Tasnee turns to net loss of SAR 1.579 bln in FY2019

Tasnee turns to net loss of SAR 1.579 bln in FY2019

31/03/2020 Argaam Exclusive

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National Industrialization Co. (Tasnee) reported a net loss after Zakat and tax of SAR 1.579 billion for fiscal year 2019, compared to a net profit of SAR 1.202 billion a year earlier.

 

The company attributed the performance to a revaluation loss of SAR 1.45 billion from the sale of Cristal to Tronox, SAR 411 million impairment of non-current assets, and SAR 219 million in financial support provision for its acrylics complex.

 

These non-cash items were partially offset by the SAR 402 million gains generated from the sale of Cristal, lower general and administrative expenses, and a decrease in Zakat provision.

 

The company also cited lower average selling prices for most of its products and a decline in the profit share from associates and joint ventures.



Financials (M)

Item 2018 2019 Change‬
Revenues 3,065.34 2,978.53 (2.8 %)
Gross Income 428.74 401.26 (6.4 %)
Operating Income (441.19) (249.03) 43.6 %
Net Income 1,202.09 (1676.32) (239.4 %)
Average Shares 668.91 668.91 -
EPS (Riyals) 1.80 (2.51) (239.4 %)

In Q4 2019, the company posted a net loss of SAR 2.076 billion compared to a net profit of SAR 185.57 million in Q4 2018.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 879.68 708.62 (19.4 %)
Gross Income 89.03 103.84 16.6 %
Operating Income (100.05) (6.75) 93.3 %
Net Income 185.56 (621.58) (435.0 %)
Average Shares 668.91 668.91 -
EPS (Riyals) 0.28 (0.93) (435.0 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
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 %
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 %)
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 %
2019 2,978.53 (2.8 %) 401.26 (6.4 %) (249.03) 43.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
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
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
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)
2019 (1676.32) (239.4 %) (2.51) (788.63) (887.69) (1.33)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %)
2019 13.47 % 4.82 % (29.80 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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

Business Segments (Million)

Compared With The
Period Petrochemical sector Transformative Industries and others Chemicals Industrial development Headquarters & Others Consolidation adjustments & eliminations
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)
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)

Analysts Estimates (Million)

Item Q4 2019 (e) Q4 2019 (a) Change‬
Average 38.85 (621.58) (1699.9 %)

Estimates vs Actual (Million)

Item Q4 2019 (e) Q4 2019 (a) Change
SNB Capital 46.00 (621.58) (1451.3) %
AlJazira Capital 43.40 (621.58) (1532.2) %
Al Rajhi Capital 36.00 (621.58) (1826.6) %
Riyad Capital 30.00 (621.58) (2171.9) %


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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Share Price

National Industrialization Co.
10.42
0.02 0.19 %

National Industrialization Co. (TASNEE)

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