Naseej for Technology Co. (Naseej Tech) reported a 40% fall in its 2023 net profit to SAR 13.1 million, from SAR 21.9 million in 2022.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 215.07 | 215.23 | 0.1 % |
| Gross Income | 64.91 | 64.86 | (0.1 %) |
| Operating Income | 25.27 | 17.04 | (32.6 %) |
| Net Income | 21.85 | 13.04 | (40.3 %) |
| Average Shares | 5.00 | 5.00 | - |
| EPS (Riyals) | 4.37 | 2.61 | (40.3 %) |
The company was hit by higher general and administrative expenses that reached SAR 6.7 million, an increase in expected credit losses to SAR 5.4 million, and higher marketing expenses to SAR 1.47 million. Zakat charges also rose to SAR 0.58 million.
Total shareholders’ equity, after minority interest, rose to SAR 129.02 million by the end of 2023, from SAR 116.14 million a year earlier.
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