Major Estimate Revision • Jun 18
Consensus EPS estimates fall from profit to ر.س0.21 loss, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from ر.س2.84b to ر.س2.89b. Now expected to report loss of -ر.س0.212 instead of ر.س0.023 per share profit. Chemicals industry in Saudi Arabia expected to see average net income growth of 56% next year. Consensus price target of ر.س10.12 unchanged from last update. Share price fell 2.5% to ر.س9.51 over the past week. Reported Earnings • May 14
First quarter 2026 earnings released: ر.س0.51 loss per share (vs ر.س1.34 profit in 1Q 2025) First quarter 2026 results: ر.س0.51 loss per share (down from ر.س1.34 profit in 1Q 2025). Revenue: ر.س495.0m (down 43% from 1Q 2025). Net loss: ر.س341.3m (down 138% from profit in 1Q 2025). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Announcement • Apr 09
National Industrialization Company, Annual General Meeting, Apr 30, 2026 National Industrialization Company, Annual General Meeting, Apr 30, 2026, at 19:00 Arab Standard Time. Location: riyadh Saudi Arabia Major Estimate Revision • Apr 07
Consensus revenue estimates decrease by 14%, EPS upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from ر.س3.56b to ر.س3.07b. Expected to report profit of -ر.س0.017, versus loss of ر.س0.023 per share previously. Chemicals industry in Saudi Arabia expected to see average net income growth of 19% next year. Consensus price target of ر.س10.43 unchanged from last update. Share price was steady at ر.س9.40 over the past week. Reported Earnings • Mar 18
Full year 2025 earnings released: ر.س2.68 loss per share (vs ر.س0.15 profit in FY 2024) Full year 2025 results: ر.س2.68 loss per share (down from ر.س0.15 profit in FY 2024). Revenue: ر.س2.49b (down 36% from FY 2024). Net loss: ر.س1.79b (down ر.س1.89b from profit in FY 2024). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Jan 17
Consensus EPS estimates increase by 32% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from ر.س0.189 to ر.س0.25. Revenue forecast steady at ر.س3.39b. Net income forecast to shrink 87% next year vs 26% growth forecast for Chemicals industry in Saudi Arabia . Consensus price target broadly unchanged at ر.س10.86. Share price was steady at ر.س9.02 over the past week. Major Estimate Revision • Dec 05
Consensus EPS estimates fall by 86% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ر.س1.35 to ر.س0.189 per share. Revenue forecast steady at ر.س3.41b. Net income forecast to grow 88% next year vs 64% growth forecast for Chemicals industry in Saudi Arabia. Consensus price target of ر.س11.00 unchanged from last update. Share price fell 3.4% to ر.س9.65 over the past week. Buy Or Sell Opportunity • Nov 09
Now 23% undervalued Over the last 90 days, the stock has risen 11% to ر.س10.59. The fair value is estimated to be ر.س13.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 24%. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings are forecast to decline by 17% per annum over the same time period. Buy Or Sell Opportunity • Aug 31
Now 20% undervalued Over the last 90 days, the stock has risen 16% to ر.س10.65. The fair value is estimated to be ر.س13.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 24%. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings are forecast to decline by 17% per annum over the same time period. Reported Earnings • Aug 07
Second quarter 2025 earnings released: ر.س0.10 loss per share (vs ر.س0.079 profit in 2Q 2024) Second quarter 2025 results: ر.س0.10 loss per share (down from ر.س0.079 profit in 2Q 2024). Revenue: ر.س808.9m (down 20% from 2Q 2024). Net loss: ر.س65.8m (down 225% from profit in 2Q 2024). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Aug 04
Consensus EPS estimates increase by 24%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from ر.س3.78b to ر.س3.41b. EPS estimate rose from ر.س1.17 to ر.س1.45. Net income forecast to shrink 22% next year vs 134% growth forecast for Chemicals industry in Saudi Arabia . Consensus price target broadly unchanged at ر.س11.12. Share price fell 2.7% to ر.س9.35 over the past week. Major Estimate Revision • Jun 14
Consensus EPS estimates increase by 329%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from ر.س3.95b to ر.س3.78b. EPS estimate rose from ر.س0.441 to ر.س1.89. Net income forecast to shrink 63% next year vs 43% growth forecast for Chemicals industry in Saudi Arabia . Consensus price target of ر.س11.12 unchanged from last update. Share price fell 2.2% to ر.س9.06 over the past week. New Risk • May 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 4,279% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 23% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. New Risk • May 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 23% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • May 14
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: ر.س1.34 (up from ر.س0.11 loss in 1Q 2024). Revenue: ر.س862.7m (up 13% from 1Q 2024). Net income: ر.س895.8m (up ر.س967.9m from 1Q 2024). Revenue missed analyst estimates by 16%. Earnings per share (EPS) exceeded analyst estimates significantly. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Announcement • May 13
National Industrialization Company Approves Board Appointments National Industrialization Company at its Extraordinary General Assembly Meeting held on May 11, 2025, approved the appointment of Ahmad Al Humaidan, Mohammed Al Haqbani, Musaab Al Muhaidib and Muath Al Zamil as Members of Board of Directors for the next Board term starting on July 6, 2025 and ending on July 5, 2029, for the period of four years. Announcement • Apr 17
National Industrialization Company, Annual General Meeting, May 11, 2025 National Industrialization Company, Annual General Meeting, May 11, 2025, at 20:00 Arab Standard Time. Location: riyadh Saudi Arabia New Risk • Apr 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 107% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.6% net profit margin). Reported Earnings • Mar 25
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: ر.س0.15 (down from ر.س0.26 in FY 2023). Revenue: ر.س3.90b (up 9.4% from FY 2023). Net income: ر.س102.8m (down 41% from FY 2023). Profit margin: 2.6% (down from 4.9% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) missed analyst estimates by 32%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 02
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: ر.س0.13 (up from ر.س0.12 in 3Q 2023). Revenue: ر.س1.03b (up 24% from 3Q 2023). Net income: ر.س89.0m (up 14% from 3Q 2023). Profit margin: 8.7% (down from 9.4% in 3Q 2023). Revenue exceeded analyst estimates by 5.0%. Earnings per share (EPS) also surpassed analyst estimates by 86%. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Aug 15
Consensus EPS estimates fall by 25%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ر.س3.61b to ر.س3.74b. EPS estimate fell from ر.س0.456 to ر.س0.34 per share. Net income forecast to grow 1,486% next year vs 211% growth forecast for Chemicals industry in Saudi Arabia. Consensus price target of ر.س13.72 unchanged from last update. Share price was steady at ر.س11.14 over the past week. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: ر.س0.08 (vs ر.س0.047 in 2Q 2023) Second quarter 2024 results: EPS: ر.س0.08 (up from ر.س0.047 in 2Q 2023). Revenue: ر.س1.01b (up 13% from 2Q 2023). Net income: ر.س52.8m (up 68% from 2Q 2023). Profit margin: 5.2% (up from 3.5% in 2Q 2023). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Reported Earnings • May 14
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: ر.س0.11 loss per share (down from ر.س0.12 profit in 1Q 2023). Revenue: ر.س761.4m (down 14% from 1Q 2023). Net loss: ر.س72.1m (down 188% from profit in 1Q 2023). Revenue missed analyst estimates by 17%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Mar 30
Consensus EPS estimates fall by 39%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ر.س3.55b to ر.س3.62b. EPS estimate fell from ر.س0.935 to ر.س0.571 per share. Net income forecast to grow 295% next year vs 92% growth forecast for Chemicals industry in Saudi Arabia. Consensus price target of ر.س14.12 unchanged from last update. Share price fell 2.6% to ر.س13.24 over the past week. Reported Earnings • Mar 12
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: ر.س0.26 (down from ر.س1.00 in FY 2022). Revenue: ر.س3.57b (down 8.1% from FY 2022). Net income: ر.س174.6m (down 74% from FY 2022). Profit margin: 4.9% (down from 17% in FY 2022). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 47%. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Mar 07
National Industrialization Company Announces CEO Changes National Industrialization Company accepted the resignation of Eng. Mutlaq Hamad AL-Morished from his position as CEO of the Company to retirement. National Industrialization Company announces its Board of Directors resolution dated 6 March 2024G corresponding to 25 Shaaban 1445H, to accept the resignation of Eng. Mutlaq Hamad AL-Morished from his position as CEO of the Company to retirement. The resignation will be effective from 31 March 2024G corresponding to 21 Ramadan 1445H. The Board and all the Companys employees would like to express their sincere gratitude and appreciation to Eng. Mutlaq AL-Morished for his role and exceptional efforts in improving the performance of the Company during his presidency, wishing him all the best of luck and success. The Board has also resolved to appoint Mr. Fawaz Mohammad Al-Fawaz as the CEO of the Company starting from 01 April 2024G corresponding to 22 Ramadan 1445H. Mr. Al-Fawaz has over 30 years of experience in the Global petrochemical industry and worked as the Chief Financial Officer (CFO) for TASNEE since April 2015. Mr. Al-Fawaz holds a Bachelors degree in Accounting from King Saud University and has various post graduate certifications from leading international institutions in areas such as Strategic Finance, Merger & Acquisition, Corporate Risk & Governance and Leadership. He is also the chairman of the board for Saudi Logistics Company (SAL), and a board member of Saudi Chemical Holding Company and Industrialization and Energy Services Company (TAQA). Buy Or Sell Opportunity • Feb 27
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to ر.س13.32. The fair value is estimated to be ر.س10.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 2.5% per annum. Earnings are also forecast to grow by 35% per annum over the same time period. Buy Or Sell Opportunity • Feb 21
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 7.8% to ر.س13.04. The fair value is estimated to be ر.س10.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 2.5% per annum. Earnings are also forecast to grow by 35% per annum over the same time period. Reported Earnings • Nov 03
Third quarter 2023 earnings: Revenues and EPS in line with analyst expectations Third quarter 2023 results: EPS: ر.س0.12 (up from ر.س0.026 in 3Q 2022). Revenue: ر.س831.9m (down 6.2% from 3Q 2022). Net income: ر.س78.2m (up 357% from 3Q 2022). Profit margin: 9.4% (up from 1.9% in 3Q 2022). Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Major Estimate Revision • Oct 31
Consensus EPS estimates fall by 17% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ر.س0.603 to ر.س0.503 per share. Revenue forecast steady at ر.س3.54b. Net income forecast to grow 237% next year vs 85% growth forecast for Chemicals industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س14.32. Share price rose 3.6% to ر.س11.60 over the past week. New Risk • Aug 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 30% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.8% net profit margin). Reported Earnings • Aug 04
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: ر.س0.05 (down from ر.س0.44 in 2Q 2022). Revenue: ر.س889.2m (down 17% from 2Q 2022). Net income: ر.س31.4m (down 89% from 2Q 2022). Profit margin: 3.5% (down from 28% in 2Q 2022). Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) missed analyst estimates by 76%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Jul 31
Consensus EPS estimates fall by 33% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ر.س3.85b to ر.س3.58b. EPS estimate also fell from ر.س1.06 per share to ر.س0.71 per share. Net income forecast to grow 41% next year vs 2.3% decline forecast for Chemicals industry in Saudi Arabia. Consensus price target of ر.س14.10 unchanged from last update. Share price fell 3.3% to ر.س14.02 over the past week. Major Estimate Revision • Jul 12
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ر.س1.08 to ر.س0.953. Revenue forecast unchanged from ر.س3.78b at last update. Net income forecast to grow 63% next year vs 16% decline forecast for Chemicals industry in Saudi Arabia. Consensus price target of ر.س13.68 unchanged from last update. Share price was steady at ر.س14.80 over the past week. Major Estimate Revision • Jun 21
Consensus revenue estimates increase by 17% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from ر.س3.24b to ر.س3.78b. EPS estimate increased from ر.س0.709 to ر.س1.08 per share. Net income forecast to grow 78% next year vs 2.4% decline forecast for Chemicals industry in Saudi Arabia. Consensus price target of ر.س13.68 unchanged from last update. Share price was steady at ر.س15.02 over the past week. Major Estimate Revision • May 03
Consensus EPS estimates fall by 13%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ر.س2.93b to ر.س3.08b. EPS estimate fell from ر.س0.80 to ر.س0.693 per share. Net income forecast to shrink 5.1% next year vs 28% decline forecast for Chemicals industry in Saudi Arabia. Consensus price target down from ر.س14.08 to ر.س13.68. Share price fell 5.8% to ر.س12.96 over the past week. Major Estimate Revision • Jan 13
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ر.س1.52 to ر.س1.29. Revenue forecast unchanged from ر.س3.79b at last update. Net income forecast to shrink 27% next year vs 25% decline forecast for Chemicals industry in Saudi Arabia. Consensus price target down from ر.س16.95 to ر.س15.20. Share price was steady at ر.س12.88 over the past week. Price Target Changed • Jan 11
Price target decreased to ر.س15.45 Down from ر.س16.95, the current price target is an average from 6 analysts. New target price is 21% above last closing price of ر.س12.78. Stock is down 41% over the past year. The company is forecast to post earnings per share of ر.س1.42 for next year compared to ر.س2.03 last year. Price Target Changed • Dec 20
Price target decreased to ر.س18.13 Down from ر.س19.72, the current price target is an average from 6 analysts. New target price is 48% above last closing price of ر.س12.28. Stock is down 40% over the past year. The company is forecast to post earnings per share of ر.س0.97 for next year compared to ر.س2.03 last year. Price Target Changed • Nov 22
Price target decreased to ر.س18.13 Down from ر.س19.72, the current price target is an average from 6 analysts. New target price is 53% above last closing price of ر.س11.86. Stock is down 46% over the past year. The company is forecast to post earnings per share of ر.س1.41 for next year compared to ر.س2.03 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Abdul Rahman Sulaiman Al-Sayyari was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 02
Third quarter 2022 earnings: EPS misses analyst expectations Third quarter 2022 results: EPS: ر.س0.03 (down from ر.س0.50 in 3Q 2021). Revenue: ر.س887.1m (down 12% from 3Q 2021). Net income: ر.س17.1m (down 95% from 3Q 2021). Profit margin: 1.9% (down from 33% in 3Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 92%. Revenue is expected to fall by 6.0% p.a. on average during the next 3 years compared to a 5.4% decline forecast for the Chemicals industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 07
Second quarter 2022 earnings released: EPS: ر.س0.44 (vs ر.س0.53 in 2Q 2021) Second quarter 2022 results: EPS: ر.س0.44 (down from ر.س0.53 in 2Q 2021). Revenue: ر.س1.08b (up 38% from 2Q 2021). Net income: ر.س297.1m (down 17% from 2Q 2021). Profit margin: 28% (down from 46% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 18% compared to a 1.4% growth forecast for the industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 06
Consensus EPS estimates increase by 23% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ر.س3.26b to ر.س3.52b. EPS estimate increased from ر.س1.43 to ر.س1.75 per share. Net income forecast to shrink 13% next year vs 14% decline forecast for Chemicals industry in Saudi Arabia. Consensus price target down from ر.س20.63 to ر.س19.88. Share price was steady at ر.س16.58 over the past week. Announcement • Jul 06
National Industrialization Company Appoints Mubarak Abdullah Al Khafrah as Chairman of the Board and Talal Ibrahim Al Maiman as Vice Chairman National Industrialization Company (Tasnee) has appointed Mubarak Abdullah Al Khafrah as the new Chairman of the board for the next three years. The company also appointed Talal Ibrahim Al Maiman as the Vice Chairman, according to a bourse filing on July 5, 2022. Meanwhile, the two officials will assume their new roles from 6 July 2022 until 5 July 2025. Reported Earnings • May 04
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ر.س0.46 (down from ر.س0.49 in 1Q 2021). Revenue: ر.س979.2m (up 35% from 1Q 2021). Net income: ر.س309.0m (down 5.7% from 1Q 2021). Profit margin: 32% (down from 45% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 13%. Over the next year, revenue is expected to shrink by 13% compared to a 9.1% growth forecast for the industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to ر.س21.30 Up from ر.س19.15, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of ر.س20.62. Stock is up 14% over the past year. The company is forecast to post earnings per share of ر.س2.05 for next year compared to ر.س2.03 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Abdul Rahman Sulaiman Al-Sayyari was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Apr 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 1.5%. The fair value is estimated to be ر.س27.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 3.3% per annum. Earnings is forecast to grow by 2.5% per annum over the same time period. Price Target Changed • Apr 07
Price target increased to ر.س20.56 Up from ر.س19.15, the current price target is an average from 4 analysts. New target price is 7.1% below last closing price of ر.س22.14. Stock is up 37% over the past year. The company is forecast to post earnings per share of ر.س2.09 for next year compared to ر.س2.03 last year. Announcement • Mar 31
National Industrialization Company, Annual General Meeting, Apr 20, 2022 National Industrialization Company, Annual General Meeting, Apr 20, 2022, at 18:45 Coordinated Universal Time. Agenda: To consider Voting on the Board of Directors report for the fiscal year ending on December 31, 2021; to consider Voting on the auditor's report for the fiscal year ending on December 31, 2021; to consider Voting on the Company's financial statements for the fiscal year ending on December 31, 2021; to consider Voting on the appointment of the external auditor, based on the recommendation of the Audit Committee; to examine, review and audit the financial statements for the second and third quarters as well as the annual statements for the fiscal year 2022 and for the first quarter of the year 2023, and to determine the auditor's fees; and to consider other. Reported Earnings • Mar 16
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: ر.س3.67b (up 62% from FY 2020). Net income: ر.س1.36b (up ر.س1.80b from FY 2020). Profit margin: 37% (up from net loss in FY 2020). Revenue exceeded analyst estimates by 13%. Over the next year, revenue is expected to shrink by 8.9% compared to a 9.5% growth forecast for the industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improved over the past week After last week's 15% share price gain to ر.س25.95, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 18x in the Chemicals industry in Saudi Arabia. Total returns to shareholders of 57% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ر.س36.17 per share. Reported Earnings • Nov 03
Third quarter 2021 earnings released: EPS ر.س0.50 (vs ر.س0.063 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ر.س1.00b (up 75% from 3Q 2020). Net income: ر.س333.4m (up ر.س375.8m from 3Q 2020). Profit margin: 33% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 13% per year. Executive Departure • Oct 01
Non-Executive Director Ibrahim Bin Ali Al Qadi has left the company On the 28th of September, Ibrahim Bin Ali Al Qadi's tenure as Non-Executive Director ended. We don't have any record of a personal shareholding under Ibrahim's name. Ibrahim is the only executive to leave the company over the last 12 months. Reported Earnings • Aug 11
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ر.س780.4m (up 61% from 2Q 2020). Net income: ر.س356.7m (up ر.س545.6m from 2Q 2020). Profit margin: 46% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 02
Full year 2020 earnings released: ر.س0.67 loss per share (vs ر.س0.64 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: ر.س2.27b (down 25% from FY 2019). Net loss: ر.س446.7m (loss widened 4.6% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 25
New 90-day high: ر.س14.88 The company is up 14% from its price of ر.س13.00 on 26 November 2020. The Saudi market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 12% over the same period. Is New 90 Day High Low • Dec 28
New 90-day high: ر.س14.34 The company is up 12% from its price of ر.س12.80 on 29 September 2020. The Saudi market is down 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 13% over the same period. Reported Earnings • Nov 11
Third quarter 2020 earnings released: ر.س0.037 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: ر.س555.3m (down 31% from 3Q 2019). Net loss: ر.س49.2m (down 219% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 110% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Price Target Changed • Oct 23
Price target raised to ر.س10.93 Up from ر.س10.13, the current price target is an average from 3 analysts. The new target price is 17% below the current share price of ر.س13.22. As of last close, the stock is up 2.3% over the past year. Is New 90 Day High Low • Sep 28
New 90-day high: ر.س13.04 The company is up 25% from its price of ر.س10.44 on 30 June 2020. The Saudi market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ر.س0.61 per share.