National Industrialization Company (Tasnee) reported a net profit of SAR 113.5 million in H1 2023, a decline of 81% from SAR 606.1 million in the year-earlier period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 2,056.31 | 1,777.93 | (13.5 %) |
| Gross Income | 547.29 | 258.51 | (52.8 %) |
| Operating Income | 258.07 | (114.72) | (144.5 %) |
| Net Income | 606.08 | 113.50 | (81.3 %) |
| Average Shares | 668.91 | 668.91 | - |
| EPS (Riyals) | 0.91 | 0.17 | (81.3 %) |
The profit decline was attributed to lower average selling prices of most products resulting in a decrease in revenue and share of profit from joint ventures and associates, despite a decline in net finance costs and Zakat provisions as well as an increase in other income.
In addition, share of profit from associates decreased by SAR 147 million (Tasnee share: SAR 116 million) due to IFRS based non-recurring adjustment of a valuation allowance relating to deferred assets tax recorded by an associate, Tronox Holdings plc.
The company reported a net profit of SAR 31.4 million in Q2 2023, up from SAR 297.12 million a year earlier.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 1,077.12 | 889.24 | (17.4 %) |
| Gross Income | 259.14 | 143.47 | (44.6 %) |
| Operating Income | 114.78 | (13.94) | (112.1 %) |
| Net Income | 297.12 | 31.41 | (89.4 %) |
| Average Shares | 668.91 | 668.91 | - |
| EPS (Riyals) | 0.44 | 0.05 | (89.4 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 888.69 | 889.24 | 0.1 % |
| Gross Income | 115.04 | 143.47 | 24.7 % |
| Operating Income | (100.78) | (13.94) | 86.2 % |
| Net Income | 82.09 | 31.41 | (61.7 %) |
| Average Shares | 668.91 | 668.91 | - |
| EPS (Riyals) | 0.12 | 0.05 | (61.7 %) |
On a quarterly basis, net earnings dropped by 61.7% from SAR 82.9 million.
Total shareholders’ equity, excluding minority interest, stood at SAR 9.67 billion as of June 30, 2023, compared to SAR 9.53 billion in the prior-year period.
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