Financial Results : Tasnee’s profit drops 43% to SAR 100M in 2024; Q4 at SAR 30M

Tasnee’s profit drops 43% to SAR 100M in 2024; Q4 at SAR 30M

16/03/2025 Argaam Exclusive

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National Industrialization Co. (Tasnee) witnessed a 43% slump in its 2024 net profits (after minority interest), from SAR 175 million a year earlier.

 

The 12-month earnings before minority interest amounted SAR 102.8 million, compared to SAR 201.6 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 3,566.96 3,900.70 9.4 %
Gross Income 364.48 225.90 (38.0 %)
Operating Income 413.90 (22.20) (105.4 %)
Net Income 174.57 100.00 (42.7 %)
Average Shares 668.91 668.91 -
Earnings Per Share before unusual items (Riyals) 0.58 0.15 (74.0 %)
EPS (Riyals) 0.26 0.15 (42.7 %)

The 2024 net profit was impacted by a lower income share from joint ventures (JVs) due to reduced sales volumes.

 

This is in addition to the higher cost of sales, selling & distribution expenses, general & administrative costs, and impairment expenses for non-financial assets, amid lower other revenues.

 

In Q4 2024, Tasnee turned to profits of SAR 30 million, compared to incurring SAR 17.14 million in losses in Q4 2023.

 

Meanwhile, sequentially, net earnings declined 66.3% from SAR 89.05 million in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 957.09 1,102.98 15.2 %
Gross Income (50.38) 4.60 109.1 %
Operating Income 15.85 (224.67) (1517.4 %)
Net Income (17.14) 30.00 275.1 %
Average Shares 668.91 668.91 -
Earnings Per Share before unusual items (Riyals) 0.12 0.04 (61.0 %)
EPS (Riyals) (0.03) 0.04 275.1 %

Total shareholders’ equity, after minority interest, inched down to SAR 9.65 billion by the end of 2024, from SAR 9.67 billion a year earlier.

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