Tasnee 2022 profit drops 51% to SAR 666.3 mln; Q4 at SAR 43.1 mln

28/02/2023 Argaam Exclusive

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Share Price

12.06
(0.08) (0.66 %)

National Industrialization Co. (TASNEE)

National Industrialization Co. (Tasnee) posted a net profit after Zakat and tax of SAR 666.3 million for 2022, down 51% from SAR 1.35 billion a year before.



Financials (M)

Item 2021 2022 Change‬
Revenues 3,673.09 3,882.86 5.7 %
Gross Income 987.00 864.29 (12.4 %)
Operating Income (267.95) 174.05 165.0 %
Net Income 1,356.39 666.35 (50.9 %)
Average Shares 668.91 668.91 -
EPS (Riyals) 2.03 1.00 (50.9 %)

The lower earnings were due to a decline in share of profit from investment in joint ventures and associates on lower average selling prices and sales volumes. This is in addition to higher feedstock costs, logistics expenses, financing costs and impairment provision of non-financial assets related to the subsidiary, Advanced Metal Industries Cluster Co.  

   

However, the company posted higher revenue driven by improved average selling prices and sales volumes for certain products, partial reversal of impairment provisions for financial assets, increase in finance income, other income as well as lower general and administrative expenses and Zakat provisions.  

 

In Q4 2022, Tasnee reported an 87% fall in net earnings to SAR 43.1 million, compared with SAR 338.69 million a year earlier. 

 

On a sequential basis, Q4 2022 net earnings surged from SAR 17.13 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 1,163.01 939.45 (19.2 %)
Gross Income 331.10 186.89 (43.6 %)
Operating Income (411.07) (99.40) 75.8 %
Net Income 338.69 43.14 (87.3 %)
Average Shares 668.91 668.91 -
EPS (Riyals) 0.51 0.06 (87.3 %)

Total shareholders’ equity, after minority interest, rose to SAR 9.61 billion at the end of 2022 compared with SAR 8.70 billion a year before.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q2 2018 716.48 (73.1 %) 99.72 (76.5 %) 395.81 323.1 % 0.59
Q3 2018 849.05 (69.2 %) 162.53 (69.7 %) 259.37 35.4 % 0.39
Q4 2018 879.68 (69.6 %) 89.03 (87.6 %) 185.56 (43.4 %) 0.28
Q1 2019 739.17 19.2 % 118.87 53.5 % (1289.29) (456.8 %) (1.93)
Q2 2019 731.16 2.0 % 87.74 (12.0 %) 212.14 (46.4 %) 0.32
Q3 2019 799.59 (5.8 %) 90.81 (44.1 %) 22.42 (91.4 %) 0.03
Q4 2019 708.62 (19.4 %) 103.84 16.6 % (621.58) (435.0 %) (0.93)
Q1 2020 654.37 (11.5 %) 94.06 (20.9 %) (51.75) 96.0 % (0.08)
Q2 2020 437.28 (40.2 %) 76.37 (13.0 %) (180.23) (185.0 %) (0.27)
Q3 2020 573.02 (28.3 %) 71.64 (21.1 %) (42.33) (288.8 %) (0.06)
Q4 2020 607.16 (14.3 %) 87.76 (15.5 %) (172.44) 72.3 % (0.26)
Q1 2021 725.38 10.9 % 186.56 98.3 % 327.52 732.8 % 0.49
Q2 2021 780.42 78.5 % 219.43 187.3 % 356.74 297.9 % 0.53
Q3 2021 1,004.29 75.3 % 249.91 248.8 % 333.45 887.8 % 0.50
Q4 2021 1,163.01 91.5 % 331.10 277.3 % 338.69 296.4 % 0.51
Q1 2022 979.18 35.0 % 288.15 54.5 % 308.96 (5.7 %) 0.46
Q2 2022 1,077.12 38.0 % 259.14 18.1 % 297.12 (16.7 %) 0.44
Q3 2022 887.11 (11.7 %) 130.11 (47.9 %) 17.13 (94.9 %) 0.03
Q4 2022 939.45 (19.2 %) 186.89 (43.6 %) 43.14 (87.3 %) 0.06
2022 3,882.86 5.7 % 864.29 (12.4 %) 666.35 (50.9 %) 1.00

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2018 20.46 % 14.73 % 19.62 %
Q3 2018 20.79 % 16.49 % 29.79 %
Q4 2018 13.99 % 15.59 % 43.57 %
Q1 2019 14.76 % 18.78 % 31.33 %
Q2 2019 14.32 % 12.44 % 9.06 %
Q3 2019 12.27 % 7.88 % (0.65 %)
Q4 2019 13.47 % 4.82 % (29.80 %)
Q1 2020 13.01 % (2.66 %) (32.86 %)
Q2 2020 14.04 % (2.98 %) (24.32 %)
Q3 2020 14.58 % (6.52 %) (29.37 %)
Q4 2020 14.52 % (5.09 %) 2.61 %
Q1 2021 18.03 % (0.47 %) 18.21 %
Q2 2021 21.05 % 5.37 % 28.92 %
Q3 2021 23.86 % 12.30 % 36.97 %
Q4 2021 26.87 % 0.11 % 22.03 %
Q1 2022 27.72 % 3.10 % 20.13 %
Q2 2022 26.71 % 5.02 % 17.31 %
Q3 2022 24.56 % 3.09 % 10.10 %
Q4 2022 22.26 % 10.45 % 13.42 %
2022 22.26 % 10.45 % 13.42 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2018 668.91 1.91 2.05 13.53
Q3 2018 668.91 2.01 2.26 13.81
Q4 2018 668.91 1.80 2.00 13.96
Q1 2019 668.91 (0.67) 1.49 14.29
Q2 2019 668.91 (0.95) 0.43 14.90
Q3 2019 668.91 (1.30) (0.03) 14.91
Q4 2019 668.91 (2.51) (1.33) 11.70
Q1 2020 668.91 (0.66) (1.42) 11.30
Q2 2020 668.91 (1.24) (0.95) 11.20
Q3 2020 668.91 (1.34) (1.04) 11.21
Q4 2020 668.91 (0.67) 0.09 10.87
Q1 2021 668.91 (0.10) 0.64 11.38
Q2 2021 668.91 0.70 1.16 12.04
Q3 2021 668.91 1.26 1.72 12.45
Q4 2021 668.91 2.03 1.21 13.01
Q1 2022 668.91 2.00 1.18 14.09
Q2 2022 668.91 1.91 1.09 14.25
Q3 2022 668.91 1.44 0.62 14.24
Q4 2022 668.91 1.00 0.78 14.37

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 50 More than 50 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
Q2 2018 11.60 10.81 1.64
Q3 2018 9.85 8.76 1.43
Q4 2018 8.41 7.57 1.08
Q1 2019 NEG 12.08 1.26
Q2 2019 NEG 39.69 1.15
Q3 2019 NEG NEG 0.89
Q4 2019 NEG NEG 1.17
Q1 2020 NEG NEG 0.81
Q2 2020 NEG NEG 0.93
Q3 2020 NEG NEG 1.18
Q4 2020 NEG More than 50 1.26
Q1 2021 NEG 23.77 1.33
Q2 2021 27.53 16.64 1.60
Q3 2021 18.60 13.64 1.89
Q4 2021 9.84 16.50 1.53
Q1 2022 11.55 19.55 1.64
Q2 2022 8.44 14.75 1.13
Q3 2022 9.49 22.01 0.96
Q4 2022 12.41 15.87 0.86

Business Segments (Million)

Compared With The
Period Consolidated Petrochemical sector Transformative Industries and others Industrial development Headquarters & Others Consolidation adjustments & eliminations
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)
Q2 2018 - 426.31 290.38 - - (0.21)
Q3 2018 - 636.64 212.74 - - (0.34)
Q4 2018 - 495.96 383.17 - - 0.55
Q1 2019 - 456.10 283.34 - - (0.27)
Q2 2019 - 453.18 278.33 - - (0.35)
Q3 2019 - 463.30 336.74 - - (0.45)
Q4 2019 - 396.13 312.78 - - (0.29)
Q1 2020 - 341.74 312.95 - - (0.32)
Q2 2020 - 245.64 192.22 - - (0.58)
Q3 2020 - 202.12 371.62 - - (0.72)
Q4 2020 - 269.54 336.00 - - 1.62
Q1 2021 - 385.89 339.49 - - -
Q2 2021 - 469.44 310.97 - - -
Q3 2021 - 651.50 352.78 - - -
Q4 2021 - 769.74 393.27 - - -
Q1 2022 31.99 579.67 367.52 - - -
Q2 2022 89.67 640.85 346.60 - - -
Q3 2022 75.91 479.73 331.46 - - -
Q4 2022 94.57 494.75 350.13 - - -

Analysts Estimates (Million)

Item Q4 2022 (e) Q4 2022 (a) Change‬
Average 73.14 43.14 (41.0 %)

Estimates vs Actual (Million)

Item Q4 2022 (e) Q4 2022 (a) Change
Riyad Capital 38.00 43.14 13.5 %
AlJazira Capital 36.50 43.14 18.2 %
SNB Capital 66.20 43.14 (34.8) %
U-Capital 224.00 43.14 (80.7) %
Hermes 1.00 43.14 4,213.8 %

Current
Market Cap (M Riyal) 8,067.10
Enterprise Value (EV) (M) 13,015.86
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) 34.99
P/E (TTM) More than 50
Price/book 0.85
Return on Average Assets (%) (TTM) 0.1
Return on Average Equity (%) (TTM) 0.2

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