Tasnee posts SAR 197 mln profit in H1 2017

26/07/2017 Argaam Exclusive

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Share Price

11.90
(0.24) (1.98 %)

National Industrialization Co. (TASNEE)

 

National Industrialization Co. (Tasnee) reported a net profit of SAR 196.9 million for the first half of 2017, against a loss of SAR 16 million in H1 2016, attributed to higher average sales prices for certain products and increase in other income.

 

This was despite higher financial charges and an increase in Zakat and income tax provisions, as well as lower profit share from associates and joint ventures.



Financials (M)

Item 6m 2016 6m 2017 Change‬
Revenues 4,254.49 5,148.02 21.0 %
Gross Income 245.34 851.88 247.2 %
Operating Income (472.19) 79.09 116.7 %
Net Income (15.96) 196.90 1333.8 %
Average Shares 668.91 668.91 -
EPS (Riyals) (0.02) 0.29 1333.8 %

The petrochemical firm posted a net profit of SAR 93.6 million in Q2, up nearly 7 percent year-on-year (YoY) on an increase in average sales prices of certain products and an increase in other income.

 

Net profit dropped 9.4 percent in Q2 compared to the previous quarter, due to an increase in the cost of some products and lower profit share from associates.



Current Quarter Comparison (M)

Compared With The
Item Q2 2016 Q2 2017 Change‬
Revenues 2,171.23 2,667.48 22.9 %
Gross Income 96.40 425.01 340.9 %
Operating Income (243.65) 52.22 121.4 %
Net Income 87.54 93.56 6.9 %
Average Shares 668.91 668.91 -
EPS (Riyals) 0.13 0.14 6.9 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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)
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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

Business Segments (Million)

Compared With The
Period Consolidated Petrochemical sector Transformative Industries and others Industrial development Headquarters & Others Consolidation adjustments & eliminations
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)
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

Analysts Estimates (Million)

Item Q2 2017 (e) Q2 2017 (a) Change‬
Average 123.30 93.56 (24.1 %)

Estimates vs Actual (Million)

Item Q2 2017 (e) Q2 2017 (a) Change
Al Rajhi Capital 96.00 93.56 (2.5) %
AlJazira Capital 119.50 93.56 (21.7) %
SNB Capital 123.00 93.56 (23.9) %
Sico 129.00 93.56 (27.5) %
Hermes 149.00 93.56 (37.2) %

Current
Market Cap (M Riyal) 7,960.08
Enterprise Value (EV) (M) 12,908.83
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) 34.53
P/E (TTM) More than 100
Price/book 0.84
Return on Average Assets (%) (TTM) 0.1
Return on Average Equity (%) (TTM) 0.2

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