.Tasnee posts higher net profit at SAR 972.8 mln in I3 of 2014

30/09/2014 Argaam Exclusive

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Share Price

National Industrialization Co. (TASNEE)

 

National Industrialization Co., which invests in petrochemicals and other industries, reported SAR 972.8 mln net profit at the end of I3 of 2014, compared to SAR 884.9 mln in the same period last year. 



Financials (M)

Item 9m 2013 9m 2014 Change‬
Revenues 13,676.65 15,114.36 10.5 %
Gross Income 3,559.27 3,847.11 8.1 %
Operating Income 2,322.07 2,382.86 2.6 %
Net Income 884.87 972.75 9.9 %
Average Shares 668.91 668.91 -
EPS (Riyals) 1.32 1.45 9.9 %


Current Quarter Comparison (M)

Compared With The
Item Q3 2013 Q3 2014 Change‬
Revenues 4,375.55 5,612.95 28.3 %
Gross Income 1,190.09 1,185.27 (0.4 %)
Operating Income 777.89 647.58 (16.8 %)
Net Income 226.37 243.66 7.6 %
Average Shares 668.91 668.91 -
EPS (Riyals) 0.34 0.36 7.6 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2005 742.72 214.9 % 328.91 332.6 % 120.15 194.3 % 0.30
Q2 2005 656.70 206.0 % 238.60 219.9 % 89.76 (14.2 %) 0.22
Q3 2005 664.22 26.0 % 199.12 13.0 % 65.16 (34.9 %) 0.16
Q4 2005 782.64 38.9 % 287.02 40.7 % 82.08 14.4 % 0.20
Q1 2006 654.10 (11.9 %) 196.00 (40.4 %) 92.38 (23.1 %) 0.16
Q2 2006 781.73 19.0 % 287.03 20.3 % 207.20 130.8 % 0.35
Q3 2006 881.29 32.7 % 335.53 68.5 % 184.50 183.2 % 0.31
Q4 2006 924.08 18.1 % 371.59 29.5 % 209.02 154.7 % 0.35
Q1 2007 888.01 35.8 % 352.09 79.6 % 207.51 124.6 % 0.35
Q2 2007 971.71 24.3 % 328.81 14.6 % 156.56 (24.4 %) 0.26
Q3 2007 852.99 (3.2 %) 255.13 (24.0 %) 101.64 (44.9 %) 0.17
Q4 2007 4,513.99 388.5 % 909.36 144.7 % 195.44 (6.5 %) 0.33
Q1 2008 2,413.44 171.8 % 489.03 38.9 % 148.02 (28.7 %) 0.25
Q2 2008 2,754.32 183.5 % 619.56 88.4 % 221.02 41.2 % 0.33
Q3 2008 2,787.06 226.7 % 534.65 109.6 % 149.95 47.5 % 0.22
Q4 2008 2,082.32 (53.9 %) 406.92 (55.3 %) 81.87 (58.1 %) 0.12
Q1 2009 1,507.45 (37.5 %) 228.07 (53.4 %) (25.76) (117.4 %) (0.04)
Q2 2009 2,288.97 (16.9 %) 386.21 (37.7 %) 91.94 (58.4 %) 0.14
Q3 2009 3,406.58 22.2 % 965.12 80.5 % 237.31 58.3 % 0.35
Q4 2009 3,659.93 75.8 % 877.11 115.5 % 216.00 163.8 % 0.32
Q1 2010 3,952.91 162.2 % 1,155.81 406.8 % 332.79 1392.1 % 0.50
Q2 2010 4,154.05 81.5 % 1,233.50 219.4 % 385.38 319.1 % 0.58
Q3 2010 3,964.10 16.4 % 1,116.87 15.7 % 373.04 57.2 % 0.56
Q4 2010 3,922.19 7.2 % 1,033.37 17.8 % 381.40 76.6 % 0.57
Q1 2011 4,531.54 14.6 % 1,590.02 37.6 % 580.04 74.3 % 0.87
Q2 2011 5,063.91 21.9 % 1,846.58 49.7 % 594.16 54.2 % 0.89
Q3 2011 5,317.52 34.1 % 1,970.36 76.4 % 725.01 94.4 % 1.08
Q4 2011 4,735.76 20.7 % 1,584.70 53.4 % 542.22 42.2 % 0.81
Q1 2012 4,687.21 3.4 % 1,563.24 (1.7 %) 524.36 (9.6 %) 0.78
Q2 2012 4,625.09 (8.7 %) 1,528.88 (17.2 %) 580.14 (2.4 %) 0.87
Q3 2012 4,166.54 (21.6 %) 1,337.65 (32.1 %) 417.32 (42.4 %) 0.62
Q4 2012 4,443.33 (6.2 %) 1,147.82 (27.6 %) 242.03 (55.4 %) 0.36
Q1 2013 4,783.87 2.1 % 1,374.79 (12.1 %) 355.41 (32.2 %) 0.53
Q2 2013 4,517.23 (2.3 %) 994.39 (35.0 %) 303.09 (47.8 %) 0.45
Q3 2013 4,375.55 5.0 % 1,190.09 (11.0 %) 226.37 (45.8 %) 0.34
Q4 2013 4,522.32 1.8 % 1,278.00 11.3 % 292.57 20.9 % 0.44
Q1 2014 4,414.48 (7.7 %) 1,299.96 (5.4 %) 320.77 (9.7 %) 0.48
Q2 2014 5,086.92 12.6 % 1,361.88 37.0 % 408.31 34.7 % 0.61
Q3 2014 5,612.95 28.3 % 1,185.27 (0.4 %) 243.66 7.6 % 0.36

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 38.27 % 39.03 % 13.78 %
Q2 2005 38.06 % 38.71 % 14.04 %
Q3 2005 36.95 % 37.78 % 13.20 %
Q4 2005 37.02 % 36.22 % 12.55 %
Q1 2006 33.39 % 32.84 % 11.94 %
Q2 2006 33.62 % 32.15 % 16.36 %
Q3 2006 35.67 % 35.08 % 19.83 %
Q4 2006 36.72 % 36.53 % 24.25 %
Q1 2007 38.74 % 38.10 % 25.93 %
Q2 2007 37.87 % 37.95 % 22.53 %
Q3 2007 35.96 % 35.23 % 19.78 %
Q4 2007 25.54 % 21.11 % 9.15 %
Q1 2008 22.65 % 17.84 % 6.87 %
Q2 2008 21.58 % 18.04 % 6.32 %
Q3 2008 20.47 % 16.24 % 5.73 %
Q4 2008 20.43 % 17.17 % 5.99 %
Q1 2009 19.59 % 16.48 % 4.68 %
Q2 2009 17.95 % 14.73 % 3.44 %
Q3 2009 21.39 % 20.08 % 4.57 %
Q4 2009 22.61 % 22.53 % 5.14 %
Q1 2010 25.43 % 25.88 % 6.97 %
Q2 2010 27.89 % 27.49 % 8.05 %
Q3 2010 27.86 % 27.94 % 8.84 %
Q4 2010 28.38 % 27.49 % 9.71 %
Q1 2011 30.01 % 28.67 % 10.80 %
Q2 2011 31.96 % 30.27 % 11.61 %
Q3 2011 34.19 % 31.61 % 12.26 %
Q4 2011 35.58 % 34.05 % 12.59 %
Q1 2012 35.17 % 33.69 % 12.21 %
Q2 2012 34.32 % 33.56 % 12.25 %
Q3 2012 33.02 % 32.67 % 11.34 %
Q4 2012 31.12 % 30.50 % 9.84 %
Q1 2013 29.91 % 28.88 % 8.85 %
Q2 2013 27.10 % 26.05 % 7.36 %
Q3 2013 25.98 % 24.76 % 7.04 %
Q4 2013 26.58 % 25.13 % 7.52 %
Q1 2014 26.71 % 25.43 % 7.49 %
Q2 2014 27.88 % 26.25 % 7.83 %
Q3 2014 26.10 % 24.39 % 6.67 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 401.02 0.99 0.70 4.54
Q2 2005 401.02 0.95 0.87 4.76
Q3 2005 401.02 0.86 0.86 4.93
Q4 2005 401.02 0.89 0.89 5.15
Q1 2006 595.27 0.55 0.55 8.35
Q2 2006 595.27 0.75 0.79 8.70
Q3 2006 595.27 0.95 1.03 9.01
Q4 2006 595.27 1.16 1.32 9.35
Q1 2007 595.27 1.36 1.51 9.70
Q2 2007 595.28 1.27 1.39 9.57
Q3 2007 595.28 1.13 1.21 9.74
Q4 2007 595.28 1.11 1.11 9.98
Q1 2008 595.28 1.01 1.01 10.21
Q2 2008 668.91 1.00 1.00 11.98
Q3 2008 668.91 1.07 1.07 11.92
Q4 2008 668.91 0.90 0.90 10.99
Q1 2009 668.91 0.64 0.64 10.95
Q2 2009 668.91 0.45 0.45 10.84
Q3 2009 668.91 0.58 0.63 11.21
Q4 2009 668.91 0.78 0.83 11.65
Q1 2010 668.91 1.31 1.39 12.25
Q2 2010 668.91 1.75 1.83 12.40
Q3 2010 668.91 1.95 2.08 13.09
Q4 2010 668.91 2.20 2.32 13.85
Q1 2011 668.91 2.57 2.67 14.68
Q2 2011 668.91 2.88 3.04 14.90
Q3 2011 668.91 3.41 3.45 15.55
Q4 2011 668.91 3.65 3.70 16.48
Q1 2012 668.91 3.57 3.62 17.54
Q2 2012 668.91 3.55 3.55 16.88
Q3 2012 668.91 3.09 3.09 17.60
Q4 2012 668.91 2.64 2.64 18.04
Q1 2013 668.91 2.38 2.38 18.60
Q2 2013 668.91 1.97 1.97 16.69
Q3 2013 668.91 1.68 1.91 17.30
Q4 2013 668.91 1.76 2.05 17.95
Q1 2014 668.91 1.71 2.00 18.61
Q2 2014 668.91 1.87 2.15 17.86
Q3 2014 668.91 1.89 1.96 18.09

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 45.66 More than 50 9.95
Q2 2005 More than 50 More than 50 17.09
Q3 2005 More than 50 More than 50 21.16
Q4 2005 More than 50 More than 50 22.99
Q1 2006 More than 50 More than 50 6.05
Q2 2006 More than 50 More than 50 5.06
Q3 2006 37.12 34.19 3.92
Q4 2006 18.99 16.75 2.36
Q1 2007 16.53 14.82 2.31
Q2 2007 16.08 14.75 2.14
Q3 2007 18.79 17.62 2.19
Q4 2007 29.73 29.73 3.31
Q1 2008 31.03 31.03 3.07
Q2 2008 26.80 26.80 2.23
Q3 2008 20.38 20.38 1.83
Q4 2008 10.00 10.00 0.82
Q1 2009 14.46 14.46 0.84
Q2 2009 29.52 29.52 1.21
Q3 2009 26.37 23.95 1.36
Q4 2009 24.93 23.19 1.66
Q1 2010 16.16 15.29 1.73
Q2 2010 10.26 9.83 1.45
Q3 2010 11.75 11.04 1.75
Q4 2010 12.21 11.58 1.94
Q1 2011 10.90 10.48 1.91
Q2 2011 12.57 11.94 2.43
Q3 2011 9.63 9.51 2.11
Q4 2011 9.29 9.17 2.06
Q1 2012 11.33 11.18 2.30
Q2 2012 8.74 8.74 1.84
Q3 2012 9.88 9.88 1.73
Q4 2012 10.50 10.50 1.54
Q1 2013 12.88 12.88 1.65
Q2 2013 13.30 13.30 1.57
Q3 2013 16.09 14.22 1.57
Q4 2013 19.03 16.36 1.87
Q1 2014 19.67 16.84 1.81
Q2 2014 17.67 15.32 1.85
Q3 2014 20.47 19.78 2.14

Business Segments (Million)

Compared With The
Period Petrochemical sector Industrial development Headquarters & Others Consolidation adjustments & eliminations
Q1 2005 471.05 251.46 20.21 -
Q2 2005 360.30 272.86 23.53 -
Q3 2005 370.07 268.95 25.20 -
Q4 2005 503.57 251.93 27.15 -
Q1 2006 488.06 288.23 29.43 (151.62)
Q2 2006 645.64 273.77 29.04 (166.72)
Q3 2006 737.27 287.50 37.79 (181.28)
Q4 2006 724.54 337.66 37.82 (175.95)
Q1 2007 711.49 335.63 39.12 (198.23)
Q2 2007 788.60 352.71 43.22 (212.83)
Q3 2007 590.72 440.28 54.46 (232.46)
Q4 2007 830.81 3,871.19 63.20 (251.21)
Q1 2008 773.08 1,824.55 59.66 (243.85)
Q2 2008 1,062.26 1,999.53 60.41 (367.88)
Q3 2008 963.77 2,029.86 70.97 (277.53)
Q4 2008 504.62 1,725.08 64.58 (211.95)
Q1 2009 253.72 1,368.12 58.88 (173.28)
Q2 2009 735.53 1,778.76 69.14 (294.46)
Q3 2009 1,835.56 1,939.81 54.11 (422.90)
Q4 2009 2,030.32 1,896.18 64.13 (330.70)
Q1 2010 2,634.97 1,869.37 55.75 (607.17)
Q2 2010 2,769.42 1,907.61 70.78 (593.76)
Q3 2010 2,253.50 2,161.37 78.28 (529.05)
Q4 2010 2,203.89 2,197.11 94.56 (573.36)
Q1 2011 2,664.49 2,408.62 84.28 (625.84)
Q2 2011 3,058.56 2,562.09 83.66 (640.40)
Q3 2011 3,114.91 2,949.41 92.74 (839.54)
Q4 2011 2,987.41 2,447.79 92.19 (791.63)
Q1 2012 3,102.90 2,243.51 85.01 (744.21)
Q2 2012 2,754.58 2,397.04 90.96 (617.49)
Q3 2012 2,514.89 2,216.43 90.44 (655.22)
Q4 2012 2,958.86 2,076.20 92.00 (683.73)
Q1 2013 3,172.73 2,333.52 84.70 (807.08)
Q2 2013 2,656.83 2,486.25 86.65 (712.50)
Q3 2013 2,708.39 2,303.50 102.32 (738.65)
Q4 2013 3,322.96 2,031.06 108.34 (940.04)
Q1 2014 3,334.57 2,192.15 93.31 (1205.54)
Q2 2014 3,712.69 2,375.16 102.48 (1103.40)
Q3 2014 4,355.90 2,353.37 111.76 (1208.08)

Analysts Estimates (Million)

Item Q3 2014 (e) Q3 2014 (a) Change‬
Average 355.29 243.66 (31.4 %)

Estimates vs Actual (Million)

Item Q3 2014 (e) Q3 2014 (a) Change
KASB Capital 332.00 243.66 (26.6) %
Al Rajhi Capital 339.00 243.66 (28.1) %
OSOOL AND BAKHEET 350.00 243.66 (30.4) %
Riyad Capital 354.00 243.66 (31.2) %
AlJazira Capital 356.00 243.66 (31.6) %
SFC 356.00 243.66 (31.6) %
SNB Capital 400.00 243.66 (39.1) %

Current
Market Cap (M Riyal) 8,093.86
Enterprise Value (EV) (M) 13,042.61
Shares Outstanding ((M)) 668.91
EPS ( Riyal) (TTM) 0.03
Book Value (BV) ( Riyal) 14.25
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 35.11
P/E (TTM) More than 50
Price/book 0.85
Return on Average Assets (%) (TTM) 0.1
Return on Average Equity (%) (TTM) 0.2

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