Naseej incurs SAR 14.4M losses in H1 2024; Q2 at SAR 14.5M

07/08/2024 Argaam Exclusive

View other reports

Naseej International Trading Co. turned to a loss of SAR 14.4 million in the first half of 2024, against a profit of SAR 4.7 million in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	141.13	115.19	(18.4 %)
Gross Income	32.35	15.26	(52.8 %)
Operating Income	13.15	(3.89)	(129.5 %)
Net Income	4.67	(14.40)	(408.4 %)
Average Shares	10.90	10.90	-
EPS (Riyals)	0.43	(1.32)	(408.4 %)

The negative results are attributed to lower production quantity that led to a decrease in sales volume and non-absorb of manufacturing expenses, which contributed to the decrease in gross profit.

The company incurred non-recurring expenses such as those related to the previous capital increase filing, in addition to the financial burdens resulting from extending the maturity of loans.

In addition, the firm suffered from credit losses resulting from IFRS No. 9.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	62.40	51.37	(17.7 %)
Gross Income	14.72	3.49	(76.3 %)
Operating Income	4.50	(8.49)	(288.5 %)
Net Income	0.58	(14.51)	(2589.0 %)
Average Shares	10.90	10.90	-
EPS (Riyals)	0.05	(1.33)	(2589.0 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	63.82	51.37	(19.5 %)
Gross Income	11.77	3.49	(70.3 %)
Operating Income	2.80	(8.49)	(403.1 %)
Net Income	0.11	(14.51)	(13173.0 %)
Average Shares	10.90	10.90	-
EPS (Riyals)	0.01	(1.33)	(13173.0 %)

The company reported a net loss of SAR 14.5 million in Q2 2024 versus a profit of SAR 583,000 in the second quarter of 2023 due to a decline in production.

Sequentially, Naseej swung to a loss from a profit of SAR 111,000 in Q1 2024.

Total shareholders’ equity, no minority interest, dropped to SAR 75.7 million as of June 30, 2024, from SAR 110 million in the earlier-year period.

Accumulated losses stood at SAR 33.2 million by the end of H1 2024, representing 30.49% 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.

×