National Industrialization Co. (Tasnee) trimmed net loss after Zakat and tax by 75.4% year-on-year (YoY) to SAR 265.3 million for the first half of 2020, driven by lower financial charges, decreased Zakat provisions, and higher other income.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 1,470.33 | 1,091.65 | (25.8 %) |
| Gross Income | 206.61 | 170.43 | (17.5 %) |
| Operating Income | (169.68) | (211.47) | (24.6 %) |
| Net Income | (1077.15) | (231.98) | 78.5 % |
| Average Shares | 668.91 | 668.91 | - |
| EPS (Riyals) | (1.61) | (0.35) | 78.5 % |
Tasnee incurred SAR 188.8 million in net loss after Zakat and tax for the second quarter versus net profit of SAR 212.1 million in Q2 2019, due to lower average selling prices and decline in profit share from associates.
On a quarter-on-quarter basis, the company widened losses by more than twofold.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 731.16 | 437.28 | (40.2 %) |
| Gross Income | 87.74 | 76.37 | (13.0 %) |
| Operating Income | (126.47) | (132.32) | (4.6 %) |
| Net Income | 212.14 | (180.23) | (185.0 %) |
| Average Shares | 668.91 | 668.91 | - |
| EPS (Riyals) | 0.32 | (0.27) | (185.0 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 654.37 | 437.28 | (33.2 %) |
| Gross Income | 94.06 | 76.37 | (18.8 %) |
| Operating Income | (79.15) | (132.32) | (67.2 %) |
| Net Income | (51.75) | (180.23) | (248.2 %) |
| Average Shares | 668.91 | 668.91 | - |
| EPS (Riyals) | (0.08) | (0.27) | (248.2 %) |
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