Tasnee turns to net profit of SAR 327.5 mln in Q1 2021

29/04/2021 Argaam Exclusive

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Share Price

National Industrialization Co. (TASNEE)

National Industrialization Co. (Tasnee) reported a net profit after Zakat and tax of SAR 327.5 million for the first quarter of 2021, against a net loss of SAR 51.8 million in the prior-year period.

 

The positive performance was driven by an increase in average selling prices of all products, and the company’s higher profit share from associates and joint ventures.

 

Tasnee also reported lower finance costs and higher other income, despite an increase in Zakat and tax provisions.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 654.37 725.38 10.9 %
Gross Income 94.06 186.56 98.3 %
Operating Income (79.15) 22.23 128.1 %
Net Income (51.75) 327.52 732.8 %
Average Shares 668.91 668.91 -
EPS (Riyals) (0.08) 0.49 732.8 %

When compared to Q4 2020, the company’s net profit after Zakat and tax more than doubled from SAR 2.25 billion. The profit surge was attributed to an increase in average selling prices of all products, higher profit share from associates and joint ventures, despite an increase in general and administrative expenses and Zakat provisions.

Shareholders’ equity, excluding minority interest, grew by 2.3% to SAR 7.611 billion by the end of Q1 2021, compared to SAR 7.440 billion in the year-ago period.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2012 4,687.21 3.4 % 1,563.24 (1.7 %) 524.36 (9.6 %) 0.78
Q2 2012 4,625.09 (8.7 %) 1,528.88 (17.2 %) 580.14 (2.4 %) 0.87
Q3 2012 4,166.54 (21.6 %) 1,337.65 (32.1 %) 417.32 (42.4 %) 0.62
Q4 2012 4,443.33 (6.2 %) 1,147.82 (27.6 %) 242.03 (55.4 %) 0.36
Q1 2013 4,783.87 2.1 % 1,374.79 (12.1 %) 355.41 (32.2 %) 0.53
Q2 2013 4,517.23 (2.3 %) 994.39 (35.0 %) 303.09 (47.8 %) 0.45
Q3 2013 4,375.55 5.0 % 1,190.09 (11.0 %) 226.37 (45.8 %) 0.34
Q4 2013 4,522.32 1.8 % 1,278.00 11.3 % 292.57 20.9 % 0.44
Q1 2014 4,414.48 (7.7 %) 1,299.96 (5.4 %) 320.77 (9.7 %) 0.48
Q2 2014 5,086.92 12.6 % 1,361.88 37.0 % 408.31 34.7 % 0.61
Q3 2014 5,612.95 28.3 % 1,185.27 (0.4 %) 243.66 7.6 % 0.36
Q4 2014 3,676.28 (18.7 %) 751.11 (41.2 %) 160.69 (45.1 %) 0.24
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 35.17 % 33.69 % 12.21 %
Q2 2012 34.32 % 33.56 % 12.25 %
Q3 2012 33.02 % 32.67 % 11.34 %
Q4 2012 31.12 % 30.50 % 9.84 %
Q1 2013 29.91 % 28.88 % 8.85 %
Q2 2013 27.10 % 26.05 % 7.36 %
Q3 2013 25.98 % 24.76 % 7.04 %
Q4 2013 26.58 % 25.13 % 7.52 %
Q1 2014 26.71 % 25.43 % 7.49 %
Q2 2014 27.88 % 26.25 % 7.83 %
Q3 2014 26.10 % 24.39 % 6.67 %
Q4 2014 24.47 % 23.76 % 6.03 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 668.91 3.57 3.62 17.54
Q2 2012 668.91 3.55 3.55 16.88
Q3 2012 668.91 3.09 3.09 17.60
Q4 2012 668.91 2.64 2.64 18.04
Q1 2013 668.91 2.38 2.38 18.60
Q2 2013 668.91 1.97 1.97 16.69
Q3 2013 668.91 1.68 1.91 17.30
Q4 2013 668.91 1.76 2.05 17.95
Q1 2014 668.91 1.71 2.00 18.61
Q2 2014 668.91 1.87 2.15 17.86
Q3 2014 668.91 1.89 1.96 18.09
Q4 2014 668.91 1.69 1.69 17.38
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 11.33 11.18 2.30
Q2 2012 8.74 8.74 1.84
Q3 2012 9.88 9.88 1.73
Q4 2012 10.50 10.50 1.54
Q1 2013 12.88 12.88 1.65
Q2 2013 13.30 13.30 1.57
Q3 2013 16.09 14.22 1.57
Q4 2013 19.03 16.36 1.87
Q1 2014 19.67 16.84 1.81
Q2 2014 17.67 15.32 1.85
Q3 2014 20.47 19.78 2.14
Q4 2014 15.70 15.70 1.53
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

Business Segments (Million)

Compared With The
Period Consolidated Petrochemical sector Transformative Industries and others Industrial development Headquarters & Others Consolidation adjustments & eliminations
Q1 2012 - 3,102.90 - 2,243.51 85.01 (744.21)
Q2 2012 - 2,754.58 - 2,397.04 90.96 (617.49)
Q3 2012 - 2,514.89 - 2,216.43 90.44 (655.22)
Q4 2012 - 2,958.86 - 2,076.20 92.00 (683.73)
Q1 2013 - 3,172.73 - 2,333.52 84.70 (807.08)
Q2 2013 - 2,656.83 - 2,486.25 86.65 (712.50)
Q3 2013 - 2,708.39 - 2,303.50 102.32 (738.65)
Q4 2013 - 3,322.96 - 2,031.06 108.34 (940.04)
Q1 2014 - 3,334.57 - 2,192.15 93.31 (1205.54)
Q2 2014 - 3,712.69 - 2,375.16 102.48 (1103.40)
Q3 2014 - 4,355.90 - 2,353.37 111.76 (1208.08)
Q4 2014 - 2,484.05 - 2,032.52 106.13 (1044.48)
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 1,647.16 285.06 156.01 - - (8.15)
Q4 2016 1,612.19 432.53 243.83 - - (3.59)
Q1 2017 1,793.10 490.76 391.19 - - (194.51)
Q2 2017 2,017.28 324.73 131.24 - - 194.24
Q3 2017 2,106.64 377.73 274.93 - - (0.18)
Q4 2017 2,118.58 544.48 231.43 - - (5.19)
Q1 2018 2,200.13 328.84 291.46 - - (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 - - -

Analysts Estimates (Million)

Item Q1 2021 (e) Q1 2021 (a) Change‬
Average 60.60 327.52 440.45 %

Estimates vs Actual (Million)

Item Q1 2021 (e) Q1 2021 (a) Change
AlJazira Capital 88.80 327.52 268.8 %
SNB Capital 59.00 327.52 455.1 %
Riyad Capital 34.00 327.52 863.3 %

Current
Market Cap (M Riyal) 7,866.43
Enterprise Value (EV) (M) 12,815.18
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) 34.12
P/E (TTM) More than 100
Price/book 0.83
Return on Average Assets (%) (TTM) 0.1
Return on Average Equity (%) (TTM) 0.2

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