Naseej Tech posts 73% profit fall to SAR 2.1 mln in H1 2023

17/08/2023 Argaam Exclusive

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Naseej for Technology Co. (Naseej Tech) reported a 73% slump in H1 2023 net profit to SAR 2.1 million from SAR 7.6 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	94.85	90.87	(4.2 %)
Gross Income	29.17	23.54	(19.3 %)
Operating Income	9.91	2.66	(73.2 %)
Net Income	7.61	2.09	(72.6 %)
Average Shares	5.00	5.00	-
EPS (Riyals)	1.52	0.42	(72.6 %)

The company cited a 4.2% decline year-on-year (YoY) in revenue, due to a delay in some projects out of the company’s control. Additionally, an increase in selling and marketing expenses weighed on the operating profit, which in turn led to a decrease in net income.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	94.85	90.87	(4.2 %)
Gross Income	29.17	23.54	(19.3 %)
Operating Income	9.91	2.66	(73.2 %)
Net Income	7.61	2.09	(72.6 %)
Average Shares	5.00	5.00	-
EPS (Riyals)	1.52	0.42	(72.6 %)

Item	H2 2022	H1 2023	Change‬
Revenues	120.22	90.87	(24.4 %)
Gross Income	35.74	23.54	(34.1 %)
Operating Income	15.36	2.66	(82.7 %)
Net Income	14.25	2.09	(85.3 %)
Average Shares	5.00	5.00	-
EPS (Riyals)	2.85	0.42	(85.3 %)

Shareholders’ equity, after minority interest, reached SAR 118.17 million by the end of the six-month period, compared to SAR 101.23 million a year earlier.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2021	93.37	9.87	1.97
H2 2021	101.05	10.84	2.17
H1 2022	94.85	7.61	1.52
H2 2022	120.22	14.24	2.85
H1 2023	90.87	2.1	0.42

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