Tasnee & Sahara Olefins Co. (TSOC) reported a net profit of SAR 1.169 billion for 2014, marking a 10 percent year-on-year drop from SAR 1.295 billion.
The decline was mainly attributed to falling polyethylene prices and lower sales. In addition, the acrylic complex launched by the company in mid-2014 was also said to have weighed on results, as it incurred financing and amortization costs associated with the facility.
During 2014, the closed joint stock company paid a cash dividend of SAR 3.4 per share, totaling SAR 964.9 million.
TSCOC is 32.55 percent owned by Sahara, while Saudi Arabia’s General Organization for Social Insurance holds a seven percent stake. The remaining 60.45 percent is owned by other firms including Tasnee Petrochemicals and Tasnee Petrochemicals Marketing Co.
TSOC, which also invests in projects, holds a 75 percent equity stake in Saudi Ethylene & Polyethylene Co. (SEPC) and a 65 percent stake in Saudi Acrylic Acid Co. Limited (SAAC).
|
Tasnee & Sahara Olefins Results – 2014 (SAR mln) |
|||
|
Change |
2014 |
2013 |
Item |
|
+9% |
6,395.6 |
5,866.9 |
Revenue |
|
(7%) |
2,024.4 |
2,184.7 |
Gross profit |
|
(5.59%) |
31.65% |
37.24% |
Gross profit margin |
|
+30% |
(287.9) |
(221.4) |
Operating expenses |
|
+107% |
(304.7) |
(146.9) |
Financing expenses |
|
(19%) |
1,463.0 |
1,806.8 |
Operating income |
|
(63%) |
(139.8) |
(375.2) |
Minority interest |
|
(10%) |
1,169.8 |
1,295.4 |
Net income |
|
(10%) |
4.13 |
4.58 |
EPS (SAR/share) |
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