Financial Results : Tasnee narrows loss by 75.4% to SAR 265.3 mln in H1 2020

Tasnee narrows loss by 75.4% to SAR 265.3 mln in H1 2020

20/08/2020 Argaam Exclusive

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National Industrialization Co. (Tasnee) trimmed net loss after Zakat and tax by 75.4% year-on-year (YoY) to SAR 265.3 million for the first half of 2020, driven by lower financial charges, decreased Zakat provisions, and higher other income.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 1,470.33 1,091.65 (25.8 %)
Gross Income 206.61 170.43 (17.5 %)
Operating Income (169.68) (211.47) (24.6 %)
Net Income (1077.15) (231.98) 78.5 %
Average Shares 668.91 668.91 -
EPS (Riyals) (1.61) (0.35) 78.5 %

Tasnee incurred SAR 188.8 million in net loss after Zakat and tax for the second quarter versus net profit of SAR 212.1 million in Q2 2019, due to lower average selling prices and decline in profit share from associates.

 

On a quarter-on-quarter basis, the company widened losses by more than twofold.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 731.16 437.28 (40.2 %)
Gross Income 87.74 76.37 (13.0 %)
Operating Income (126.47) (132.32) (4.6 %)
Net Income 212.14 (180.23) (185.0 %)
Average Shares 668.91 668.91 -
EPS (Riyals) 0.32 (0.27) (185.0 %)

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