Tasnee’s profit drops 49% to SAR 102.8M in 2024; Q4 at SAR 33M

Tasnee’s profit drops 49% to SAR 102.8M in 2024; Q4 at SAR 33M

16/03/2025 Argaam Exclusive

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National Industrialization Co. (Tasnee) witnessed a 49% slump in its 2024 net profits (after minority interest), to SAR 102.8 from SAR 201.6 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 3,566.96 3,900.66 9.4 %
Gross Income 364.48 225.92 (38.0 %)
Operating Income (210.52) (302.67) (43.8 %)
Net Income 201.63 102.80 (49.0 %)
Average Shares 668.91 668.91 -
Earnings Per Share before unusual items 0.53 0.47 (11.0 %)
EPS (Riyals) 0.30 0.15 (49.0 %)

The 2024 net profit was impacted by a lower income share from joint ventures (JVs) due to reduced sales volumes.

 

This is in addition to the higher cost of sales, selling & distribution expenses, general & administrative costs, and impairment expenses for non-financial assets, amid lower other revenues.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 957.09 1,102.94 15.2 %
Gross Income (50.38) 4.62 109.2 %
Operating Income (64.81) (67.70) (4.4 %)
Net Income 11.18 32.97 194.8 %
Average Shares 668.91 668.91 -
Earnings Per Share before unusual items 0.07 0.37 406.6 %
EPS (Riyals) 0.02 0.05 194.8 %

In Q4 2024, Tasnee turned to profits of SAR 32.97 million, compared to SAR 11.18 million in Q4 2023.

 

Meanwhile, sequentially, net earnings declined 63% from SAR 89.05 million in Q3 2024.

 

Total shareholders’ equity, after minority interest, inched down to SAR 9.65 billion by the end of 2024, from SAR 9.67 billion a year earlier.

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