Tasnee’s net profit jumps to SAR 1 bln in 9M 2018

24/10/2018 Argaam Exclusive

National Industrialization Co. (Tasnee) reported a net profit of SAR 1.016 billion for the first nine months of 2018, a 161.7 percent year-on-year (YoY) surge from SAR 388.4 million a year earlier.

 

The firm attributed the jump in net profit to an increase in average selling prices of titanium dioxide products, as well as higher profit share from associates and joint ventures.



Financials (M)

Item 9m 2017 9m 2018 Change‬
Revenues 7,907.13 2,185.66 (72.4 %)
Gross Income 1,388.56 339.71 (75.5 %)
Operating Income 197.35 (341.14) (272.9 %)
Net Income 388.45 1,016.53 161.7 %
Average Shares 668.91 668.91 -
EPS (Riyals) 0.58 1.52 161.7 %

The firm’s net profit in Q3 rose 35.4 percent YoY to SAR 259.4 million on higher average selling price of titanium dioxide products

 

On a sequential basis, net profit in Q3 fell 34.5 percent compared to the previous quarter on lower average selling prices of titanium dioxide products. Net profit was hit by an impairment charge to non-current assets by one of the subsidiaries, higher other expenses, higher financial charges and higher Zakat and income tax provisions.



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Revenues 2,759.12 849.05 (69.2 %)
Gross Income 536.68 162.53 (69.7 %)
Operating Income 121.66 (57.82) (147.5 %)
Net Income 191.55 259.37 35.4 %
Average Shares 668.91 668.91 -
EPS (Riyals) 0.29 0.39 35.4 %

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