Naseej profit falls 43% to SAR 5.8 mln in 9M 2023; Q3 at SAR 1.1 mln

06/11/2023 Argaam Exclusive

View other reports

Naseej International Trading Co.'s net profit reached SAR 5.8 million in the first nine months of 2023, down 43% from SAR 10.2 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	215.09	200.37	(6.8 %)
Gross Income	48.82	41.87	(14.2 %)
Operating Income	18.03	12.22	(32.2 %)
Net Income	10.24	5.80	(43.3 %)
Average Shares	10.90	10.90	0.0 %
EPS (Riyals)	0.94	0.53	(43.3 %)

This was mainly due to lower sales and higher financing costs, along with an increase in SAIBOR rates.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	61.87	59.24	(4.3 %)
Gross Income	11.26	9.52	(15.5 %)
Operating Income	3.13	(0.71)	(122.7 %)
Net Income	(1.73)	1.14	165.6 %
Average Shares	10.90	10.90	0.0 %
EPS (Riyals)	(0.16)	0.10	165.6 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	62.40	59.24	(5.1 %)
Gross Income	14.72	9.52	(35.4 %)
Operating Income	4.50	(0.71)	(115.7 %)
Net Income	0.58	1.14	94.7 %
Average Shares	10.90	10.90	-
EPS (Riyals)	0.05	0.10	94.7 %

In Q3 2023, the company turned to a net profit of SAR 1.1 million from a loss of SAR 1.73 million a year earlier.

The company attributed the improved Q3 results year-on-year to lower general and administrative expenses and an increase in other revenues to SAR 3.9 million. It also cited a decrease in Zakat provisions despite lower sales as well as a rise in financing costs and SAIBOR rates.

Compared with the previous quarter, Q3 earnings leapt 94.7% from SAR 58,000.

Total shareholders’ equity, no minority interest, declined to SAR 111.19 million by the end of the nine-month period from SAR 119.21 million a year earlier.

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.

×