Naseej posts SAR 85.5 mln loss in 2021, Q4 at SAR 63.6 mln

30/03/2022 Argaam Exclusive

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Naseej International Trading Co.’s net losses after Zakat and tax increased slightly to SAR 85.5 million in 2021, compared to a loss of SAR 83.4 million in the previous year.

Financials (M)

Item	2020	2021	Change‬
Revenues	192.20	230.20	19.8 %
Gross Income	22.49	27.65	23.0 %
Operating Income	(79.67)	(74.02)	7.1 %
Net Income	(83.42)	(85.52)	(2.5 %)
Average Shares	8.91	10.90	22.3 %
EPS (Riyals)	(9.36)	(7.85)	16.2 %

The losses widened due to the substantial increase in raw materials prices, which was partially offset by higher sales and an improvement in the cost of sales, along with lower operating expenses.

The firm reported a net loss after Zakat and tax of SAR 63.6 million in Q4 2021, versus a loss of SAR 7.8 million in Q4 202.

On a sequential basis, Q4 net losses widened from SAR 11.58 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	63.67	48.79	(23.4 %)
Gross Income	17.14	4.42	(74.2 %)
Operating Income	(16.43)	(61.01)	(271.4 %)
Net Income	(7.81)	(63.64)	(715.4 %)
Average Shares	8.91	10.90	22.3 %
EPS (Riyals)	(0.88)	(5.84)	(566.6 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	45.28	48.79	7.7 %
Gross Income	1.74	4.42	154.3 %
Operating Income	(8.98)	(61.01)	(579.3 %)
Net Income	(11.58)	(63.64)	(449.5 %)
Average Shares	8.91	10.90	22.3 %
EPS (Riyals)	(1.30)	(5.84)	(349.2 %)

Shareholders’ equity, after minority interest, rose 96.6% to SAR 108.973 million in 2021, from SAR 55.433 million a year earlier.

Accumulated losses reached SAR 102.659 million as on Dec. 31, 2021, representing 48.51% of capital.

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