Financial Results : Tasnee cuts 2020 net loss to SAR 446.7 mln

Tasnee cuts 2020 net loss to SAR 446.7 mln

30/03/2021 Argaam Exclusive

View other reports

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.



Financials (M)

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.



Current Quarter Comparison (M)

Compared With The
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 %

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.