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 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	725.38	780.42	7.6 %
Gross Income	186.56	219.43	17.6 %
Operating Income	22.23	21.06	(5.3 %)
Net Income	327.52	356.74	8.9 %
Average Shares	668.91	668.91	-
EPS (Riyals)	0.49	0.53	8.9 %

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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