Tasnee turns to profit of SAR 1.356 bln in 2021; Q4 earnings at SAR 388.7 mln

09/03/2022 Argaam Exclusive

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National Industrialization Co. (Tasnee) turned to a net profit after Zakat and tax to SAR 1.356 billion in 2021, from a net loss after Zakat and tax of SAR 446.7 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	2,271.84	3,673.09	61.7 %
Gross Income	329.84	987.00	199.2 %
Operating Income	(374.24)	(267.95)	28.4 %
Net Income	(446.75)	1,356.39	403.6 %
Average Shares	668.91	668.91	-
EPS (Riyals)	(0.67)	2.03	403.6 %

The higher earnings were driven by a surge in average selling prices of all products, higher profit share from investments in associates and joint ventures, and reversal of SAR 693 million impairment charges on investment in Tronox, an associate, due to consistently higher share prices above the carrying value. Tasnee share stood at SAR 547 million.

However, the company reported an increase in prices of certain feedstocks, higher Zakat provisions and SAR 466 million impairment loans provisions (Tasnee share at SAR 417 million) given to a joint venture, Advanced Toho Titanium Metal Co., in Yanbu.

Further, the firm reported an SAR 180 million impairment provision for non-current assets (Tasnee share was at SAR

161 million) related to a subsidiary, Advanced Metal Industries Cluster Co., due to continued delay in commencing commercial production of sagger plant in Jizan.

In Q4 2021, Tasnee turned to a net profit after Zakat and tax to SAR 388.7 million from a net loss after Zakat and tax of SAR 172.4 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	607.16	1,163.01	91.5 %
Gross Income	87.76	331.10	277.3 %
Operating Income	(22.01)	(411.07)	(1,767.7 %)
Net Income	(172.44)	338.69	296.4 %
Average Shares	668.91	668.91	-
EPS (Riyals)	(0.26)	0.51	296.4 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	1,004.29	1,163.01	15.8 %
Gross Income	249.91	331.10	32.5 %
Operating Income	99.83	(411.07)	(511.8 %)
Net Income	333.45	338.69	1.6 %
Average Shares	668.91	668.91	-
EPS (Riyals)	0.50	0.51	1.6 %

Total shareholders’ equity, after minority interest, rose 19.7% year-on-year to SAR 8.702 billion in 2021.

View more financial results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
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 %)
2015	15,145.51	(19.0 %)	2,212.75	(52.0 %)	(9.91)	(100.4 %)
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 %
2016	8,619.53	(43.1 %)	907.04	(59.0 %)	(646.48)	(6,424.8 %)
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 %
2017	10,796.42	25.3 %	2,104.17	132.0 %	465.03	171.9 %
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 %)
2018	3,065.34	(71.6 %)	428.74	(79.6 %)	(441.19)	(194.9 %)
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 %
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 %)
2020	2,271.84	(23.7 %)	329.84	(17.8 %)	(374.24)	(50.3 %)
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 %)
2021	3,673.09	61.7 %	987.00	199.2 %	(267.95)	28.4 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
2015	15,145.51	(19.0 %)	2,212.75	(52.0 %)	(9.91)	(100.4 %)
2016	8,619.53	(43.1 %)	907.04	(59.0 %)	(646.48)	(6,424.8 %)
2017	10,796.42	25.3 %	2,104.17	132.0 %	465.03	171.9 %
2018	3,065.34	(71.6 %)	428.74	(79.6 %)	(441.19)	(194.9 %)
2019	2,978.53	(2.8 %)	401.26	(6.4 %)	(249.03)	43.6 %
2020	2,271.84	(23.7 %)	329.84	(17.8 %)	(374.24)	(50.3 %)
2021	3,673.09	61.7 %	987.00	199.2 %	(267.95)	28.4 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
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)
2015	(1423.10)	(232.9 %)	(2.13)	(620.14)	(802.96)	(1.20)
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
2016	101.42	107.1 %	0.15	-	101.42	0.15
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
2017	716.16	606.1 %	1.07	(94.00)	810.16	1.21
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
2018	1,202.09	67.9 %	1.80	(133.44)	1,335.54	2.00
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)
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
2020	(446.75)	73.3 %	(0.67)	(506.01)	59.26	0.09
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)
2021	1,356.39	403.6 %	2.03	547.31	809.08	1.21

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2015	(1423.10)	(232.9 %)	(2.13)	(620.14)	(802.96)	(1.20)
2016	101.42	107.1 %	0.15	-	101.42	0.15
2017	716.16	606.1 %	1.07	(94.00)	810.16	1.21
2018	1,202.09	67.9 %	1.80	(133.44)	1,335.54	2.00
2019	(1676.32)	(239.4 %)	(2.51)	(788.63)	(887.69)	(1.33)
2020	(446.75)	73.3 %	(0.67)	(506.01)	59.26	0.09
2021	1,356.39	403.6 %	2.03	547.31	809.08	1.21

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
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 %)
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 %
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 %
2017	19.49 %	12.21 %	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 %
2018	13.99 %	12.66 %	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 %)
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 %
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 %
2021	26.87 %	0.11 %	22.03 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	31.12 %	30.50 %	9.84 %
2013	26.58 %	25.13 %	7.52 %
2014	24.68 %	23.92 %	5.75 %
2015	14.61 %	12.00 %	(5.30 %)
2016	10.52 %	2.46 %	1.18 %
2017	19.49 %	12.21 %	7.50 %
2018	13.99 %	12.66 %	43.57 %
2019	13.47 %	4.82 %	(29.80 %)
2020	14.52 %	(5.09 %)	2.61 %
2021	26.87 %	0.11 %	22.03 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q1 2015	17.93 %	17.27 %	(1.40 %)
Q2 2015	19.74 %	17.63 %	(1.04 %)
Q3 2015	11.10 %	11.90 %	(7.28 %)
Q4 2015	8.28 %	(0.75 %)	(12.86 %)
Q1 2016	7.15 %	(1.49 %)	(4.97 %)
Q2 2016	4.44 %	(0.77 %)	4.03 %
Q3 2016	12.90 %	1.67 %	5.19 %
Q4 2016	17.22 %	9.84 %	0.41 %
Q1 2017	17.21 %	9.18 %	4.17 %
Q2 2017	15.93 %	10.40 %	3.51 %
Q3 2017	19.45 %	12.47 %	6.94 %
Q4 2017	24.77 %	16.34 %	14.60 %
Q1 2018	12.49 %	13.35 %	58.27 %
Q2 2018	13.92 %	18.19 %	55.24 %
Q3 2018	19.14 %	17.86 %	39.20 %
Q4 2018	10.12 %	12.87 %	27.91 %
Q1 2019	16.08 %	27.46 %	3.16 %
Q2 2019	12.00 %	(9.56 %)	(42.65 %)
Q3 2019	11.36 %	0.26 %	2.80 %
Q4 2019	14.65 %	1.18 %	(87.72 %)
Q1 2020	14.37 %	(2.70 %)	(6.10 %)
Q2 2020	17.47 %	(16.10 %)	1.53 %
Q3 2020	12.50 %	(13.08 %)	(7.39 %)
Q4 2020	14.45 %	7.82 %	22.20 %
Q1 2021	25.72 %	11.97 %	45.15 %
Q2 2021	28.12 %	10.88 %	45.71 %
Q3 2021	24.88 %	16.34 %	33.20 %
Q4 2021	28.47 %	(28.52 %)	(17.94 %)

Per Share Data (Riyal)

Compared With The

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2015	668.91	(2.13)	(1.20)	11.91
2016	668.91	0.15	0.15	10.96
2017	668.91	1.07	1.21	12.48
2018	668.91	1.80	2.00	13.96
2019	668.91	(2.51)	(1.33)	11.70
2020	668.91	(0.67)	0.09	10.87
2021	668.91	2.03	1.21	13.01

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
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

Period	P/E	Adjusted P/E	Price/book
2012	10.50	10.50	1.54
2013	19.03	16.36	1.87
2014	16.62	16.54	1.53
2015	NEG	NEG	0.89
2016	More than 100	More than 100	1.59
2017	15.32	13.54	1.31
2018	8.41	7.57	1.08
2019	NEG	NEG	1.17
2020	NEG	More than 100	1.26
2021	9.84	16.50	1.53

Business Segments (Million)

Compared With The

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

Period	Petrochemical sector	Transformative Industries and others	Chemicals	Industrial development	Headquarters & Others	Consolidation adjustments & eliminations
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)
2015	10,905.34	-	-	7,344.10	400.58	(3504.51)
2016	1,169.06	948.16	6,514.05	-	-	(11.74)
2017	1,737.69	1,028.78	8,035.60	-	-	(5.64)
2018	1,887.76	1,177.76	-	-	-	(0.18)
2019	1,768.71	1,211.19	-	-	-	(1.36)
2020	1,059.04	1,212.80	-	-	-	-
2021	2,276.57	1,396.52	-	-	-	-

Analysts Estimates (Million)

Item	Q4 2021 (e)	Q4 2021 (a)	Change‬
Average	357.05	338.69	(5.1 %)

Estimates vs Actual (Million)

Item	Q4 2021 (e)	Q4 2021 (a)	Change
SNB Capital	327.00	338.69	3.6 %
Riyad Capital	364.00	338.69	(7.0) %
ALEMBIC	477.00	338.69	(29.0) %
AlJazira Capital	260.20	338.69	30.2 %

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 turns to profit of SAR 1.356 bln in 2021; Q4 earnings at SAR 388.7 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) 2021 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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Tasnee turns to profit of SAR 1.356 bln in 2021; Q4 earnings at SAR 388.7 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) Q4 2021

Revenue by Business Segment (Latest) 2021 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)