Tasnee turns to net loss of SAR 1.579 bln in FY2019

31/03/2020 Argaam Exclusive

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National Industrialization Co. (Tasnee) reported a net loss after Zakat and tax of SAR 1.579 billion for fiscal year 2019, compared to a net profit of SAR 1.202 billion a year earlier.

The company attributed the performance to a revaluation loss of SAR 1.45 billion from the sale of Cristal to Tronox, SAR 411 million impairment of non-current assets, and SAR 219 million in financial support provision for its acrylics complex.

These non-cash items were partially offset by the SAR 402 million gains generated from the sale of Cristal, lower general and administrative expenses, and a decrease in Zakat provision.

The company also cited lower average selling prices for most of its products and a decline in the profit share from associates and joint ventures.

Financials (M)

Item	2018	2019	Change‬
Revenues	3,065.34	2,978.53	(2.8 %)
Gross Income	428.74	401.26	(6.4 %)
Operating Income	(441.19)	(249.03)	43.6 %
Net Income	1,202.09	(1676.32)	(239.4 %)
Average Shares	668.91	668.91	-
EPS (Riyals)	1.80	(2.51)	(239.4 %)

In Q4 2019, the company posted a net loss of SAR 2.076 billion compared to a net profit of SAR 185.57 million in Q4 2018.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	879.68	708.62	(19.4 %)
Gross Income	89.03	103.84	16.6 %
Operating Income	(100.05)	(6.75)	93.3 %
Net Income	185.56	(621.58)	(435.0 %)
Average Shares	668.91	668.91	-
EPS (Riyals)	0.28	(0.93)	(435.0 %)

Item	Q3 2019	Q4 2019	Change‬
Revenues	799.59	708.62	(11.4 %)
Gross Income	90.81	103.84	14.4 %
Operating Income	(72.59)	(6.75)	90.7 %
Net Income	22.42	(621.58)	(2872.9 %)
Average Shares	668.91	668.91	-
EPS (Riyals)	0.03	(0.93)	(2872.9 %)

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