Tasnee 2022 profit drops 51% to SAR 666.3 mln; Q4 at SAR 43.1 mln

28/02/2023 Argaam Exclusive

National Industrialization Co. (Tasnee) posted a net profit after Zakat and tax of SAR 666.3 million for 2022, down 51% from SAR 1.35 billion a year before.



Financials (M)

Item 2021 2022 Change‬
Revenues 3,673.09 3,882.86 5.7 %
Gross Income 987.00 864.29 (12.4 %)
Operating Income (267.95) 174.05 165.0 %
Net Income 1,356.39 666.35 (50.9 %)
Average Shares 668.91 668.91 -
EPS (Riyals) 2.03 1.00 (50.9 %)

The lower earnings were due to a decline in share of profit from investment in joint ventures and associates on lower average selling prices and sales volumes. This is in addition to higher feedstock costs, logistics expenses, financing costs and impairment provision of non-financial assets related to the subsidiary, Advanced Metal Industries Cluster Co.  

   

However, the company posted higher revenue driven by improved average selling prices and sales volumes for certain products, partial reversal of impairment provisions for financial assets, increase in finance income, other income as well as lower general and administrative expenses and Zakat provisions.  

 

In Q4 2022, Tasnee reported an 87% fall in net earnings to SAR 43.1 million, compared with SAR 338.69 million a year earlier. 

 

On a sequential basis, Q4 2022 net earnings surged from SAR 17.13 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 1,163.01 939.45 (19.2 %)
Gross Income 331.10 186.89 (43.6 %)
Operating Income (411.07) (99.40) 75.8 %
Net Income 338.69 43.14 (87.3 %)
Average Shares 668.91 668.91 -
EPS (Riyals) 0.51 0.06 (87.3 %)

Total shareholders’ equity, after minority interest, rose to SAR 9.61 billion at the end of 2022 compared with SAR 8.70 billion a year before.

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