Tasnee's 9M 2022 profit falls 39% to SAR 623.2 mln; Q3 at SAR 17.1 mln

30/10/2022 Argaam Exclusive

National Industrialization Co. (Tasnee) reported a net profit after Zakat and tax of SAR 623.2 million for the first nine months of 2022, a decline of 39%, compared with SAR 1.017 billion in the same period last year. 



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 2,510.08 2,943.41 17.3 %
Gross Income 655.90 677.40 3.3 %
Operating Income 143.11 273.45 91.1 %
Net Income 1,017.70 623.21 (38.8 %)
Average Shares 668.91 668.91 -
EPS (Riyals) 1.52 0.93 (38.8 %)

The profit decline was primarily attributed to a decrease in share of profit from investments in joint ventures, mainly resulting from lower average selling prices and sales volumes for certain petrochemical products. The company also cited higher feedstock and logistics costs and lower other income, despite an increase in revenue from certain products driven by improved average selling prices and sales volumes, as well as lower general and administrative expenses.

 

Tasnee reported a net profit after Zakat and tax of SAR 17.1 million for Q3 2022, down 95% from SAR 333.4 million a year earlier.  



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 1,004.29 887.11 (11.7 %)
Gross Income 249.91 130.11 (47.9 %)
Operating Income 99.83 15.38 (84.6 %)
Net Income 333.45 17.13 (94.9 %)
Average Shares 668.91 668.91 -
EPS (Riyals) 0.50 0.03 (94.9 %)

Compared with the previous quarter, Q3 2022 net profit dropped 94% from SAR 297.1 million.  

 

Total shareholders’ equity, excluding minority interests, stood at SAR 9.526 billion as of Sept. 30, 2022, growing by 9.5% from SAR 8.329 billion a year earlier.

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