Financial Results : Tasnee narrows Q1 2020 loss to SAR 76.5 mln

Tasnee narrows Q1 2020 loss to SAR 76.5 mln

21/06/2020 Argaam Exclusive

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National Industrialization Co. (Tasnee) narrowed its net loss after Zakat and tax year-on-year (YoY) by 94.1% to SAR 76.5 million in the first quarter of 2020, compared to SAR 1.289 billion in the same period last year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 739.17 654.37 (11.5 %)
Gross Income 118.87 94.06 (20.9 %)
Operating Income (43.21) (79.15) (83.2 %)
Net Income (1289.29) (51.75) 96.0 %
Average Shares 668.91 668.91 -
EPS (Riyals) (1.93) (0.08) 96.0 %

The company attributed the decrease in loss to a “non-cash” loss on revaluation of Cristal business’ discontinued operations as it was held for sale in Q1 2019, amounting to SAR 1.45 billion.

 

This was despite lower average selling prices of all products, lower demand of certain products amid COVID-19, lower profit share from affiliates and joint ventures, as well as lower other income and higher general and administrative expenses.

 

Tasnee also cited lower finance charges and Zakat provisions.

 

When compared to the previous quarter, net profit narrowed by 83.6%, due to zero impairment of non-current assets and any provision for financial support.

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