National Industrialization Co. (Tasnee) reported a net profit after Zakat and tax of SAR 309 million for the first quarter of 2022, down 6% from SAR 327.5 million in the prior-year period.
The decline in profit was attributed to a decrease in profit share from investments in associates and joint ventures, due to higher average feedstock costs and lower sales volumes of certain products. This came despite an increase in sales revenue as average selling prices of most of the products improved.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 725.38 | 979.18 | 35.0 % |
| Gross Income | 186.56 | 288.15 | 54.5 % |
| Operating Income | 22.23 | 143.29 | 544.6 % |
| Net Income | 327.52 | 308.96 | (5.7 %) |
| Average Shares | 668.91 | 668.91 | - |
| EPS (Riyals) | 0.49 | 0.46 | (5.7 %) |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 1,163.01 | 979.18 | (15.8 %) |
| Gross Income | 331.10 | 288.15 | (13.0 %) |
| Operating Income | (411.07) | 143.29 | 134.9 % |
| Net Income | 338.69 | 308.96 | (8.8 %) |
| Average Shares | 668.91 | 668.91 | - |
| EPS (Riyals) | 0.51 | 0.46 | (8.8 %) |
When compared to Q4 2021, Tasnee’s net profit after Zakat and tax fell 8.8% from SAR 338.69 million, due to lower sales revenue along with a decline in profit share from associates and joint ventures. The company also noted an increase in general and administrative expenses.
Shareholders’ equity, excluding minority interest, grew by 23.8% to SAR 9.423 billion by the end of Q1 2022, compared to SAR 7.611 billion in the year-ago period.
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