Tasnee’s Q1 net profit triples on higher prices

24/04/2018 Argaam Exclusive

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National Industrialization Co. (Tasnee) posted a net profit of SAR 361.4 million for the first quarter of 2018, more than triple year-on-year (YoY), on higher selling prices of titanium dioxide products and lower financial charges, despite increased general and administrative expenses.

 

Tasnee also generated higher profit from associates and joint ventures on improved operating performance.

Compared to the previous quarter, Q1 net profit climbed 10.28 percent, backed by strong operating performance and higher profit share from associates and JVs.

 

Meanwhile, gross profit surged 91.61 percent YoY to SAR 818 million in the same quarter.



Current Quarter Comparison (M)

Compared With The
Item Q1 2017 Q1 2018 Change‬
Revenues 2,480.53 620.13 (75.0 %)
Gross Income 426.87 77.46 (81.9 %)
Operating Income 26.53 (110.55) (516.7 %)
Net Income 103.34 361.36 249.7 %
Average Shares 668.91 668.91 -
EPS (Riyals) 0.15 0.54 249.7 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q3 2017 2,759.12 32.6 % 536.68 100.1 % 191.55 77.5 % 0.29
Q4 2017 2,889.29 26.4 % 715.60 81.9 % 327.71 3370.7 % 0.49
Q1 2018 620.13 (75.0 %) 77.46 (81.9 %) 361.36 249.7 % 0.54

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2017 17.48 % 10.54 % 3.90 %
Q4 2017 19.49 % 12.24 % 7.50 %
Q1 2018 19.64 % 13.16 % 11.95 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2017 668.91 0.59 0.59 11.93
Q4 2017 668.91 1.07 1.21 12.48
Q1 2018 668.91 1.46 1.60 13.19

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2017 26.29 26.29 1.31
Q4 2017 15.32 13.54 1.31
Q1 2018 13.64 12.44 1.51

Business Segments (Million)

Compared With The
Period Consolidated Petrochemical sector Transformative Industries and others Industrial development Headquarters & Others Consolidation adjustments & eliminations
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
Q3 2017 2,106.64 377.73 274.93 - - (0.18)
Q4 2017 2,118.58 544.48 231.43 - - (5.19)
Q1 2018 2,200.13 328.84 291.46 - - (0.17)

Analysts Estimates (Million)

Item Q1 2018 (e) Q1 2018 (a) Change‬
Average 280.50 361.36 28.83 %

Estimates vs Actual (Million)

Item Q1 2018 (e) Q1 2018 (a) Change
SNB Capital 303.00 361.36 19.3 %
Sico 290.00 361.36 24.6 %
AlJazira Capital 285.50 361.36 26.6 %
OSOOL AND BAKHEET 270.00 361.36 33.8 %
Al Rajhi Capital 254.00 361.36 42.3 %

Current
Market Cap (M Riyal) 7,946.70
Enterprise Value (EV) (M) 12,895.45
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) 34.47
P/E (TTM) More than 100
Price/book 0.83
Return on Average Assets (%) (TTM) 0.1
Return on Average Equity (%) (TTM) 0.2

Share Price

National Industrialization Co. (TASNEE)


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