Financial Results : Naseej net profit down 37% to SAR 4.1 mln in Q1 2023

Naseej net profit down 37% to SAR 4.1 mln in Q1 2023

21/05/2023 Argaam Exclusive

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Naseej International Trading Co.’s net profit slumped 37% to SAR 4.1 million in Q1 2023, from SAR 6.5 million a year earlier, due to lower export sales and other revenue along with higher Zakat provision.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 83.63 78.74 (5.9 %)
Gross Income 18.93 17.63 (6.9 %)
Operating Income 6.64 8.58 29.1 %
Net Income 6.46 4.09 (36.8 %)
Average Shares 10.90 10.90 0.0 %
EPS (Riyals) 0.59 0.37 (36.8 %)

Sequentially, the company turned to a net profit against a loss of SAR 11.62 million in Q4 2022, on higher sales and sale of obsolete and slow-moving inventory.

 

Total shareholders’ equity, no minority interest, stood at SAR 109.47 million as of March 31, 2023, compared to SAR 115.43 million a year earlier.

 

Accumulated losses reached SAR 502,000 by the end of Q1 2023, representing 0.5% of capital.

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