Tasnee swings to SAR 131 mln net profit in 9M 2016

18/10/2016 Argaam Exclusive

 

National Industrialization Co. (Tasnee) reported a net profit of SAR 131.2 million for the first nine months of 2016, versus net losses of SAR 736.5 million in the year earlier period. The swing to profit was attributed to higher sales volumes, and lower feedstock costs, despite higher cost of financing.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 11,712.92 6,334.57 (45.9 %)
Gross Income 1,928.45 513.59 (73.4 %)
Operating Income 423.89 (656.18) (254.8 %)
Net Income (736.54) 91.98 112.5 %
Average Shares 668.91 668.91 -
EPS (Riyals) (1.10) 0.14 112.5 %

Net profit for the third quarter reached 122.2 million versus a net loss of SAR 296.3 million in Q3 2015, driven by higher sales volumes and lower costs of feedstock. The Q3 profit rose 17.6 percent when compared to the previous quarter on lower feedstock prices and higher sales volume. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 3,614.33 2,080.08 (42.4 %)
Gross Income 401.18 268.25 (33.1 %)
Operating Income (58.76) (183.99) (213.1 %)
Net Income (296.29) 107.94 136.4 %
Average Shares 668.91 668.91 -
EPS (Riyals) (0.44) 0.16 136.4 %

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