Naseej Tech incurs SAR 965,000 loss in H1 2024

20/08/2024 Argaam Exclusive

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Naseej for Technology Co. (Naseej Tech) reported a net loss of SAR 965,000 (after minority interest) in H1 2024, compared to a profit of SAR 2.1 million in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	90.87	103.55	14.0 %
Gross Income	23.54	21.89	(7.0 %)
Operating Income	2.66	2.28	(14.2 %)
Net Income	2.09	(0.96)	(146.2 %)
Average Shares	5.00	5.00	-
EPS (Riyals)	0.42	(0.19)	(146.2 %)

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	90.87	103.55	14.0 %
Gross Income	23.54	21.89	(7.0 %)
Operating Income	2.66	2.28	(14.2 %)
Net Income	2.09	(0.96)	(146.2 %)
Average Shares	5.00	5.00	-
EPS (Riyals)	0.42	(0.19)	(146.2 %)

Item	H2 2023	H1 2024	Change‬
Revenues	124.36	103.55	(16.7 %)
Gross Income	41.32	21.89	(47.0 %)
Operating Income	14.38	2.28	(84.2 %)
Net Income	10.95	(0.96)	(108.8 %)
Average Shares	5.00	5.00	-
EPS (Riyals)	2.19	(0.19)	(108.8 %)

The company attributed the losses to a decline in gross profit margin, caused by higher project execution costs in the first half of the year, aimed at boosting capacity, speed, and project execution for internally developed products.

However, revenues grew by 14% year-on-year (YoY), due to winning new projects and improvement in the company's project management efficiency and capabilities.

Shareholders' equity, after minority interest, advanced to SAR 126.63 million as of June 30, 2024, compared to SAR 118.17 million in the same period last year.

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	2.09	0.42
H2 2023	124.36	10.95	2.19
H1 2024	103.55	(0.97)	(0.19)

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