Financial Results : Tasnee turns to profit of SAR 1.356 bln in 2021; Q4 earnings at SAR 388.7 mln

Tasnee turns to profit of SAR 1.356 bln in 2021; Q4 earnings at SAR 388.7 mln

09/03/2022 Argaam Exclusive

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National Industrialization Co. (Tasnee) turned to a net profit after Zakat and tax to SAR 1.356 billion in 2021, from a net loss after Zakat and tax of SAR 446.7 million a year earlier.

 


Financials (M)

Item 2020 2021 Change‬
Revenues 2,271.84 3,673.09 61.7 %
Gross Income 329.84 987.00 199.2 %
Operating Income (374.24) (267.95) 28.4 %
Net Income (446.75) 1,356.39 403.6 %
Average Shares 668.91 668.91 -
EPS (Riyals) (0.67) 2.03 403.6 %

The higher earnings were driven by a surge in average selling prices of all products, higher profit share from investments in associates and joint ventures, and reversal of SAR 693 million impairment charges on investment in Tronox, an associate, due to consistently higher share prices above the carrying value. Tasnee share stood at SAR 547 million.

 

However, the company reported an increase in prices of certain feedstocks, higher Zakat provisions and SAR 466 million impairment loans provisions (Tasnee share at SAR 417 million) given to a joint venture, Advanced Toho Titanium Metal Co., in Yanbu.

 

Further, the firm reported an SAR 180 million impairment provision for non-current assets (Tasnee share was at SAR

161 million) related to a subsidiary, Advanced Metal Industries Cluster Co., due to continued delay in commencing commercial production of sagger plant in Jizan.

 

In Q4 2021, Tasnee turned to a net profit after Zakat and tax to SAR 388.7 million from a net loss after Zakat and tax of SAR 172.4 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 607.16 1,163.01 91.5 %
Gross Income 87.76 331.10 277.3 %
Operating Income (22.01) (411.07) (1,767.7 %)
Net Income (172.44) 338.69 296.4 %
Average Shares 668.91 668.91 -
EPS (Riyals) (0.26) 0.51 296.4 %

Total shareholders’ equity, after minority interest, rose 19.7% year-on-year to SAR 8.702 billion in 2021.

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