83	23.3 %
Q3 2006	881.29	32.7 %	335.53	68.5 %	271.50	84.3 %
Q4 2006	924.08	18.1 %	371.59	29.5 %	311.00	48.2 %
2006	3,241.20	13.9 %	1,190.15	13.0 %	965.41	17.6 %
Q1 2007	888.01	35.8 %	352.09	79.6 %	287.94	90.6 %
Q2 2007	971.71	24.3 %	328.81	14.6 %	259.32	11.9 %
Q3 2007	852.99	(3.2 %)	255.13	(24.0 %)	197.19	(27.4 %)
Q4 2007	4,513.99	388.5 %	909.36	144.7 %	373.93	20.2 %
2007	7,226.70	123.0 %	1,845.39	55.1 %	1,118.37	15.8 %
Q1 2008	2,413.44	171.8 %	489.03	38.9 %	232.78	(19.2 %)
Q2 2008	2,754.32	183.5 %	619.56	88.4 %	359.22	38.5 %
Q3 2008	2,787.06	226.7 %	534.65	109.6 %	248.05	25.8 %
Q4 2008	2,082.32	(53.9 %)	406.92	(55.3 %)	126.06	(66.3 %)
2008	10,037.14	38.9 %	2,050.16	11.1 %	966.11	(13.6 %)
Q1 2009	1,507.45	(37.5 %)	228.07	(53.4 %)	8.17	(96.5 %)
Q2 2009	2,288.97	(16.9 %)	386.21	(37.7 %)	190.40	(47.0 %)
Q3 2009	3,406.58	22.2 %	965.12	80.5 %	694.59	180.0 %
Q4 2009	3,659.93	75.8 %	877.11	115.5 %	599.96	375.9 %
2009	10,862.93	8.2 %	2,456.51	19.8 %	1,493.11	54.5 %
Q1 2010	3,952.91	162.2 %	1,155.81	406.8 %	850.45	10313.3 %
Q2 2010	4,154.05	81.5 %	1,233.50	219.4 %	845.72	344.2 %
Q3 2010	3,964.10	16.4 %	1,116.87	15.7 %	773.40	11.3 %
Q4 2010	3,922.19	7.2 %	1,033.37	17.8 %	652.25	8.7 %
2010	15,993.25	47.2 %	4,539.55	84.8 %	3,121.82	109.1 %
Q1 2011	4,531.54	14.6 %	1,590.02	37.6 %	1,206.45	41.9 %
Q2 2011	5,063.91	21.9 %	1,846.58	49.7 %	1,387.79	64.1 %
Q3 2011	5,317.52	34.1 %	1,970.36	76.4 %	1,582.24	104.6 %
Q4 2011	4,735.76	20.7 %	1,584.70	53.4 %	1,217.78	86.7 %
2011	19,648.74	22.9 %	6,991.66	54.0 %	5,394.27	72.8 %
Q1 2012	4,687.21	3.4 %	1,563.24	(1.7 %)	1,157.99	(4.0 %)
Q2 2012	4,625.09	(8.7 %)	1,528.88	(17.2 %)	1,184.47	(14.7 %)
Q3 2012	4,166.54	(21.6 %)	1,337.65	(32.1 %)	958.31	(39.4 %)
Q4 2012	4,443.33	(6.2 %)	1,147.82	(27.6 %)	802.21	(34.1 %)
2012	17,922.18	(8.8 %)	5,577.58	(20.2 %)	4,102.98	(23.9 %)
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 %)
2013	18,198.97	1.5 %	4,837.26	(13.3 %)	3,088.44	(24.7 %)
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 %)
2014	18,692.58	2.7 %	4,612.48	(4.6 %)	2,775.57	(10.1 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2005	2,846.27	84.7 %	1,053.65	98.5 %	820.72	114.8 %
2006	3,241.20	13.9 %	1,190.15	13.0 %	965.41	17.6 %
2007	7,226.70	123.0 %	1,845.39	55.1 %	1,118.37	15.8 %
2008	10,037.14	38.9 %	2,050.16	11.1 %	966.11	(13.6 %)
2009	10,862.93	8.2 %	2,456.51	19.8 %	1,493.11	54.5 %
2010	15,993.25	47.2 %	4,539.55	84.8 %	3,121.82	109.1 %
2011	19,648.74	22.9 %	6,991.66	54.0 %	5,394.27	72.8 %
2012	17,922.18	(8.8 %)	5,577.58	(20.2 %)	4,102.98	(23.9 %)
2013	18,198.97	1.5 %	4,837.26	(13.3 %)	3,088.44	(24.7 %)
2014	18,692.58	2.7 %	4,612.48	(4.6 %)	2,775.57	(10.1 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2005	120.15	194.3 %	0.30	-	120.15	0.30
Q2 2005	89.76	(14.2 %)	0.22	-	89.76	0.22
Q3 2005	65.16	(34.9 %)	0.16	-	65.16	0.16
Q4 2005	82.08	14.4 %	0.20	-	82.08	0.20
2005	370.42	16.8 %	0.92	12.18	358.24	0.89
Q1 2006	92.38	(23.1 %)	0.16	-	92.38	0.16
Q2 2006	207.20	130.8 %	0.35	-	232.12	0.39
Q3 2006	184.50	183.2 %	0.31	-	208.09	0.35
Q4 2006	209.02	154.7 %	0.35	-	253.56	0.43
2006	693.10	87.1 %	1.16	-	693.10	1.16
Q1 2007	207.51	124.6 %	0.35	-	207.51	0.35
Q2 2007	156.56	(24.4 %)	0.26	-	156.56	0.26
Q3 2007	101.64	(44.9 %)	0.17	-	101.64	0.17
Q4 2007	195.44	(6.5 %)	0.33	-	195.44	0.33
2007	661.14	(4.6 %)	1.11	-	661.14	1.11
Q1 2008	148.02	(28.7 %)	0.25	-	148.02	0.25
Q2 2008	221.02	41.2 %	0.33	-	221.02	0.33
Q3 2008	149.95	47.5 %	0.22	-	149.95	0.22
Q4 2008	81.87	(58.1 %)	0.12	-	81.87	0.12
2008	600.85	(9.1 %)	0.90	-	600.85	0.90
Q1 2009	(25.76)	(117.4 %)	(0.04)	-	(25.76)	(0.04)
Q2 2009	91.94	(58.4 %)	0.14	-	91.94	0.14
Q3 2009	237.31	58.3 %	0.35	(38.92)	276.23	0.41
Q4 2009	216.00	163.8 %	0.32	-	216.00	0.32
2009	519.50	(13.5 %)	0.78	(38.92)	558.42	0.83
Q1 2010	332.79	1392.1 %	0.50	(11.16)	343.96	0.51
Q2 2010	385.38	319.1 %	0.58	-	385.38	0.58
Q3 2010	373.04	57.2 %	0.56	(72.75)	445.79	0.67
Q4 2010	381.40	76.6 %	0.57	3.31	378.09	0.57
2010	1,472.61	183.5 %	2.20	(80.60)	1,553.21	2.32
Q1 2011	580.04	74.3 %	0.87	-	580.04	0.87
Q2 2011	594.16	54.2 %	0.89	-	626.56	0.94
Q3 2011	725.01	94.4 %	1.08	-	725.01	1.08
Q4 2011	542.22	42.2 %	0.81	(0.76)	542.97	0.81
2011	2,441.42	65.8 %	3.65	(0.76)	2,442.18	3.65
Q1 2012	524.36	(9.6 %)	0.78	-	524.36	0.78
Q2 2012	580.14	(2.4 %)	0.87	-	580.14	0.87
Q3 2012	417.32	(42.4 %)	0.62	-	417.32	0.62
Q4 2012	242.03	(55.4 %)	0.36	-	242.03	0.36
2012	1,763.84	(27.8 %)	2.64	-	1,763.84	2.64
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
2013	1,177.44	(33.2 %)	1.76	(192.00)	1,369.44	2.05
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
2014	1,070.55	(9.1 %)	1.60	(5.00)	1,075.55	1.61

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2005	370.42	16.8 %	0.92	12.18	358.24	0.89
2006	693.10	87.1 %	1.16	-	693.10	1.16
2007	661.14	(4.6 %)	1.11	-	661.14	1.11
2008	600.85	(9.1 %)	0.90	-	600.85	0.90
2009	519.50	(13.5 %)	0.78	(38.92)	558.42	0.83
2010	1,472.61	183.5 %	2.20	(80.60)	1,553.21	2.32
2011	2,441.42	65.8 %	3.65	(0.76)	2,442.18	3.65
2012	1,763.84	(27.8 %)	2.64	-	1,763.84	2.64
2013	1,177.44	(33.2 %)	1.76	(192.00)	1,369.44	2.05
2014	1,070.55	(9.1 %)	1.60	(5.00)	1,075.55	1.61

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	38.27 %	39.03 %	13.78 %
Q2 2005	38.06 %	38.71 %	14.04 %
Q3 2005	36.95 %	37.78 %	13.20 %
Q4 2005	37.02 %	36.22 %	12.55 %
2005	37.02 %	36.22 %	12.59 %
Q1 2006	33.39 %	32.84 %	11.94 %
Q2 2006	33.62 %	32.15 %	16.36 %
Q3 2006	35.67 %	35.08 %	19.83 %
Q4 2006	36.72 %	36.53 %	24.25 %
2006	36.72 %	36.53 %	21.38 %
Q1 2007	38.74 %	38.10 %	25.93 %
Q2 2007	37.87 %	37.95 %	22.53 %
Q3 2007	35.96 %	35.23 %	19.78 %
Q4 2007	25.54 %	21.11 %	9.15 %
2007	25.54 %	21.11 %	9.15 %
Q1 2008	22.65 %	17.84 %	6.87 %
Q2 2008	21.58 %	18.04 %	6.32 %
Q3 2008	20.47 %	16.24 %	5.73 %
Q4 2008	20.43 %	17.17 %	5.99 %
2008	20.43 %	17.17 %	5.99 %
Q1 2009	19.59 %	16.48 %	4.68 %
Q2 2009	17.95 %	14.73 %	3.44 %
Q3 2009	21.39 %	20.08 %	4.57 %
Q4 2009	22.61 %	22.53 %	5.14 %
2009	22.61 %	22.53 %	5.14 %
Q1 2010	25.43 %	25.88 %	6.97 %
Q2 2010	27.89 %	27.49 %	8.05 %
Q3 2010	27.86 %	27.94 %	8.84 %
Q4 2010	28.38 %	27.49 %	9.71 %
2010	28.38 %	27.49 %	9.71 %
Q1 2011	30.01 %	28.67 %	10.80 %
Q2 2011	31.96 %	30.27 %	11.61 %
Q3 2011	34.19 %	31.61 %	12.26 %
Q4 2011	35.58 %	34.05 %	12.59 %
2011	35.58 %	34.05 %	12.43 %
Q1 2012	35.17 %	33.69 %	12.21 %
Q2 2012	34.32 %	33.56 %	12.25 %
Q3 2012	33.02 %	32.67 %	11.34 %
Q4 2012	31.12 %	30.50 %	9.84 %
2012	31.12 %	30.50 %	9.84 %
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 %
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 %
2014	24.68 %	23.92 %	5.75 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	37.02 %	36.22 %	12.59 %
2006	36.72 %	36.53 %	21.38 %
2007	25.54 %	21.11 %	9.15 %
2008	20.43 %	17.17 %	5.99 %
2009	22.61 %	22.53 %	5.14 %
2010	28.38 %	27.49 %	9.71 %
2011	35.58 %	34.05 %	12.43 %
2012	31.12 %	30.50 %	9.84 %
2013	26.58 %	25.13 %	7.52 %
2014	24.68 %	23.92 %	5.75 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	44.29 %	44.73 %	16.18 %
Q2 2005	36.33 %	35.63 %	13.67 %
Q3 2005	29.98 %	30.33 %	9.81 %
Q4 2005	36.67 %	33.63 %	10.49 %
Q1 2006	29.97 %	31.66 %	14.12 %
Q2 2006	36.72 %	32.63 %	29.69 %
Q3 2006	38.07 %	41.09 %	23.61 %
Q4 2006	40.21 %	38.93 %	27.44 %
Q1 2007	39.65 %	39.08 %	23.37 %
Q2 2007	33.84 %	33.11 %	16.11 %
Q3 2007	29.91 %	29.61 %	11.92 %
Q4 2007	20.15 %	13.39 %	4.33 %
Q1 2008	20.26 %	15.85 %	6.13 %
Q2 2008	22.49 %	24.00 %	8.02 %
Q3 2008	19.18 %	13.50 %	5.38 %
Q4 2008	19.54 %	14.57 %	3.93 %
Q1 2009	15.13 %	10.89 %	(1.71 %)
Q2 2009	16.87 %	18.88 %	4.02 %
Q3 2009	28.33 %	28.32 %	8.11 %
Q4 2009	23.97 %	24.23 %	5.90 %
Q1 2010	29.24 %	29.36 %	8.70 %
Q2 2010	29.69 %	27.89 %	9.28 %
Q3 2010	28.17 %	29.99 %	11.25 %
Q4 2010	26.35 %	22.65 %	9.64 %
Q1 2011	35.09 %	33.45 %	12.80 %
Q2 2011	36.47 %	33.53 %	12.37 %
Q3 2011	37.05 %	34.80 %	13.63 %
Q4 2011	33.46 %	34.33 %	11.47 %
Q1 2012	33.35 %	31.95 %	11.19 %
Q2 2012	33.06 %	32.95 %	12.54 %
Q3 2012	32.10 %	31.27 %	10.02 %
Q4 2012	25.83 %	25.71 %	5.45 %
Q1 2013	28.74 %	25.83 %	7.43 %
Q2 2013	22.01 %	21.83 %	6.71 %
Q3 2013	27.20 %	25.66 %	8.56 %
Q4 2013	28.26 %	27.16 %	7.44 %
Q1 2014	29.45 %	27.12 %	7.27 %
Q2 2014	26.77 %	25.20 %	8.03 %
Q3 2014	21.12 %	19.29 %	4.34 %
Q4 2014	20.43 %	24.59 %	4.37 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	401.02	0.99	0.70	4.54
Q2 2005	401.02	0.95	0.87	4.76
Q3 2005	401.02	0.86	0.86	4.93
Q4 2005	401.02	0.89	0.89	5.15
Q1 2006	595.27	0.55	0.55	8.35
Q2 2006	595.27	0.75	0.79	8.70
Q3 2006	595.27	0.95	1.03	9.01
Q4 2006	595.27	1.16	1.32	9.35
Q1 2007	595.27	1.36	1.51	9.70
Q2 2007	595.28	1.27	1.39	9.57
Q3 2007	595.28	1.13	1.21	9.74
Q4 2007	595.28	1.11	1.11	9.98
Q1 2008	595.28	1.01	1.01	10.21
Q2 2008	668.91	1.00	1.00	11.98
Q3 2008	668.91	1.07	1.07	11.92
Q4 2008	668.91	0.90	0.90	10.99
Q1 2009	668.91	0.64	0.64	10.95
Q2 2009	668.91	0.45	0.45	10.84
Q3 2009	668.91	0.58	0.63	11.21
Q4 2009	668.91	0.78	0.83	11.65
Q1 2010	668.91	1.31	1.39	12.25
Q2 2010	668.91	1.75	1.83	12.40
Q3 2010	668.91	1.95	2.08	13.09
Q4 2010	668.91	2.20	2.32	13.85
Q1 2011	668.91	2.57	2.67	14.68
Q2 2011	668.91	2.88	3.04	14.90
Q3 2011	668.91	3.41	3.45	15.55
Q4 2011	668.91	3.65	3.70	16.48
Q1 2012	668.91	3.57	3.62	17.54
Q2 2012	668.91	3.55	3.55	16.88
Q3 2012	668.91	3.09	3.09	17.60
Q4 2012	668.91	2.64	2.64	18.04
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	401.02	0.92	0.89	5.15
2006	595.27	1.16	1.16	9.35
2007	595.28	1.11	1.11	9.98
2008	668.91	0.90	0.90	10.99
2009	668.91	0.78	0.83	11.65
2010	668.91	2.20	2.32	13.85
2011	668.91	3.65	3.65	16.48
2012	668.91	2.64	2.64	18.04
2013	668.91	1.76	2.05	17.95
2014	668.91	1.60	1.61	17.38

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	45.66	64.19	9.95
Q2 2005	85.50	93.33	17.09
Q3 2005	More than 100	More than 100	21.16
Q4 2005	More than 100	More than 100	22.99
Q1 2006	91.31	91.31	6.05
Q2 2006	58.63	55.53	5.06
Q3 2006	37.12	34.19	3.92
Q4 2006	18.99	16.75	2.36
Q1 2007	16.53	14.82	2.31
Q2 2007	16.08	14.75	2.14
Q3 2007	18.79	17.62	2.19
Q4 2007	29.73	29.73	3.31
Q1 2008	31.03	31.03	3.07
Q2 2008	26.80	26.80	2.23
Q3 2008	20.38	20.38	1.83
Q4 2008	10.00	10.00	0.82
Q1 2009	14.46	14.46	0.84
Q2 2009	29.52	29.52	1.21
Q3 2009	26.37	23.95	1.36
Q4 2009	24.93	23.19	1.66
Q1 2010	16.16	15.29	1.73
Q2 2010	10.26	9.83	1.45
Q3 2010	11.75	11.04	1.75
Q4 2010	12.21	11.58	1.94
Q1 2011	10.90	10.48	1.91
Q2 2011	12.57	11.94	2.43
Q3 2011	9.63	9.51	2.11
Q4 2011	9.29	9.17	2.06
Q1 2012	11.33	11.18	2.30
Q2 2012	8.74	8.74	1.84
Q3 2012	9.88	9.88	1.73
Q4 2012	10.50	10.50	1.54
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

Period	P/E	Adjusted P/E	Price/book
2005	More than 100	More than 100	22.99
2006	18.99	18.99	2.36
2007	29.73	29.73	3.31
2008	10.00	10.00	0.82
2009	24.93	23.19	1.66
2010	12.21	11.58	1.94
2011	9.29	9.29	2.06
2012	10.50	10.50	1.54
2013	19.03	16.36	1.87
2014	16.62	16.54	1.53

Business Segments (Million)

Compared With The

Period	Petrochemical sector	Industrial development	Headquarters & Others	Consolidation adjustments & eliminations
Q1 2005	471.05	251.46	20.21	-
Q2 2005	360.30	272.86	23.53	-
Q3 2005	370.07	268.95	25.20	-
Q4 2005	503.57	251.93	27.15	-
Q1 2006	488.06	288.23	29.43	(151.62)
Q2 2006	645.64	273.77	29.04	(166.72)
Q3 2006	737.27	287.50	37.79	(181.28)
Q4 2006	724.54	337.66	37.82	(175.95)
Q1 2007	711.49	335.63	39.12	(198.23)
Q2 2007	788.60	352.71	43.22	(212.83)
Q3 2007	590.72	440.28	54.46	(232.46)
Q4 2007	830.81	3,871.19	63.20	(251.21)
Q1 2008	773.08	1,824.55	59.66	(243.85)
Q2 2008	1,062.26	1,999.53	60.41	(367.88)
Q3 2008	963.77	2,029.86	70.97	(277.53)
Q4 2008	504.62	1,725.08	64.58	(211.95)
Q1 2009	253.72	1,368.12	58.88	(173.28)
Q2 2009	735.53	1,778.76	69.14	(294.46)
Q3 2009	1,835.56	1,939.81	54.11	(422.90)
Q4 2009	2,030.32	1,896.18	64.13	(330.70)
Q1 2010	2,634.97	1,869.37	55.75	(607.17)
Q2 2010	2,769.42	1,907.61	70.78	(593.76)
Q3 2010	2,253.50	2,161.37	78.28	(529.05)
Q4 2010	2,203.89	2,197.11	94.56	(573.36)
Q1 2011	2,664.49	2,408.62	84.28	(625.84)
Q2 2011	3,058.56	2,562.09	83.66	(640.40)
Q3 2011	3,114.91	2,949.41	92.74	(839.54)
Q4 2011	2,987.41	2,447.79	92.19	(791.63)
Q1 2012	3,102.90	2,243.51	85.01	(744.21)
Q2 2012	2,754.58	2,397.04	90.96	(617.49)
Q3 2012	2,514.89	2,216.43	90.44	(655.22)
Q4 2012	2,958.86	2,076.20	92.00	(683.73)
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)

Period	Petrochemical sector	Industrial development	Headquarters & Others	Consolidation adjustments & eliminations
2005	1,704.99	1,045.19	96.09	-
2006	2,595.51	1,187.16	134.08	(675.55)
2007	2,921.62	4,999.81	200.01	(894.73)
2008	3,303.72	7,579.02	255.61	(1101.21)
2009	4,855.13	6,982.87	246.26	(1221.34)
2010	9,861.78	8,135.45	299.36	(2303.35)
2011	11,825.37	10,367.92	352.87	(2897.41)
2012	11,331.24	8,933.19	358.41	(2700.65)
2013	11,860.90	9,154.32	382.01	(3198.27)
2014	13,887.20	8,953.20	413.68	(4561.50)

Analysts Estimates (Million)

Item	Q4 2014 (e)	Q4 2014 (a)	Change‬
Average	241.00	160.69	(33.3 %)

Estimates vs Actual (Million)

Item	Q4 2014 (e)	Q4 2014 (a)	Change
OSOOL AND BAKHEET	241.00	160.69	(33.3) %

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

National Industrialization Co. (TASNEE)

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TASNEE’s 2014 net profit down 4% to SAR 1133.4 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2014 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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National Industrialization Co. (TASNEE)

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TASNEE’s 2014 net profit down 4% to SAR 1133.4 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2014

Revenue by Business Segment (Latest) 2014 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

National Industrialization Co. (TASNEE)

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Business Segments (Million)