Financial Results : Tasnee turns to SAR 684.3 mln profit in H1 2021

Tasnee turns to SAR 684.3 mln profit in H1 2021

08/08/2021 Argaam Exclusive

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National Industrialization Co. (Tasnee) reported a net profit after Zakat and tax of SAR 684.3 million for H1 2021, against a loss of SAR 232 million in the same period last year. 



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 1,091.65 1,505.79 37.9 %
Gross Income 170.43 405.99 138.2 %
Operating Income (211.47) 43.29 120.5 %
Net Income (231.98) 684.25 395.0 %
Average Shares 668.91 668.91 -
EPS (Riyals) (0.35) 1.02 395.0 %

The net profit was attributed to higher average selling prices, which also resulted in higher share of profit from investments in associates and joint ventures. This was despite an increase in average prices of some feedstock and lower sales volumes of certain products.

 

In addition, the firm noted higher other income, lower finance charges and recording an impairment of SAR 222 million in H1 2020 for non-current assets of its subsidiary, Advanced Metal Industries Cluster Co. (AMIC).



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 437.28 780.42 78.5 %
Gross Income 76.37 219.43 187.3 %
Operating Income (132.32) 21.06 115.9 %
Net Income (180.23) 356.74 297.9 %
Average Shares 668.91 668.91 -
EPS (Riyals) (0.27) 0.53 297.9 %

Tasnee reported a net profit after Zakat and tax of SAR 356.7 million for Q2 2021, compared to a loss of SAR 180.2 million in Q2 2020.

 

On a sequential basis, Q2 2021 net profit grew 9% on higher selling prices of most products.

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