Naseej trims 2022 loss to SAR 1.4 mln; Q4 at SAR 11.6 mln

28/03/2023 Argaam Exclusive

Naseej International Trading Co.’s narrowed 2022 net loss to SAR 1.4 million, from SAR 85.5 million in 2021.



Financials (M)

Item 2021 2022 Change‬
Revenues 230.20 280.18 21.7 %
Gross Income 27.65 49.91 80.5 %
Operating Income (74.02) 2.09 102.8 %
Net Income (85.52) (1.38) 98.4 %
Average Shares 10.90 10.90 -
EPS (Riyals) (7.85) (0.13) 98.4 %

In Q4 2022, the company cut net losses to SAR 11.6 million, from SAR 63.6 million in the prior-year period.

 

Losses decreased as sales rose by 22% year-on-year (YoY). Gross profit also surged 81% YoY on better utilization of production capacity by raising production rates and reducing direct and indirect costs.

 

Moreover, the utilization and sale of slow-moving and obsolete inventory also contributed to improving gross profit, along with a decrease in selling and administrative expenses.

 

Naseej also cited the impact of IFRS 9 on the annual financial results, as it allocated an additional provision of SAR 4.9 million. 



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 48.79 65.09 33.4 %
Gross Income 4.42 1.09 (75.3 %)
Operating Income (61.01) (15.94) 73.9 %
Net Income (63.64) (11.62) 81.7 %
Average Shares 10.90 10.90 -
EPS (Riyals) (5.84) (1.07) 81.7 %

Shareholders’ equity, no minority interest, reached SAR 105.38 million as of Dec. 31, 2022, compared to SAR 108.97 million a year earlier.

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Share Price

Naseej International Trading Co.
94.30
(0.60) (0.63 %)

Naseej International Trading Co. (NASEEJ)

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Financial Ratios
Current
Market Cap (M Riyal) 1,027.87
Enterprise Value (EV) (M) 1,192.62
Shares Outstanding ((M)) 10.90
EPS ( Riyal) (TTM) (4.21)
Book Value (BV) ( Riyal) 6.05
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 15.58
Return on Average Assets (%) (TTM) (12.06 )
Return on Average Equity (%) (TTM) (51.83 )
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