Tasnee turns to SAR 72.1M loss in Q1 2024

Tasnee turns to SAR 72.1M loss in Q1 2024

05/05/2024 Argaam Exclusive

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National Industrialization Co. (Tasnee) reported a loss of SAR 72.1 million in Q1 2024 from a profit of SAR 82.1 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 888.69 761.40 (14.3 %)
Gross Income 115.04 19.56 (83.0 %)
Operating Income (100.78) (112.96) (12.1 %)
Net Income 82.09 (72.05) (187.8 %)
Average Shares 668.91 668.91 -
EPS (Riyals) 0.12 (0.11) (187.8 %)

The company also posted lower sales volumes due to scheduled maintenance of some plants and lower average selling prices of some products. This led to a decline in revenues and share of profit from investments in associates and joint ventures.

 

Additionally, Tasnee recorded lower other income and higher net finance costs, despite a decrease in the cost of sales due to lower sales volumes and no impairment required during this quarter.

 

Sequentially, Tasnee deepened its first-quarter loss from SAR 17.14 million in Q4 2023.

 

Shareholders’ equity, after minority interest, rose to SAR 9.53 billion as of March 31, 2024, from SAR 9.70 billion a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2015 3,942.16 (10.7 %) 706.82 (45.6 %) (332.54) (203.7 %) (0.50)
Q2 2015 4,156.43 (18.3 %) 820.46 (39.8 %) (107.70) (126.4 %) (0.16)
Q3 2015 3,614.33 (35.6 %) 401.18 (66.2 %) (296.29) (221.6 %) (0.44)
Q4 2015 3,432.59 (6.6 %) 284.30 (62.1 %) (686.56) (527.3 %) (1.03)
Q1 2016 2,083.26 (47.2 %) 148.94 (78.9 %) (103.50) 68.9 % (0.15)
Q2 2016 2,171.23 (47.8 %) 96.40 (88.3 %) 87.54 181.3 % 0.13
Q3 2016 2,080.08 (42.4 %) 268.25 (33.1 %) 107.94 136.4 % 0.16
Q4 2016 2,284.97 (33.4 %) 393.45 38.4 % 9.44 101.4 % 0.01
Q1 2017 2,480.53 19.1 % 426.87 186.6 % 103.34 199.8 % 0.15
Q2 2017 2,667.48 22.9 % 425.01 340.9 % 93.56 6.9 % 0.14
Q3 2017 2,759.12 32.6 % 536.68 100.1 % 191.55 77.5 % 0.29
Q4 2017 2,889.29 26.4 % 715.60 81.9 % 327.71 3370.7 % 0.49
Q1 2018 620.13 (75.0 %) 77.46 (81.9 %) 361.36 249.7 % 0.54
Q2 2018 716.48 (73.1 %) 99.72 (76.5 %) 395.81 323.1 % 0.59
Q3 2018 849.05 (69.2 %) 162.53 (69.7 %) 259.37 35.4 % 0.39
Q4 2018 879.68 (69.6 %) 89.03 (87.6 %) 185.56 (43.4 %) 0.28
Q1 2019 739.17 19.2 % 118.87 53.5 % (1289.29) (456.8 %) (1.93)
Q2 2019 731.16 2.0 % 87.74 (12.0 %) 212.14 (46.4 %) 0.32
Q3 2019 799.59 (5.8 %) 90.81 (44.1 %) 22.42 (91.4 %) 0.03
Q4 2019 708.62 (19.4 %) 103.84 16.6 % (621.58) (435.0 %) (0.93)
Q1 2020 654.37 (11.5 %) 94.06 (20.9 %) (51.75) 96.0 % (0.08)
Q2 2020 437.28 (40.2 %) 76.37 (13.0 %) (180.23) (185.0 %) (0.27)
Q3 2020 573.02 (28.3 %) 71.64 (21.1 %) (42.33) (288.8 %) (0.06)
Q4 2020 607.16 (14.3 %) 87.76 (15.5 %) (172.44) 72.3 % (0.26)
Q1 2021 725.38 10.9 % 186.56 98.3 % 327.52 732.8 % 0.49
Q2 2021 780.42 78.5 % 219.43 187.3 % 356.74 297.9 % 0.53
Q3 2021 1,004.29 75.3 % 249.91 248.8 % 333.45 887.8 % 0.50
Q4 2021 1,163.01 91.5 % 331.10 277.3 % 338.69 296.4 % 0.51
Q1 2022 979.18 35.0 % 288.15 54.5 % 308.96 (5.7 %) 0.46
Q2 2022 1,077.12 38.0 % 259.14 18.1 % 297.12 (16.7 %) 0.44
Q3 2022 887.11 (11.7 %) 130.11 (47.9 %) 17.13 (94.9 %) 0.03
Q4 2022 939.45 (19.2 %) 186.89 (43.6 %) 43.14 (87.3 %) 0.06
Q1 2023 888.69 (9.2 %) 115.04 (60.1 %) 82.09 (73.4 %) 0.12
Q2 2023 889.24 (17.4 %) 143.47 (44.6 %) 31.41 (89.4 %) 0.05
Q3 2023 831.95 (6.2 %) 156.35 20.2 % 78.21 356.5 % 0.12
Q4 2023 957.09 1.9 % (50.38) (127.0 %) (17.14) (139.7 %) (0.03)
Q1 2024 761.40 (14.3 %) 19.56 (83.0 %) (72.05) (187.8 %) (0.11)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2022 24.56 % 3.09 % 10.10 %
Q4 2022 22.26 % 10.45 % 13.42 %
Q1 2023 18.23 % 4.45 % 7.75 %
Q2 2023 15.97 % 0.88 % 4.00 %
Q3 2023 16.95 % (0.66 %) 5.79 %
Q4 2023 10.22 % 2.02 % 10.78 %
Q1 2024 7.82 % 1.76 % 6.70 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2022 668.91 1.44 0.62 14.24
Q4 2022 668.91 1.00 0.78 14.37
Q1 2023 668.91 0.66 0.44 14.51
Q2 2023 668.91 0.26 0.22 14.46
Q3 2023 668.91 0.35 0.31 14.43
Q4 2023 668.91 0.26 0.58 14.43
Q1 2024 668.91 0.03 0.34 14.25

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2022 9.49 22.01 0.96
Q4 2022 12.41 15.87 0.86
Q1 2023 18.60 27.80 0.84
Q2 2023 57.44 69.15 1.03
Q3 2023 36.17 41.36 0.88
Q4 2023 47.44 21.53 0.86
Q1 2024 More than 100 40.39 0.98

Business Segments (Million)

Compared With The
Period Petrochemical sector Transformative Industries and others Chemicals Industrial development Headquarters & Others Consolidation adjustments & eliminations
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 - - -
Q3 2022 479.73 331.46 75.91 - - -
Q4 2022 494.75 350.13 94.57 - - -
Q1 2023 403.84 318.86 165.98 - - -
Q2 2023 465.80 285.22 138.22 - - -
Q3 2023 418.46 324.11 89.38 - - -
Q4 2023 481.17 331.21 144.71 - - -
Q1 2024 379.62 283.92 97.86 - - -

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 47.45 (72.05) (251.8 %)

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
Riyad Capital (96.00) (72.05) 24.9 %
ALEMBIC 114.00 (72.05) (163.2) %
U-Capital 78.10 (72.05) (192.3) %
SNB Capital 67.30 (72.05) (207.1) %
Hermes 64.00 (72.05) (212.6) %
AlJazira Capital 57.30 (72.05) (225.7) %


Financial Ratios
Current
Market Cap (M Riyal) 7,625.62
Enterprise Value (EV) (M) 12,574.37
Shares Outstanding ((M)) 668.91
EPS ( Riyal) (TTM) 0.03
Book Value (BV) ( Riyal) 14.25
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 33.08
P/E (TTM) More than 100
Price/book 0.80
Return on Average Assets (%) (TTM) 0.1
Return on Average Equity (%) (TTM) 0.2
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Share Price

National Industrialization Co.
11.36
(0.02) (0.18 %)

National Industrialization Co. (TASNEE)

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