Tasnee’s H1 profit surges on higher selling prices

23/07/2018 Argaam Exclusive

National Industrialization Co. (Tasnee) reported a net profit of SAR 757.2 million for the first half of 2018, rising sharply from SAR 196.9 million earnings posted in the same period last year. The increase was attributed to a rise in average sales prices of Titanium Dioxide products and lower financial charges. The firm also logged an increase in its share of net profit from associates and joint ventures.

 

The rise was offset by higher selling, general and administrative expenses and an increase in zakat and income tax provision.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 5,148.02 1,336.61 (74.0 %)
Gross Income 851.88 177.18 (79.2 %)
Operating Income 79.09 (193.31) (344.4 %)
Net Income 196.90 757.17 284.6 %
Average Shares 668.91 668.91 -
EPS (Riyals) 0.29 1.13 284.6 %

Tasnee posted a four-fold year-on-year jump in second quarter net profit at SAR 395.8 million, also due to higher selling prices and lower financial charges.

 

As compared to the previous quarter, the Q2 profit was higher by 9.5 percent.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 2,667.48 716.48 (73.1 %)
Gross Income 425.01 99.72 (76.5 %)
Operating Income 52.22 (82.76) (258.5 %)
Net Income 93.56 395.81 323.1 %
Average Shares 668.91 668.91 -
EPS (Riyals) 0.14 0.59 323.1 %

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