Naseej narrows 2020 loss to SAR 83.4 mln

28/03/2021 Argaam Exclusive

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Naseej International Trading Co. narrowed net loss after Zakat and tax to SAR 83.4 million for 2020, from SAR 116.2 million in 2019.

Financials (M)

Item	2019	2020	Change‬
Revenues	232.35	192.20	(17.3 %)
Gross Income	(14.85)	22.49	251.5 %
Operating Income	(73.18)	(79.67)	(8.9 %)
Net Income	(116.21)	(83.42)	28.2 %
Average Shares	5.93	8.91	50.3 %
EPS (Riyals)	(19.61)	(9.36)	52.2 %

The company attributed the decrease in loss to optimization of cost of sales across the board along with operational expenses.

Gross profit improved by 251% year-on-year (YoY) despite the impact of the COVID-19 pandemic on the markets.

These actions, in addition to focusing on value creation through extensive product development creating market pull and optimizing operational effectiveness, have contributed positively to the net result.

In Q4 2020, the company also trimmed its net loss after Zakat and tax to SAR 7.8 million from SAR 34.5 million in the same period a year ago.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	49.96	63.67	27.4 %
Gross Income	(8.08)	17.14	312.2 %
Operating Income	(18.38)	(16.43)	10.6 %
Net Income	(34.56)	(7.81)	77.4 %
Average Shares	5.93	8.91	50.3 %
EPS (Riyals)	(5.83)	(0.88)	85.0 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	48.52	63.67	31.2 %
Gross Income	1.80	17.14	852.3 %
Operating Income	(36.94)	(16.43)	55.5 %
Net Income	(38.75)	(7.81)	79.9 %
Average Shares	8.91	8.91	-
EPS (Riyals)	(4.35)	(0.88)	79.9 %

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