Naseej Tech net profit up 6% to SAR 21.9 mln in 2022

29/03/2023 Argaam Exclusive

Naseej for Technology Co. posted a net profit of SAR 21.9 million in 2022, a 6% increase from SAR 20.7 million a year earlier.



Financials (M)

Item 2021 2022 Change‬
Revenues 194.42 215.07 10.6 %
Gross Income 60.83 64.91 6.7 %
Operating Income 25.12 25.27 0.6 %
Net Income 20.71 21.86 5.6 %
Average Shares 5.00 5.00 -
EPS (Riyals) 4.14 4.37 5.6 %

The positive performance was driven by a 10.6% year-on-year (YoY) rise in revenue to reach SAR 215 million in 2022 from SAR 194.4 in 2021.

 

The company maintained a gross profit margin above 30%, which contributed to a 6.7% uptick in gross profit to SAR 64.5 million from SAR 60.8 million in the previous year.

 

This was despite an 11% jump in operating expenses on costs of listing on Nomu-Parallel Market, most of which were carried in 2022. This is besides additional costs stemming from strengthening the corporate governance system and the remuneration of the board of directors and affiliated committees.



Current Half Annual Comparison (M)

Compared With The
Item H2 2021 H2 2022 Change‬
Revenues 101.06 120.22 19.0 %
Gross Income 30.67 35.74 16.5 %
Operating Income 11.92 15.36 28.8 %
Net Income 10.84 14.25 31.4 %
Average Shares 5.00 5.00 -
EPS (Riyals) 2.17 2.85 31.4 %

Shareholders’ equity, excluding minority interest, stood at SAR 116.14 million as of Dec. 31, 2022, compared to SAR 93.83 million a year earlier.

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Share Price

Naseej for Technology Co.
70.00
4.10 6.22 %

Naseej for Technology Co. (NASEEJ TECH)

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Financial Ratios
Current
Market Cap (M Riyal) 350.00
Enterprise Value (EV) (M) 348.66
Shares Outstanding ((M)) 5.00
Book Value (BV) ( Riyal) 25.81
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 26.84
Price/book 2.71
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