Financial Results : Tasnee turns to SAR 72.1M loss in Q1 2024

Tasnee turns to SAR 72.1M loss in Q1 2024

05/05/2024 Argaam Exclusive

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National Industrialization Co. (Tasnee) reported a loss of SAR 72.1 million in Q1 2024 from a profit of SAR 82.1 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 888.69 761.40 (14.3 %)
Gross Income 115.04 19.56 (83.0 %)
Operating Income (100.78) (112.96) (12.1 %)
Net Income 82.09 (72.05) (187.8 %)
Average Shares 668.91 668.91 -
EPS (Riyals) 0.12 (0.11) (187.8 %)

The company also posted lower sales volumes due to scheduled maintenance of some plants and lower average selling prices of some products. This led to a decline in revenues and share of profit from investments in associates and joint ventures.

 

Additionally, Tasnee recorded lower other income and higher net finance costs, despite a decrease in the cost of sales due to lower sales volumes and no impairment required during this quarter.

 

Sequentially, Tasnee deepened its first-quarter loss from SAR 17.14 million in Q4 2023.

 

Shareholders’ equity, after minority interest, rose to SAR 9.53 billion as of March 31, 2024, from SAR 9.70 billion a year earlier.

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