Financial Results : Naseej net profit tumbles 97% to SAR 111,000 in Q1 2024

Naseej net profit tumbles 97% to SAR 111,000 in Q1 2024

09/05/2024 Argaam Exclusive

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Naseej International Trading Co. reported a net profit slump of 97% to SAR 111,000 in Q1 2024, from SAR 4.1 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 78.74 63.82 (18.9 %)
Gross Income 17.63 11.77 (33.2 %)
Operating Income 8.58 2.80 (67.3 %)
Net Income 4.09 0.11 (97.3 %)
Average Shares 10.90 10.90 -
EPS (Riyals) 0.37 0.01 (97.3 %)

The annual net earnings were hurt by lower sales on a decline in sales volumes amid the current local and global market conditions. Naseej also reported lower profit share from investments in associates and joint ventures. Furthermore, expenses were recorded on the company’s latest capital increase.

 

Sequentially, the company swung to net profit from a loss of SAR 21.73 million in Q4 2023, backed by a quarter-on-quarter (QoQ) increase in sales as new customers joined the project division, in addition to the nature and seasonality of the markets in Q1 2024.

 

Operating expenses (OpEx) also decreased QoQ in Q1 2024. In addition, a Zakat provision has been allocated in the previous quarter.

 

Total shareholders’ equity, no minority interest, came in at SAR 90.26 million as of March 31, 2024, down from SAR 109.47 million a year earlier.

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