Naseej incurs SAR 24.2M loss in 9M 2024, SAR 9.8M in Q3

05/11/2024 Argaam Exclusive

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Naseej International Trading Co. swung to net losses of SR 24.2 million for the first nine months of 2024, against SAR 5.8 million in net profit in the prior-year period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	200.37	158.44	(20.9 %)
Gross Income	41.87	18.47	(55.9 %)
Operating Income	16.90	(11.10)	(165.7 %)
Net Income	5.80	(24.18)	(516.6 %)
Average Shares	10.90	10.90	-
EPS (Riyals)	0.53	(2.22)	(516.6 %)

The loss-making was attributed to a decline in sales and production volumes, besides incurring one-off expenses for the nine-month period.

However, this was partially offset by the year-on-year (YoY) decrease in operating expenses.

Net loss for Q3 2024 reached SAR 9.8 million, versus SAR 1.13 million in net income in Q3 2023.

Sequentially, the company narrowed its net losses from SAR 14.51 million in Q2 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	59.24	43.25	(27.0 %)
Gross Income	9.52	3.21	(66.2 %)
Operating Income	3.75	(5.41)	(244.3 %)
Net Income	1.13	(9.78)	(962.3 %)
Average Shares	10.90	10.90	-
EPS (Riyals)	0.10	(0.90)	(962.3 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	51.37	43.25	(15.8 %)
Gross Income	3.49	3.21	(7.9 %)
Operating Income	(8.49)	(5.41)	36.3 %
Net Income	(14.51)	(9.78)	32.6 %
Average Shares	10.90	10.90	-
EPS (Riyals)	(1.33)	(0.90)	32.6 %

Shareholders’ equity (no minority interest) shrank to SAR 65.97 million, compared to SAR 111.19 million in the same period a year earlier.

Accumulated losses reached SAR 43.00 million, or 39.46% of capital, by the end of September 2024.

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