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

28/03/2023 Argaam Exclusive

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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 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	61.87	65.09	5.2 %
Gross Income	11.26	1.09	(90.3 %)
Operating Income	3.13	(15.94)	(609.7 %)
Net Income	(1.73)	(11.62)	(572.0 %)
Average Shares	10.90	10.90	-
EPS (Riyals)	(0.16)	(1.07)	(572.0 %)

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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