Financial Results : Naseej turns to profit of SAR 6.5 mln in Q1 2022

Naseej turns to profit of SAR 6.5 mln in Q1 2022

25/04/2022 Argaam Exclusive

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Naseej International Trading Co. swung to a net profit after Zakat and tax of SAR 6.5 million in Q1 2022, against a net loss of SAR 5.3 million in the prior-year period.

 

The positive performance was backed by a 19% rise year-on-year (YoY) in sales to SAR 83.6 million in Q1 2022.

 

Gross profit margins expanded by 86% YoY, due to an increase in the utilized production capacity, lower operating expenses, and a provision reversal, despite the high cost of raw materials.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 70.26 83.63 19.0 %
Gross Income 10.15 18.93 86.4 %
Operating Income (2.39) 6.64 378.6 %
Net Income (5.27) 6.46 222.7 %
Average Shares 8.91 10.90 22.3 %
EPS (Riyals) (0.59) 0.59 200.3 %

On a sequential basis, the company tuned profitable against a net loss of SAR 63.64 million in Q4 2021.

 

Shareholders’ equity, after minority interest, more than doubled to SAR 115.436 million in Q1 2022, from SAR 50.164 million a year earlier.

 

Accumulated losses reached SAR 96.196 million by the end of March, representing 45.45% of the capital.

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