Naseej for Technology Co. (Naseej Tech) reported a 73% slump in H1 2023 net profit to SAR 2.1 million from SAR 7.6 million in the year-earlier period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 94.85 | 90.87 | (4.2 %) |
| Gross Income | 29.17 | 23.54 | (19.3 %) |
| Operating Income | 9.91 | 2.66 | (73.2 %) |
| Net Income | 7.61 | 2.09 | (72.6 %) |
| Average Shares | 5.00 | 5.00 | - |
| EPS (Riyals) | 1.52 | 0.42 | (72.6 %) |
The company cited a 4.2% decline year-on-year (YoY) in revenue, due to a delay in some projects out of the company’s control. Additionally, an increase in selling and marketing expenses weighed on the operating profit, which in turn led to a decrease in net income.
Shareholders’ equity, after minority interest, reached SAR 118.17 million by the end of the six-month period, compared to SAR 101.23 million a year earlier.
|
Historical Data |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
H1 2021 |
93.37 |
9.87 |
1.97 |
|
H2 2021 |
101.05 |
10.84 |
2.17 |
|
H1 2022 |
94.85 |
7.61 |
1.52 |
|
H2 2022 |
120.22 |
14.24 |
2.85 |
|
H1 2023 |
90.87 |
2.1 |
0.42 |
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