Tasnee’s net profit soars to SAR 716 mln in FY17

27/02/2018 Argaam Exclusive

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Share Price

National Industrialization Co. (TASNEE)

National Industrialization Co.’s (Tasnee) net profit jumped to SAR 716.2 million in fiscal year 2017, compared to a profit of SAR 101.4 million the previous year.

 

The increase was attributed to improved performance, higher sales prices of titanium dioxide (TiO2), an increase in other income and lower tax rates in a number of foreign subsidiaries.



Financials (M)

Item 2016 2017 Change‬
Revenues 8,619.53 10,796.42 25.3 %
Gross Income 907.04 2,104.17 132.0 %
Operating Income (646.48) 465.03 171.9 %
Net Income 101.42 716.16 606.1 %
Average Shares 668.91 668.91 -
EPS (Riyals) 0.15 1.07 606.1 %


Current Quarter Comparison (M)

Compared With The
Item Q4 2016 Q4 2017 Change‬
Revenues 2,284.97 2,889.29 26.4 %
Gross Income 393.45 715.60 81.9 %
Operating Income 9.70 267.68 2659.3 %
Net Income 9.44 327.71 3370.7 %
Average Shares 668.91 668.91 -
EPS (Riyals) 0.01 0.49 3370.7 %


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
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
2017 10,796.42 25.3 % 2,104.17 132.0 % 716.16 606.1 % 1.07

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 %
Q3 2017 17.48 % 10.54 % 3.90 %
Q4 2017 19.49 % 12.24 % 7.50 %
2017 19.49 % 12.21 % 7.50 %


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
Q3 2017 668.91 0.59 0.59 11.93
Q4 2017 668.91 1.07 1.21 12.48

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 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

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
Q3 2017 2,106.64 377.73 274.93 - - (0.18)
Q4 2017 2,118.58 544.48 231.43 - - (5.19)

Analysts Estimates (Million)

Item Q4 2017 (e) Q4 2017 (a) Change‬
Average 190.96 327.71 71.61 %

Estimates vs Actual (Million)

Item Q4 2017 (e) Q4 2017 (a) Change
SNB Capital 211.00 327.71 55.3 %
Al Rajhi Capital 201.00 327.71 63.0 %
AlJazira Capital 195.70 327.71 67.5 %
OSOOL AND BAKHEET 176.60 327.71 85.6 %
Sico 170.50 327.71 92.2 %

Current
Market Cap (M Riyal) 8,120.62
Enterprise Value (EV) (M) 13,069.37
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) 35.23
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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