National Industrialization Co. (Tasnee) narrowed its net loss after Zakat and tax to SAR 446.7 million for 2020, from SAR 1.676 billion a year earlier.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 2,978.53 | 2,271.84 | (23.7 %) |
| Gross Income | 401.26 | 329.84 | (17.8 %) |
| Operating Income | (249.03) | (374.24) | (50.3 %) |
| Net Income | (1676.32) | (446.75) | 73.3 % |
| Average Shares | 668.91 | 668.91 | - |
| EPS (Riyals) | (2.51) | (0.67) | 73.3 % |
The company attributed the decrease in losses to the revaluation loss on Cristal assets sold to Tronox and the financial support provision related to Acrylics Complex booked last year.
Moreover, the full-year loss narrowed due to lower impairment provisions of non-current assets of Advanced Metal Industries Cluster Co. (AMIC) and a decline in financial charges as compared to 2019.
This is despite the impact of provisions for contractual commitments amounting to SAR 321 million against long-term supply of primary raw materials to one of the group's joint ventures (JV) - Advanced Toho Titanium Metal Co. (ATTM), a decline in average selling prices of most of the products, lower profit share from investments in associates and JVs, and higher Zakat provision.
In Q4 2020, Tasnee narrowed net loss after Zakat and tax to SAR 132.2 million from SAR 1.509 billion in the year-earlier period.
Shareholders’ equity, after minority interest, dropped 7% year-on-year to SAR 7.269 billion in 2020.
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 708.62 | 607.16 | (14.3 %) |
| Gross Income | 103.84 | 87.76 | (15.5 %) |
| Operating Income | (6.75) | (22.01) | (226.1 %) |
| Net Income | (621.58) | (172.44) | 72.3 % |
| Average Shares | 668.91 | 668.91 | - |
| EPS (Riyals) | (0.93) | (0.26) | 72.3 % |
| Item | Q3 2020 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 573.02 | 607.16 | 6.0 % |
| Gross Income | 71.64 | 87.76 | 22.5 % |
| Operating Income | (140.75) | (22.01) | 84.4 % |
| Net Income | (42.33) | (172.44) | (307.4 %) |
| Average Shares | 668.91 | 668.91 | - |
| EPS (Riyals) | (0.06) | (0.26) | (307.4 %) |
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