Financial Results : Tasnee H1 net profit down 81% to SAR 113.5 mln; Q2 at SAR 31.4 mln

Tasnee H1 net profit down 81% to SAR 113.5 mln; Q2 at SAR 31.4 mln

30/07/2023 Argaam Exclusive

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National Industrialization Company (Tasnee) reported a net profit of SAR 113.5 million in H1 2023, a decline of 81% from SAR 606.1 million in the year-earlier period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 2,056.31 1,777.93 (13.5 %)
Gross Income 547.29 258.51 (52.8 %)
Operating Income 258.07 (114.72) (144.5 %)
Net Income 606.08 113.50 (81.3 %)
Average Shares 668.91 668.91 -
EPS (Riyals) 0.91 0.17 (81.3 %)

The profit decline was attributed to lower average selling prices of most products resulting in a decrease in revenue and share of profit from joint ventures and associates, despite a decline in net finance costs and Zakat provisions as well as an increase in other income.  

 

In addition, share of profit from associates decreased by SAR 147 million (Tasnee share: SAR 116 million) due to IFRS based non-recurring adjustment of a valuation allowance relating to deferred assets tax recorded by an associate, Tronox Holdings plc.

 

The company reported a net profit of SAR 31.4 million in Q2 2023, up from SAR 297.12 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 1,077.12 889.24 (17.4 %)
Gross Income 259.14 143.47 (44.6 %)
Operating Income 114.78 (13.94) (112.1 %)
Net Income 297.12 31.41 (89.4 %)
Average Shares 668.91 668.91 -
EPS (Riyals) 0.44 0.05 (89.4 %)

On a quarterly basis, net earnings dropped by 61.7% from SAR 82.9 million. 

 

Total shareholders’ equity, excluding minority interest, stood at SAR 9.67 billion as of June 30, 2023, compared to SAR 9.53 billion in the prior-year period.

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