Naseej profit dips 61% to SAR 4.7 mln in H1 2023; Q2 at SAR 583,000

01/08/2023 Argaam Exclusive

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Naseej International Trading Co.’s net profit declined in the first half of 2023 by 61% to SAR 4.7 million from SAR 12 million in H1 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	153.22	141.13	(7.9 %)
Gross Income	37.56	32.35	(13.9 %)
Operating Income	14.90	13.15	(11.7 %)
Net Income	11.97	4.67	(61.0 %)
Average Shares	10.90	10.90	0.0 %
EPS (Riyals)	1.10	0.43	(61.0 %)

Naseej attributed the slump to lower sales and other revenues as well as higher Zakat provisions.

Net profit plunged 89% to SAR 583,000 from SAR 5.51 million in the second quarter of 2022 due to a decline in sales and SAIBOR-related financing costs.

Naseej bottom line dived 85.7% from SAR 4 million in Q1 2023 on lower sales.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	69.59	62.40	(10.3 %)
Gross Income	18.64	14.72	(21.0 %)
Operating Income	8.25	4.50	(45.4 %)
Net Income	5.51	0.58	(89.4 %)
Average Shares	10.90	10.90	0.0 %
EPS (Riyals)	0.51	0.05	(89.4 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	78.74	62.40	(20.8 %)
Gross Income	17.63	14.72	(16.5 %)
Operating Income	8.58	4.50	(47.5 %)
Net Income	4.09	0.58	(85.7 %)
Average Shares	10.90	10.90	-
EPS (Riyals)	0.37	0.05	(85.7 %)

Total shareholders’ equity, no minority interest, dropped to SAR 110.05 million as of June 30, 2023, from SAR 120.94 million in the earlier-year period.

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