National Industrialization Co. (Tasnee) turned to a net profit after Zakat and tax to SAR 1.356 billion in 2021, from a net loss after Zakat and tax of SAR 446.7 million a year earlier.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 2,271.84 | 3,673.09 | 61.7 % |
| Gross Income | 329.84 | 987.00 | 199.2 % |
| Operating Income | (374.24) | (267.95) | 28.4 % |
| Net Income | (446.75) | 1,356.39 | 403.6 % |
| Average Shares | 668.91 | 668.91 | - |
| EPS (Riyals) | (0.67) | 2.03 | 403.6 % |
The higher earnings were driven by a surge in average selling prices of all products, higher profit share from investments in associates and joint ventures, and reversal of SAR 693 million impairment charges on investment in Tronox, an associate, due to consistently higher share prices above the carrying value. Tasnee share stood at SAR 547 million.
However, the company reported an increase in prices of certain feedstocks, higher Zakat provisions and SAR 466 million impairment loans provisions (Tasnee share at SAR 417 million) given to a joint venture, Advanced Toho Titanium Metal Co., in Yanbu.
Further, the firm reported an SAR 180 million impairment provision for non-current assets (Tasnee share was at SAR
161 million) related to a subsidiary, Advanced Metal Industries Cluster Co., due to continued delay in commencing commercial production of sagger plant in Jizan.
In Q4 2021, Tasnee turned to a net profit after Zakat and tax to SAR 388.7 million from a net loss after Zakat and tax of SAR 172.4 million in the year-earlier period.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 607.16 | 1,163.01 | 91.5 % |
| Gross Income | 87.76 | 331.10 | 277.3 % |
| Operating Income | (22.01) | (411.07) | (1,767.7 %) |
| Net Income | (172.44) | 338.69 | 296.4 % |
| Average Shares | 668.91 | 668.91 | - |
| EPS (Riyals) | (0.26) | 0.51 | 296.4 % |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 1,004.29 | 1,163.01 | 15.8 % |
| Gross Income | 249.91 | 331.10 | 32.5 % |
| Operating Income | 99.83 | (411.07) | (511.8 %) |
| Net Income | 333.45 | 338.69 | 1.6 % |
| Average Shares | 668.91 | 668.91 | - |
| EPS (Riyals) | 0.50 | 0.51 | 1.6 % |
Total shareholders’ equity, after minority interest, rose 19.7% year-on-year to SAR 8.702 billion in 2021.
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