Naseej Tech H1 2022 net profit down 23% to SAR 7.6 mln

17/08/2022 Argaam Exclusive

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Naseej for Technology Co. (Naseej Tech) reported a 23% fall in H1 2022 net profit after Zakat and tax to SAR 7.6 million, from SAR 9.9 million in the same period a year earlier.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	93.37	94.85	1.6 %
Gross Income	30.16	29.17	(3.3 %)
Operating Income	13.19	9.91	(24.9 %)
Net Income	9.87	7.61	(22.9 %)
Average Shares	5.00	5.00	-
EPS (Riyals)	1.97	1.52	(22.9 %)

The company was hit by higher general and administrative expenses (G&A) on increased professional fees related to the company’s direct listing. It also recorded an increase in salary expenses in the six-month period.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2021	H1 2022	Change‬
Revenues	93.37	94.85	1.6 %
Gross Income	30.16	29.17	(3.3 %)
Operating Income	13.19	9.91	(24.9 %)
Net Income	9.87	7.61	(22.9 %)
Average Shares	5.00	5.00	-
EPS (Riyals)	1.97	1.52	(22.9 %)

Item	H2 2021	H1 2022	Change‬
Revenues	101.06	94.85	(6.1 %)
Gross Income	30.67	29.17	(4.9 %)
Operating Income	11.92	9.91	(16.9 %)
Net Income	10.84	7.61	(29.8 %)
Average Shares	5.00	5.00	-
EPS (Riyals)	2.17	1.52	(29.8 %)

Total shareholders’ equity, after minority interest, rose to SAR 101.232 million by the end of the six-month period, from SAR 93.839 million a year earlier.

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