Tasnee turns to SAR 1 bln net loss in FY15

21/01/2016 Argaam Exclusive

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National Industrialization Co. (Tasnee) swung to a net loss of SAR 1.43 billion for the 2015 fiscal year, compared to a SAR 1.07 billion net profit seen in the same period during the previous year. The drop was attributed to a sharp decline in titanium dioxide prices, as well as lower sales prices for other petrochemical products.



Financials (M)

Item 2014 2015 Change‬
Revenues 18,692.58 15,145.51 (19.0 %)
Gross Income 4,612.48 2,212.75 (52.0 %)
Operating Income 2,775.57 (9.91) (100.4 %)
Net Income 1,070.55 (1423.10) (232.9 %)
Average Shares 668.91 668.91 -
EPS (Riyals) 1.60 (2.13) (232.9 %)

 

The company also turned to a net loss of SAR 690.2 million in Q4-2015, compared to a net profit of SAR 160.7 million recorded for the same period in 2014. Net profit plunged 133 percent between the third and fourth quarters of 2015.



Current Quarter Comparison (M)

Compared With The
Item Q4 2014 Q4 2015 Change‬
Revenues 3,676.28 3,432.59 (6.6 %)
Gross Income 751.11 284.30 (62.1 %)
Operating Income 387.55 (433.80) (211.9 %)
Net Income 160.69 (686.56) (527.3 %)
Average Shares 668.91 668.91 -
EPS (Riyals) 0.24 (1.03) (527.3 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2006 654.10 (11.9 %) 196.00 (40.4 %) 92.38 (23.1 %) 0.16
Q2 2006 781.73 19.0 % 287.03 20.3 % 207.20 130.8 % 0.35
Q3 2006 881.29 32.7 % 335.53 68.5 % 184.50 183.2 % 0.31
Q4 2006 924.08 18.1 % 371.59 29.5 % 209.02 154.7 % 0.35
Q1 2007 888.01 35.8 % 352.09 79.6 % 207.51 124.6 % 0.35
Q2 2007 971.71 24.3 % 328.81 14.6 % 156.56 (24.4 %) 0.26
Q3 2007 852.99 (3.2 %) 255.13 (24.0 %) 101.64 (44.9 %) 0.17
Q4 2007 4,513.99 388.5 % 909.36 144.7 % 195.44 (6.5 %) 0.33
Q1 2008 2,413.44 171.8 % 489.03 38.9 % 148.02 (28.7 %) 0.25
Q2 2008 2,754.32 183.5 % 619.56 88.4 % 221.02 41.2 % 0.33
Q3 2008 2,787.06 226.7 % 534.65 109.6 % 149.95 47.5 % 0.22
Q4 2008 2,082.32 (53.9 %) 406.92 (55.3 %) 81.87 (58.1 %) 0.12
Q1 2009 1,507.45 (37.5 %) 228.07 (53.4 %) (25.76) (117.4 %) (0.04)
Q2 2009 2,288.97 (16.9 %) 386.21 (37.7 %) 91.94 (58.4 %) 0.14
Q3 2009 3,406.58 22.2 % 965.12 80.5 % 237.31 58.3 % 0.35
Q4 2009 3,659.93 75.8 % 877.11 115.5 % 216.00 163.8 % 0.32
Q1 2010 3,952.91 162.2 % 1,155.81 406.8 % 332.79 1392.1 % 0.50
Q2 2010 4,154.05 81.5 % 1,233.50 219.4 % 385.38 319.1 % 0.58
Q3 2010 3,964.10 16.4 % 1,116.87 15.7 % 373.04 57.2 % 0.56
Q4 2010 3,922.19 7.2 % 1,033.37 17.8 % 381.40 76.6 % 0.57
Q1 2011 4,531.54 14.6 % 1,590.02 37.6 % 580.04 74.3 % 0.87
Q2 2011 5,063.91 21.9 % 1,846.58 49.7 % 594.16 54.2 % 0.89
Q3 2011 5,317.52 34.1 % 1,970.36 76.4 % 725.01 94.4 % 1.08
Q4 2011 4,735.76 20.7 % 1,584.70 53.4 % 542.22 42.2 % 0.81
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)
2015 15,145.51 (19.0 %) 2,212.75 (52.0 %) (1423.10) (232.9 %) (2.13)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 33.39 % 32.84 % 11.94 %
Q2 2006 33.62 % 32.15 % 16.36 %
Q3 2006 35.67 % 35.08 % 19.83 %
Q4 2006 36.72 % 36.53 % 24.25 %
Q1 2007 38.74 % 38.10 % 25.93 %
Q2 2007 37.87 % 37.95 % 22.53 %
Q3 2007 35.96 % 35.23 % 19.78 %
Q4 2007 25.54 % 21.11 % 9.15 %
Q1 2008 22.65 % 17.84 % 6.87 %
Q2 2008 21.58 % 18.04 % 6.32 %
Q3 2008 20.47 % 16.24 % 5.73 %
Q4 2008 20.43 % 17.17 % 5.99 %
Q1 2009 19.59 % 16.48 % 4.68 %
Q2 2009 17.95 % 14.73 % 3.44 %
Q3 2009 21.39 % 20.08 % 4.57 %
Q4 2009 22.61 % 22.53 % 5.14 %
Q1 2010 25.43 % 25.88 % 6.97 %
Q2 2010 27.89 % 27.49 % 8.05 %
Q3 2010 27.86 % 27.94 % 8.84 %
Q4 2010 28.38 % 27.49 % 9.71 %
Q1 2011 30.01 % 28.67 % 10.80 %
Q2 2011 31.96 % 30.27 % 11.61 %
Q3 2011 34.19 % 31.61 % 12.26 %
Q4 2011 35.58 % 34.05 % 12.59 %
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 %)
2015 14.61 % 12.00 % (5.30 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 595.27 0.55 0.55 8.35
Q2 2006 595.27 0.75 0.79 8.70
Q3 2006 595.27 0.95 1.03 9.01
Q4 2006 595.27 1.16 1.32 9.35
Q1 2007 595.27 1.36 1.51 9.70
Q2 2007 595.28 1.27 1.39 9.57
Q3 2007 595.28 1.13 1.21 9.74
Q4 2007 595.28 1.11 1.11 9.98
Q1 2008 595.28 1.01 1.01 10.21
Q2 2008 668.91 1.00 1.00 11.98
Q3 2008 668.91 1.07 1.07 11.92
Q4 2008 668.91 0.90 0.90 10.99
Q1 2009 668.91 0.64 0.64 10.95
Q2 2009 668.91 0.45 0.45 10.84
Q3 2009 668.91 0.58 0.63 11.21
Q4 2009 668.91 0.78 0.83 11.65
Q1 2010 668.91 1.31 1.39 12.25
Q2 2010 668.91 1.75 1.83 12.40
Q3 2010 668.91 1.95 2.08 13.09
Q4 2010 668.91 2.20 2.32 13.85
Q1 2011 668.91 2.57 2.67 14.68
Q2 2011 668.91 2.88 3.04 14.90
Q3 2011 668.91 3.41 3.45 15.55
Q4 2011 668.91 3.65 3.70 16.48
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 91.31 91.31 6.05
Q2 2006 58.63 55.53 5.06
Q3 2006 37.12 34.19 3.92
Q4 2006 18.99 16.75 2.36
Q1 2007 16.53 14.82 2.31
Q2 2007 16.08 14.75 2.14
Q3 2007 18.79 17.62 2.19
Q4 2007 29.73 29.73 3.31
Q1 2008 31.03 31.03 3.07
Q2 2008 26.80 26.80 2.23
Q3 2008 20.38 20.38 1.83
Q4 2008 10.00 10.00 0.82
Q1 2009 14.46 14.46 0.84
Q2 2009 29.52 29.52 1.21
Q3 2009 26.37 23.95 1.36
Q4 2009 24.93 23.19 1.66
Q1 2010 16.16 15.29 1.73
Q2 2010 10.26 9.83 1.45
Q3 2010 11.75 11.04 1.75
Q4 2010 12.21 11.58 1.94
Q1 2011 10.90 10.48 1.91
Q2 2011 12.57 11.94 2.43
Q3 2011 9.63 9.51 2.11
Q4 2011 9.29 9.17 2.06
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

Business Segments (Million)

Compared With The
Period Petrochemical sector Industrial development Headquarters & Others Consolidation adjustments & eliminations
Q1 2006 488.06 288.23 29.43 (151.62)
Q2 2006 645.64 273.77 29.04 (166.72)
Q3 2006 737.27 287.50 37.79 (181.28)
Q4 2006 724.54 337.66 37.82 (175.95)
Q1 2007 711.49 335.63 39.12 (198.23)
Q2 2007 788.60 352.71 43.22 (212.83)
Q3 2007 590.72 440.28 54.46 (232.46)
Q4 2007 830.81 3,871.19 63.20 (251.21)
Q1 2008 773.08 1,824.55 59.66 (243.85)
Q2 2008 1,062.26 1,999.53 60.41 (367.88)
Q3 2008 963.77 2,029.86 70.97 (277.53)
Q4 2008 504.62 1,725.08 64.58 (211.95)
Q1 2009 253.72 1,368.12 58.88 (173.28)
Q2 2009 735.53 1,778.76 69.14 (294.46)
Q3 2009 1,835.56 1,939.81 54.11 (422.90)
Q4 2009 2,030.32 1,896.18 64.13 (330.70)
Q1 2010 2,634.97 1,869.37 55.75 (607.17)
Q2 2010 2,769.42 1,907.61 70.78 (593.76)
Q3 2010 2,253.50 2,161.37 78.28 (529.05)
Q4 2010 2,203.89 2,197.11 94.56 (573.36)
Q1 2011 2,664.49 2,408.62 84.28 (625.84)
Q2 2011 3,058.56 2,562.09 83.66 (640.40)
Q3 2011 3,114.91 2,949.41 92.74 (839.54)
Q4 2011 2,987.41 2,447.79 92.19 (791.63)
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)

Analysts Estimates (Million)

Item Q4 2015 (e) Q4 2015 (a) Change‬
Average (171.08) (686.56) (301.3 %)

Estimates vs Actual (Million)

Item Q4 2015 (e) Q4 2015 (a) Change
AlJazira Capital (198.60) (686.56) (245.7) %
SNB Capital (179.00) (686.56) (283.6) %
SFC (171.00) (686.56) (301.5) %
KASB Capital (135.70) (686.56) (405.9) %

Current
Market Cap (M Riyal) 7,665.76
Enterprise Value (EV) (M) 12,614.51
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) 33.25
P/E (TTM) More than 100
Price/book 0.80
Return on Average Assets (%) (TTM) 0.1
Return on Average Equity (%) (TTM) 0.2

Share Price

11.46
(0.06) (0.52 %)

National Industrialization Co. (TASNEE)


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