Financial Results : Tasnee H1 2022 net profit down 11% to SAR 606.1 mln; Q2 at SAR 297.1 mln

Tasnee H1 2022 net profit down 11% to SAR 606.1 mln; Q2 at SAR 297.1 mln

04/08/2022 Argaam Exclusive

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National Industrialization Co. (Tasnee) reported a net profit after Zakat and tax of SAR 606.1 million in the first six months of 2022, a decrease of 11% compared to SAR 684.3 million in the year-earlier period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 1,505.79 2,056.31 36.6 %
Gross Income 405.99 547.29 34.8 %
Operating Income 43.29 258.07 496.2 %
Net Income 684.25 606.08 (11.4 %)
Average Shares 668.91 668.91 -
EPS (Riyals) 1.02 0.91 (11.4 %)

The earnings decline was attributed to lower share of profit from investments in joint ventures, mainly due to higher average feedstock and logistics costs and lower average selling prices for some of the products. This came despite higher revenue due to improved average selling prices of downstream products and sales volume of certain products, lower general and administrative expenses and higher other income.

 

In Q2 2022, net profit after Zakat and tax inched down 16.7% year-on-year (YoY) to SAR 297.1 million, from SAR 356.7 million in the year-earlier period.

 

On a sequential basis, net profit dropped 3.8% from nearly SAR 309 million in Q1 2022.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 780.42 1,077.12 38.0 %
Gross Income 219.43 259.14 18.1 %
Operating Income 21.06 114.78 445.1 %
Net Income 356.74 297.12 (16.7 %)
Average Shares 668.91 668.91 -
EPS (Riyals) 0.53 0.44 (16.7 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 9.530 billion by the end of H1 2022, compared to SAR 8.053 billion in the year-earlier period.

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