National Industrialization Co. (Tasnee) reported a net loss after Zakat and tax of SAR 1.579 billion for fiscal year 2019, compared to a net profit of SAR 1.202 billion a year earlier.
The company attributed the performance to a revaluation loss of SAR 1.45 billion from the sale of Cristal to Tronox, SAR 411 million impairment of non-current assets, and SAR 219 million in financial support provision for its acrylics complex.
These non-cash items were partially offset by the SAR 402 million gains generated from the sale of Cristal, lower general and administrative expenses, and a decrease in Zakat provision.
The company also cited lower average selling prices for most of its products and a decline in the profit share from associates and joint ventures.
| Item | 2018 | 2019 | Change |
|---|---|---|---|
| Revenues | 3,065.34 | 2,978.53 | (2.8 %) |
| Gross Income | 428.74 | 401.26 | (6.4 %) |
| Operating Income | (441.19) | (249.03) | 43.6 % |
| Net Income | 1,202.09 | (1676.32) | (239.4 %) |
| Average Shares | 668.91 | 668.91 | - |
| EPS (Riyals) | 1.80 | (2.51) | (239.4 %) |
In Q4 2019, the company posted a net loss of SAR 2.076 billion compared to a net profit of SAR 185.57 million in Q4 2018.
| Item | Q4 2018 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 879.68 | 708.62 | (19.4 %) |
| Gross Income | 89.03 | 103.84 | 16.6 % |
| Operating Income | (100.05) | (6.75) | 93.3 % |
| Net Income | 185.56 | (621.58) | (435.0 %) |
| Average Shares | 668.91 | 668.91 | - |
| EPS (Riyals) | 0.28 | (0.93) | (435.0 %) |
| Item | Q3 2019 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 799.59 | 708.62 | (11.4 %) |
| Gross Income | 90.81 | 103.84 | 14.4 % |
| Operating Income | (72.59) | (6.75) | 90.7 % |
| Net Income | 22.42 | (621.58) | (2872.9 %) |
| Average Shares | 668.91 | 668.91 | - |
| EPS (Riyals) | 0.03 | (0.93) | (2872.9 %) |
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