Naseej losses widen to SAR 15.9M in 2023; Q4 at SAR 21.7M

21/03/2024 Argaam Exclusive

View other reports

Naseej International Trading Co.’s losses widened in 2023 to SAR 15.9 million from SAR 1.4 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	280.18	260.52	(7.0 %)
Gross Income	49.91	53.88	7.9 %
Operating Income	2.09	16.63	697.3 %
Net Income	(1.38)	(15.93)	(1,057.8 %)
Average Shares	10.90	10.90	0.0 %
EPS (Riyals)	(0.13)	(1.46)	(1,057.7 %)

This was driven by an increase in financing costs to SAR 3.6 million associated with higher SAIBOR rates, in addition to setting aside additional Zakat provisions at SAR 20.5 million. Despite higher net losses, there was a 93% increase in operating profit during the year.

Q4 2023 net loss stood at SAR 21.7 million, compared to SAR 11.6 million.

On a quarterly basis, the company swung from a net profit of SAR 1.13 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	65.09	60.15	(7.6 %)
Gross Income	1.09	12.01	1002.1 %
Operating Income	(15.94)	4.41	127.6 %
Net Income	(11.62)	(21.73)	(87.1 %)
Average Shares	10.90	10.90	0.0 %
EPS (Riyals)	(1.07)	(1.99)	(87.1 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	59.24	60.15	1.5 %
Gross Income	9.52	12.01	26.2 %
Operating Income	(0.71)	4.41	721.6 %
Net Income	1.14	(21.73)	(2014.9 %)
Average Shares	10.90	10.90	-
EPS (Riyals)	0.10	(1.99)	(2014.9 %)

Total shareholders’ equity, no minority interest, stood at SAR 90.14 million by Dec. 31, 2023, compared to SAR 105.38 million a year earlier.

Accumulated losses stood at SAR 18.8 million by Dec. 31, 2023, accounting for 17% of capital.

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×