Financial Results : Tasnee swings to SAR 131 mln net profit in 9M 2016

Tasnee swings to SAR 131 mln net profit in 9M 2016

18/10/2016 Argaam Exclusive

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National Industrialization Co. (Tasnee) reported a net profit of SAR 131.2 million for the first nine months of 2016, versus net losses of SAR 736.5 million in the year earlier period. The swing to profit was attributed to higher sales volumes, and lower feedstock costs, despite higher cost of financing.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 11,712.92 6,334.57 (45.9 %)
Gross Income 1,928.45 513.59 (73.4 %)
Operating Income 423.89 (656.18) (254.8 %)
Net Income (736.54) 91.98 112.5 %
Average Shares 668.91 668.91 -
EPS (Riyals) (1.10) 0.14 112.5 %

Net profit for the third quarter reached 122.2 million versus a net loss of SAR 296.3 million in Q3 2015, driven by higher sales volumes and lower costs of feedstock. The Q3 profit rose 17.6 percent when compared to the previous quarter on lower feedstock prices and higher sales volume. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 3,614.33 2,080.08 (42.4 %)
Gross Income 401.18 268.25 (33.1 %)
Operating Income (58.76) (183.99) (213.1 %)
Net Income (296.29) 107.94 136.4 %
Average Shares 668.91 668.91 -
EPS (Riyals) (0.44) 0.16 136.4 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 888.01 35.8 % 352.09 79.6 % 287.94 90.6 %
Q2 2007 971.71 24.3 % 328.81 14.6 % 259.32 11.9 %
Q3 2007 852.99 (3.2 %) 255.13 (24.0 %) 197.19 (27.4 %)
Q4 2007 4,513.99 388.5 % 909.36 144.7 % 373.93 20.2 %
Q1 2008 2,413.44 171.8 % 489.03 38.9 % 232.78 (19.2 %)
Q2 2008 2,754.32 183.5 % 619.56 88.4 % 359.22 38.5 %
Q3 2008 2,787.06 226.7 % 534.65 109.6 % 248.05 25.8 %
Q4 2008 2,082.32 (53.9 %) 406.92 (55.3 %) 126.06 (66.3 %)
Q1 2009 1,507.45 (37.5 %) 228.07 (53.4 %) 8.17 (96.5 %)
Q2 2009 2,288.97 (16.9 %) 386.21 (37.7 %) 190.40 (47.0 %)
Q3 2009 3,406.58 22.2 % 965.12 80.5 % 694.59 180.0 %
Q4 2009 3,659.93 75.8 % 877.11 115.5 % 599.96 375.9 %
Q1 2010 3,952.91 162.2 % 1,155.81 406.8 % 850.45 10313.3 %
Q2 2010 4,154.05 81.5 % 1,233.50 219.4 % 845.72 344.2 %
Q3 2010 3,964.10 16.4 % 1,116.87 15.7 % 773.40 11.3 %
Q4 2010 3,922.19 7.2 % 1,033.37 17.8 % 652.25 8.7 %
Q1 2011 4,531.54 14.6 % 1,590.02 37.6 % 1,206.45 41.9 %
Q2 2011 5,063.91 21.9 % 1,846.58 49.7 % 1,387.79 64.1 %
Q3 2011 5,317.52 34.1 % 1,970.36 76.4 % 1,582.24 104.6 %
Q4 2011 4,735.76 20.7 % 1,584.70 53.4 % 1,217.78 86.7 %
Q1 2012 4,687.21 3.4 % 1,563.24 (1.7 %) 1,157.99 (4.0 %)
Q2 2012 4,625.09 (8.7 %) 1,528.88 (17.2 %) 1,184.47 (14.7 %)
Q3 2012 4,166.54 (21.6 %) 1,337.65 (32.1 %) 958.31 (39.4 %)
Q4 2012 4,443.33 (6.2 %) 1,147.82 (27.6 %) 802.21 (34.1 %)
Q1 2013 4,783.87 2.1 % 1,374.79 (12.1 %) 896.63 (22.6 %)
Q2 2013 4,517.23 (2.3 %) 994.39 (35.0 %) 647.56 (45.3 %)
Q3 2013 4,375.55 5.0 % 1,190.09 (11.0 %) 777.89 (18.8 %)
Q4 2013 4,522.32 1.8 % 1,278.00 11.3 % 766.37 (4.5 %)
Q1 2014 4,414.48 (7.7 %) 1,299.96 (5.4 %) 826.35 (7.8 %)
Q2 2014 5,086.92 12.6 % 1,361.88 37.0 % 908.93 40.4 %
Q3 2014 5,612.95 28.3 % 1,185.27 (0.4 %) 647.58 (16.8 %)
Q4 2014 3,676.28 (18.7 %) 751.11 (41.2 %) 387.55 (49.4 %)
Q1 2015 3,942.16 (10.7 %) 706.82 (45.6 %) 225.40 (72.7 %)
Q2 2015 4,156.43 (18.3 %) 820.46 (39.8 %) 257.25 (71.7 %)
Q3 2015 3,614.33 (35.6 %) 401.18 (66.2 %) (58.76) (109.1 %)
Q4 2015 3,432.59 (6.6 %) 284.30 (62.1 %) (433.80) (211.9 %)
Q1 2016 2,083.26 (47.2 %) 148.94 (78.9 %) (228.55) (201.4 %)
Q2 2016 2,171.23 (47.8 %) 96.40 (88.3 %) (243.65) (194.7 %)
Q3 2016 2,080.08 (42.4 %) 268.25 (33.1 %) (183.99) (213.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 207.51 124.6 % 0.35 - 207.51 0.35
Q2 2007 156.56 (24.4 %) 0.26 - 156.56 0.26
Q3 2007 101.64 (44.9 %) 0.17 - 101.64 0.17
Q4 2007 195.44 (6.5 %) 0.33 - 195.44 0.33
Q1 2008 148.02 (28.7 %) 0.25 - 148.02 0.25
Q2 2008 221.02 41.2 % 0.33 - 221.02 0.33
Q3 2008 149.95 47.5 % 0.22 - 149.95 0.22
Q4 2008 81.87 (58.1 %) 0.12 - 81.87 0.12
Q1 2009 (25.76) (117.4 %) (0.04) - (25.76) (0.04)
Q2 2009 91.94 (58.4 %) 0.14 - 91.94 0.14
Q3 2009 237.31 58.3 % 0.35 (38.92) 276.23 0.41
Q4 2009 216.00 163.8 % 0.32 - 216.00 0.32
Q1 2010 332.79 1392.1 % 0.50 (11.16) 343.96 0.51
Q2 2010 385.38 319.1 % 0.58 - 385.38 0.58
Q3 2010 373.04 57.2 % 0.56 (72.75) 445.79 0.67
Q4 2010 381.40 76.6 % 0.57 3.31 378.09 0.57
Q1 2011 580.04 74.3 % 0.87 - 580.04 0.87
Q2 2011 594.16 54.2 % 0.89 - 626.56 0.94
Q3 2011 725.01 94.4 % 1.08 - 725.01 1.08
Q4 2011 542.22 42.2 % 0.81 (0.76) 542.97 0.81
Q1 2012 524.36 (9.6 %) 0.78 - 524.36 0.78
Q2 2012 580.14 (2.4 %) 0.87 - 580.14 0.87
Q3 2012 417.32 (42.4 %) 0.62 - 417.32 0.62
Q4 2012 242.03 (55.4 %) 0.36 - 242.03 0.36
Q1 2013 355.41 (32.2 %) 0.53 - 355.41 0.53
Q2 2013 303.09 (47.8 %) 0.45 - 303.09 0.45
Q3 2013 226.37 (45.8 %) 0.34 (148.13) 374.50 0.56
Q4 2013 292.57 20.9 % 0.44 (43.88) 336.44 0.50
Q1 2014 320.77 (9.7 %) 0.48 - 320.77 0.48
Q2 2014 408.31 34.7 % 0.61 - 408.31 0.61
Q3 2014 243.66 7.6 % 0.36 - 243.66 0.36
Q4 2014 160.69 (45.1 %) 0.24 - 160.69 0.24
Q1 2015 (332.54) (203.7 %) (0.50) (277.29) (55.25) (0.08)
Q2 2015 (107.70) (126.4 %) (0.16) (64.48) (43.22) (0.06)
Q3 2015 (296.29) (221.6 %) (0.44) (33.18) (263.11) (0.39)
Q4 2015 (686.56) (527.3 %) (1.03) (245.19) (441.37) (0.66)
Q1 2016 (103.50) 68.9 % (0.15) - (103.50) (0.15)
Q2 2016 87.54 181.3 % 0.13 - 87.54 0.13
Q3 2016 107.94 136.4 % 0.16 - 107.94 0.16

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 38.74 % 38.10 % 25.93 %
Q2 2007 37.87 % 37.95 % 22.53 %
Q3 2007 35.96 % 35.23 % 19.78 %
Q4 2007 25.54 % 21.11 % 9.15 %
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 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 595.27 1.36 1.51 9.70
Q2 2007 595.28 1.27 1.39 9.57
Q3 2007 595.28 1.13 1.21 9.74
Q4 2007 595.28 1.11 1.11 9.98
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 16.53 14.82 2.31
Q2 2007 16.08 14.75 2.14
Q3 2007 18.79 17.62 2.19
Q4 2007 29.73 29.73 3.31
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

Business Segments (Million)

Compared With The
Period Petrochemical sector Transformative Industries and others Chemicals Industrial development Headquarters & Others Consolidation adjustments & eliminations
Q1 2007 711.49 - - 335.63 39.12 (198.23)
Q2 2007 788.60 - - 352.71 43.22 (212.83)
Q3 2007 590.72 - - 440.28 54.46 (232.46)
Q4 2007 830.81 - - 3,871.19 63.20 (251.21)
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 285.06 156.01 1,647.16 - - (8.15)

Analysts Estimates (Million)

Item Q3 2016 (e) Q3 2016 (a) Change‬
Average 173.28 107.94 (37.7 %)

Estimates vs Actual (Million)

Item Q3 2016 (e) Q3 2016 (a) Change
Sico 145.00 107.94 (25.6) %
SNB Capital 149.00 107.94 (27.6) %
Al Rajhi Capital 180.00 107.94 (40.0) %
Alistithmar Capital 194.20 107.94 (44.4) %
AlJazira Capital 198.20 107.94 (45.5) %


Financial Ratios
Current
Market Cap (M Riyal) 6,956.71
Enterprise Value (EV) (M) 11,615.00
Shares Outstanding ((M)) 668.91
EPS ( Riyal) (TTM) 0.08
Book Value (BV) ( Riyal) 14.51
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 0.72
Return on Average Assets (%) (TTM) 0.2
Return on Average Equity (%) (TTM) 0.5
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Share Price

National Industrialization Co.
10.40
(0.02) (0.19 %)

National Industrialization Co. (TASNEE)

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