Tasnee & Sahara Olefins Co. (TSOC) reported a net profit of SAR 1.169 billion for 2014, marking a 10 percent year-on-year drop from SAR 1.295 billion.

The decline was mainly attributed to falling polyethylene prices and lower sales. In addition, the acrylic complex launched by the company in mid-2014 was also said to have weighed on results, as it incurred financing and amortization costs associated with the facility.

During 2014, the closed joint stock company paid a cash dividend of SAR 3.4 per share, totaling SAR 964.9 million.


TSCOC is 32.55 percent owned by Sahara, while Saudi Arabia’s General Organization for Social Insurance holds a seven percent stake. The remaining 60.45 percent is owned by other firms including Tasnee Petrochemicals and Tasnee Petrochemicals Marketing Co.

TSOC, which also invests in projects, holds a 75 percent equity stake in Saudi Ethylene & Polyethylene Co. (SEPC) and a 65 percent stake in Saudi Acrylic Acid Co. Limited (SAAC).

 

Tasnee & Sahara Olefins Results – 2014 (SAR mln)

Change

2014

2013

Item

+9%

6,395.6

5,866.9

Revenue

(7%)

2,024.4

2,184.7

Gross profit

(5.59%)

31.65%

37.24%

Gross profit margin

+30%

(287.9)

(221.4)

Operating expenses

+107%

(304.7)

(146.9)

Financing expenses

(19%)

1,463.0

1,806.8

Operating income

(63%)

(139.8)

(375.2)

Minority interest

(10%)

1,169.8

1,295.4

Net income

(10%)

4.13

4.58

EPS (SAR/share)

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