Naseej narrows losses to SAR 75.6 mln in 9M 2020

09/11/2020 Argaam Exclusive

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Naseej International Trading Co. narrowed its net loss after Zakat and tax to SAR 75.6 million in the first nine months of 2020, from SAR 81.7 million in the same period last year.

The company attributed the decline in losses to its qualitative efforts to raise the efficiency of production processes, restructure its product portfolio and developed plans to contain operational costs in response to the pandemic.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	182.40	128.54	(29.5 %)
Gross Income	(6.77)	5.35	179.0 %
Operating Income	(54.79)	(63.25)	(15.4 %)
Net Income	(81.65)	(75.61)	7.4 %
Average Shares	5.93	8.91	50.3 %
EPS (Riyals)	(13.78)	(8.49)	38.4 %

The company turned to a loss of SAR 38.8 million in Q3 2020 from a profit of SAR 3.1 million in the same quarter a year earlier as it was unable to exploit the production capacity at the planned levels due to the impact of COVID-19, in addition to lower demand.

On sequential basis, Naseej widened its net losses in Q3 2020 due to the slow return of markets and purchasing power to pre-pandemic status, which affected the age and movement of inventory and obliged the company to book additional provisions

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	64.65	48.52	(24.9 %)
Gross Income	1.85	1.80	(2.7 %)
Operating Income	(13.63)	(36.94)	(171.0 %)
Net Income	3.07	(38.75)	(1363.1 %)
Average Shares	5.93	8.91	50.3 %
EPS (Riyals)	0.52	(4.35)	(940.4 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	36.98	48.52	31.2 %
Gross Income	1.95	1.80	(7.6 %)
Operating Income	(11.93)	(36.94)	(209.6 %)
Net Income	(17.32)	(38.75)	(123.7 %)
Average Shares	8.91	8.91	-
EPS (Riyals)	(1.94)	(4.35)	(123.7 %)

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