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National Industrialization Co. reports the interim Consolidated Financial results for the period ending on 2019-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 731.2716.52.051739.2-1.082
Total Profit (Loss) 87.799.7-12.036118.9-26.24
Profit (Loss) Operational 6.1252-97.579304-97.993
Net Profit (Loss) after Zakat and Tax 296.7395.8-25.037159.586.018
Total Comprehensive Income 408231.276.47260.856.441
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 1,470.31,336.610.002
Total Profit (Loss) 206.6177.216.591
Profit (Loss) Operational 310.1462.6-32.965
Net Profit (Loss) after Zakat and Tax 456.2757.2-39.751
Total Comprehensive Income 628.5634.8-0.992
Total Share Holders Equity (after deducting minority equity) 9,964.59,335.96.733
Profit (Loss) per Share 0.681.13
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year The decrease in net profit is attributable to the decrease in the Company's share of income from associates and joint ventures due to the decrease in average selling prices of petrochemical and titanium dioxide products, as well as the write-offs related to certain projects in Advanced Metal Industries Cluster Company which are not economically feasible in future after closing of the transaction between Cristal and Tronox. This decrease in net profit is despite the lower financing costs, Zakat and income tax provisions, and the recording of gain resulted from the transaction closure between Cristal and Tronox, as referred below in the "Additional Information".
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter The increase in net profit is attributable to the recording of gain resulted from the transaction closure between Cristal and Tronox, (as referred below in the "Additional Information") and decrease in financials costs, despite the decrease in Company's share of income from associates and joint ventures due to the decrease in sales volume and average selling prices of certain petrochemical and titanium dioxide products, increase in general administrative expenses and write-offs related to certain projects in Advanced Metal Industries Cluster Company which are not economically feasible in future after closing of the transaction between Cristal and Tronox.
Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year The decrease in net profit is attributable to the decrease in Company's share of income from associates and joint ventures due to the decrease in average selling prices of petrochemical and titanium dioxide products, increase in selling and distribution expenses, financial costs and Zakat provisions, as well as the write-offs related to certain projects in Advanced Metal Industries Cluster Company which are not economically feasible in future after closing of the transaction between Cristal and Tronox. This decrease in net profit is despite the increase in gross profit due to increase in sales volume for certain products, decrease in general administrative expenses and the recording of gain resulted from the transaction closure between Cristal and Tronox, as referred below in the "Additional Information".
Type of the external auditor's opinion Unmodified opinion
Reclassifications in quarter financial result Corresponding figures for the comparative periods have been reclassified to comply with IFRS requirements for disclosure of discontinued operations.
Additional Information With reference to TASNEE's previous announcement published on Tadawul on 06/08/1440H corresponding to 11/04/2019, National Titanium Dioxide Company Limited (Cristal), a 79% owned subsidiary of Tasnee closed the transaction with Tronox Holdings plc with respect to its domestic and international titanium dioxide business. Consequently, after completing the review of the valuation of equity investment in Tronox and determining the financial impact resulting from this transaction, Cristal has deconsolidated the related assets and liabilities which were part of the transaction and the equity investment in Tronox Holdings plc has been recorded as an ‘investment in associate’ in conformity with the requirements of International Accounting Standard No. 28 “Investments in Associates and Joint Ventures". Tasnee’s consolidated net income in the quarter ended 30 June, 2019 reflects its share of gain on the transaction which amounted to SR 508 million, as detailed in the Interim Condensed Consolidated Financial Statements (unaudited) - note 17.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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