National Industrialization Co. (Tasnee) reported a loss of SAR 72.1 million in Q1 2024 from a profit of SAR 82.1 million in the year-earlier period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 888.69 | 761.40 | (14.3 %) |
| Gross Income | 115.04 | 19.56 | (83.0 %) |
| Operating Income | (100.78) | (112.96) | (12.1 %) |
| Net Income | 82.09 | (72.05) | (187.8 %) |
| Average Shares | 668.91 | 668.91 | - |
| EPS (Riyals) | 0.12 | (0.11) | (187.8 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 957.09 | 761.40 | (20.4 %) |
| Gross Income | (50.38) | 19.56 | 138.8 % |
| Operating Income | (9.36) | (112.96) | (1,107.5 %) |
| Net Income | (17.14) | (72.05) | (320.5 %) |
| Average Shares | 668.91 | 668.91 | - |
| EPS (Riyals) | (0.03) | (0.11) | (320.5 %) |
The company also posted lower sales volumes due to scheduled maintenance of some plants and lower average selling prices of some products. This led to a decline in revenues and share of profit from investments in associates and joint ventures.
Additionally, Tasnee recorded lower other income and higher net finance costs, despite a decrease in the cost of sales due to lower sales volumes and no impairment required during this quarter.
Sequentially, Tasnee deepened its first-quarter loss from SAR 17.14 million in Q4 2023.
Shareholders’ equity, after minority interest, rose to SAR 9.53 billion as of March 31, 2024, from SAR 9.70 billion a year earlier.
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