Naseej profit dips 61% to SAR 4.7 mln in H1 2023; Q2 at SAR 583,000

01/08/2023 Argaam Exclusive

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Naseej International Trading Co.
76.30
(0.60) (0.78 %)

Naseej International Trading Co. (NASEEJ)

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Naseej International Trading Co.’s net profit declined in the first half of 2023 by 61% to SAR 4.7 million from SAR 12 million in H1 2022.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 153.22 141.13 (7.9 %)
Gross Income 37.56 32.35 (13.9 %)
Operating Income 14.90 12.93 (13.2 %)
Net Income 11.97 4.67 (61.0 %)
Average Shares 10.90 10.90 -
EPS (Riyals) 1.10 0.43 (61.0 %)

Naseej attributed the slump to lower sales and other revenues as well as higher Zakat provisions.

 

Net profit plunged 89% to SAR 583,000 from SAR 5.51 million in the second quarter of 2022 due to a decline in sales and SAIBOR-related financing costs.

 

Naseej bottom line dived 85.7% from SAR 4 million in Q1 2023 on lower sales.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 69.59 62.40 (10.3 %)
Gross Income 18.64 14.72 (21.0 %)
Operating Income 8.25 4.36 (47.2 %)
Net Income 5.51 0.58 (89.4 %)
Average Shares 10.90 10.90 -
EPS (Riyals) 0.51 0.05 (89.4 %)

Total shareholders’ equity, no minority interest, dropped to SAR 110.05 million as of June 30, 2023, from SAR 120.94 million in the earlier-year period.

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