National Industrialization Company (2060) Q1 2025 earnings summary

Executive summary

• Achieved a net profit of SR 1,811.6 million for Q1 2025, reversing a net loss of SR 97.2 million in Q1 2024.

• Total comprehensive income reached SR 1,754.4 million, compared to a loss of SR 150.4 million year-over-year.

• Major gain on debt restructuring of SR 2,028.9 million recognized in Q1 2025.

• Revenue increased to SR 862.7 million, up from SR 761.4 million year-over-year.

• Gross profit rose to SR 69.3 million from SR 19.6 million in Q1 2024.

Financial highlights

• Revenue grew by 13% year-over-year to SR 862.7 million.

• Net profit attributable to equity holders was SR 895.8 million, compared to a loss of SR 72.1 million.

• Basic and diluted EPS improved to SR 1.34 from negative SR 0.11 year-over-year.

• Cash and bank balances stood at SR 3,012.2 million as of 31 March 2025, down from SR 4,089.7 million at year-end 2024.

• Net cash generated from investing activities was SR 503.0 million, while net cash used in operating activities was SR 117.4 million.

Outlook and guidance

• Management expects continued integration of the acrylic business following the SAMCO acquisition.

• No material events after the reporting date that would impact the outlook.