Naseej swings to SAR 10.2 mln profit in 9M 2022, turns to SAR 1.7 mln loss in Q3

09/11/2022 Argaam Exclusive

Naseej International Trading Co.  turned to a net profit after Zakat and tax of SAR 10.2 million in the first nine months of 2022, against a net loss of SAR 21.9 million in the year-earlier period.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 181.41 215.09 18.6 %
Gross Income 23.23 48.82 110.2 %
Operating Income (13.02) 18.03 238.5 %
Net Income (21.87) 10.24 146.8 %
Average Shares 8.91 10.90 22.3 %
EPS (Riyals) (2.46) 0.94 138.3 %

The positive results were backed by higher sales and improved margins on the utilization of production capacity and lower prices of raw materials. The trading company also reported a decline in operating expenses (opex) and finance charges.

 

In Q3 2022, the company trimmed net losses after Zakat and tax to SAR 1.7 million, from SAR 11.58 million a year earlier, as sales jumped 37% year-on-year (YoY), along with improved profit margin from a better product mix. It also reported better utilization of production capacity and production rates, which pushed cost per unti lower. In addition, prices of polypropylene decreased.

 

In Q2 2022, Naseej reported a net profit of SAR 5.51 million. The quarterly losses were attributed to an 11% drop in sales, amid a slowdown in consumer activity, in addition to inflationary pressures that significantly affected spending on consumer goods in general. Naseej also allocated a provision of SAR 4.5 million for Zakat assessments for previous years.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 45.28 61.87 36.6 %
Gross Income 1.74 11.26 548.4 %
Operating Income (8.98) 3.13 134.8 %
Net Income (11.58) (1.73) 85.1 %
Average Shares 8.91 10.90 22.3 %
EPS (Riyals) (1.30) (0.16) 87.8 %

 Total shareholders’ equity, no minority interest, grew to SAR 119.216 million by the end of the nine-month period, from SAR 33.560 million a year earlier.

 

 

Accumulated losses stood at SAR 10.24 million as of Sept. 30, 2022, or 9.40% of the company’s capital. 

View more financial results

 

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Share Price

Naseej International Trading Co.
94.00
1.70 1.84 %

Naseej International Trading Co. (NASEEJ)

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Financial Ratios
Current
Market Cap (M Riyal) 1,024.60
Enterprise Value (EV) (M) 1,189.35
Shares Outstanding ((M)) 10.90
EPS ( Riyal) (TTM) (4.21)
Book Value (BV) ( Riyal) 6.05
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 15.53
Return on Average Assets (%) (TTM) (12.06 )
Return on Average Equity (%) (TTM) (51.83 )
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 220.90 (0.4 %) 56.05 (4.3 %) 11.91 (14.4 %)
Q2 2013 229.80 (11.5 %) 49.41 (29.4 %) 8.48 (57.1 %)
Q3 2013 200.39 (17.2 %) 58.35 (19.0 %) 9.90 (48.8 %)
Q4 2013 215.14 (7.6 %) 42.90 (23.0 %) (3.65) (138.7 %)
Q1 2014 214.93 (2.7 %) 42.47 (24.2 %) (2.39) (120.1 %)
Q2 2014 221.03 (3.8 %) 51.14 3.5 % 6.76 (20.3 %)
Q3 2014 199.54 (0.4 %) 48.04 (17.7 %) 3.15 (68.2 %)
Q4 2014 209.17 (2.8 %) 28.50 (33.6 %) (23.19) (535.0 %)
Q1 2015 210.96 (1.8 %) 42.03 (1.0 %) (0.87) 63.4 %
Q2 2015 239.17 8.2 % 56.36 10.2 % 7.51 11.0 %
Q3 2015 168.57 (15.5 %) 35.12 (26.9 %) (9.45) (400.1 %)
Q4 2015 193.67 (7.4 %) 30.35 6.5 % (11.78) 49.2 %
Q1 2016 172.11 (18.4 %) 51.76 23.2 % 9.33 1168.0 %
Q2 2016 178.93 (25.2 %) 52.27 (7.3 %) 14.19 89.1 %
Q3 2016 106.81 (36.6 %) 11.83 (66.3 %) (21.83) (130.9 %)
Q4 2016 128.57 (33.6 %) 2.80 (90.8 %) (62.30) (429.1 %)
Q1 2017 136.12 (20.9 %) 30.17 (41.7 %) 1.76 (81.2 %)
Q2 2017 141.23 (21.1 %) 25.18 (51.8 %) (2.55) (117.9 %)
Q3 2017 101.46 (5.0 %) 7.85 (33.6 %) (16.01) 26.7 %
Q4 2017 121.76 (5.3 %) 15.15 441.9 % (21.68) 65.2 %
Q1 2018 110.12 (19.1 %) 23.81 (21.1 %) 6.15 249.7 %
Q2 2018 113.78 (19.4 %) 27.32 8.5 % 8.13 419.6 %
Q3 2018 80.89 (20.3 %) 15.59 98.6 % (0.73) 95.5 %
Q4 2018 96.27 (20.9 %) (18.86) (224.5 %) (34.89) (61.0 %)
Q1 2019 64.97 (41.0 %) 1.13 (95.3 %) (14.94) (342.8 %)
Q2 2019 52.78 (53.6 %) (9.75) (135.7 %) (26.22) (422.4 %)
Q3 2019 64.65 (20.1 %) 1.85 (88.1 %) (13.63) (1,775.0 %)
Q4 2019 49.96 (48.1 %) (8.08) 57.2 % (18.38) 47.3 %
Q1 2020 43.03 (33.8 %) 1.60 42.0 % (14.38) 3.8 %
Q2 2020 36.98 (29.9 %) 1.95 120.0 % (11.93) 54.5 %
Q3 2020 48.52 (24.9 %) 1.80 (2.7 %) (36.94) (171.0 %)
Q4 2020 63.67 27.4 % 17.14 312.2 % (16.43) 10.6 %
Q1 2021 70.26 63.3 % 10.15 535.0 % (2.39) 83.4 %
Q2 2021 65.86 78.1 % 11.34 482.4 % (1.65) 86.2 %
Q3 2021 45.28 (6.7 %) 1.74 (3.5 %) (8.98) 75.7 %
Q4 2021 48.79 (23.4 %) 4.42 (74.2 %) (61.01) (271.4 %)
Q1 2022 83.63 19.0 % 18.93 86.4 % 6.64 378.6 %
Q2 2022 69.59 5.7 % 18.64 64.3 % 8.25 600.5 %
Q3 2022 61.87 36.6 % 11.26 548.4 % 3.13 134.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 10.55 0.6 % 1.78 - 10.55 1.78
Q2 2013 7.72 (53.7 %) 1.30 - 7.72 1.30
Q3 2013 (6.86) (142.0 %) (1.16) - (6.86) (1.16)
Q4 2013 1.67 (81.6 %) 0.28 - 1.67 0.28
Q1 2014 (4.77) (145.2 %) (0.80) - (4.77) (0.80)
Q2 2014 6.09 (21.1 %) 1.03 - 6.09 1.03
Q3 2014 (1.14) 83.4 % (0.19) (0.26) (0.88) (0.15)
Q4 2014 (29.70) (1878.4 %) (5.01) (5.07) (24.63) (4.15)
Q1 2015 (2.89) 39.4 % (0.49) 0.37 (3.26) (0.55)
Q2 2015 3.90 (36.0 %) 0.66 2.02 1.88 0.32
Q3 2015 (14.87) (1,207.6 %) (2.51) - (14.87) (2.51)
Q4 2015 (40.71) (37.1 %) (6.87) - (40.71) (6.87)
Q1 2016 3.10 207.2 % 0.52 - 3.10 0.52
Q2 2016 0.11 (97.3 %) 0.02 - 0.11 0.02
Q3 2016 (35.48) (138.6 %) (5.99) - (35.48) (5.99)
Q4 2016 (58.83) (44.5 %) (9.93) - (58.83) (9.93)
Q1 2017 1.44 (53.7 %) 0.24 - 1.44 0.24
Q2 2017 (29.54) (27711.2 %) (4.98) (17.59) (11.95) (2.02)
Q3 2017 (49.47) (39.4 %) (8.35) (26.22) (23.25) (3.92)
Q4 2017 (10.76) 81.7 % (1.82) - (10.76) (1.82)
Q1 2018 1.40 (2.6 %) 0.24 - 1.40 0.24
Q2 2018 0.92 103.1 % 0.16 - 0.92 0.16
Q3 2018 (16.69) 66.3 % (2.82) - (16.69) (2.82)
Q4 2018 (41.06) (281.5 %) (6.93) - (41.06) (6.93)
Q1 2019 (35.18) (2614.6 %) (5.94) 13.91 (49.09) (8.28)
Q2 2019 (49.54) (5478.5 %) (8.36) - (49.54) (8.36)
Q3 2019 3.07 118.4 % 0.52 14.36 (11.29) (1.90)
Q4 2019 (34.56) 15.8 % (5.83) - (34.56) (5.83)
Q1 2020 (19.54) 44.5 % (2.19) - (19.54) (2.19)
Q2 2020 (17.32) 65.0 % (1.94) - (17.32) (1.94)
Q3 2020 (38.75) (1363.1 %) (4.35) - (38.75) (4.35)
Q4 2020 (7.81) 77.4 % (0.88) - (7.81) (0.88)
Q1 2021 (5.27) 73.0 % (0.59) - (5.27) (0.59)
Q2 2021 (5.02) 71.0 % (0.56) - (5.02) (0.56)
Q3 2021 (11.58) 70.1 % (1.30) - (11.58) (1.30)
Q4 2021 (63.64) (715.4 %) (5.84) - (63.64) (5.84)
Q1 2022 6.46 222.7 % 0.59 - 6.46 0.59
Q2 2022 5.51 209.7 % 0.51 - 5.51 0.51
Q3 2022 (1.73) 85.1 % (0.16) - (1.73) (0.16)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 26.57 % 11.10 % 5.51 %
Q2 2013 25.20 % 10.21 % 4.72 %
Q3 2013 24.84 % 9.86 % 2.32 %
Q4 2013 23.86 % 8.56 % 1.51 %
Q1 2014 22.45 % 6.85 % (0.26 %)
Q2 2014 22.88 % 6.48 % (0.46 %)
Q3 2014 21.70 % 5.73 % 0.25 %
Q4 2014 20.14 % 3.63 % (2.86 %)
Q1 2015 20.19 % 3.81 % (2.70 %)
Q2 2015 20.37 % 3.74 % (3.13 %)
Q3 2015 19.57 % 2.34 % (4.94 %)
Q4 2015 20.17 % 3.42 % (7.01 %)
Q1 2016 22.44 % 4.99 % (6.54 %)
Q2 2016 23.76 % 6.76 % (7.34 %)
Q3 2016 22.44 % 5.67 % (11.20 %)
Q4 2016 20.23 % (2.13 %) (15.53 %)
Q1 2017 17.63 % (4.00 %) (16.85 %)
Q2 2017 13.65 % (8.16 %) (20.44 %)
Q3 2017 13.01 % (7.89 %) (18.25 %)
Q4 2017 15.65 % (0.71 %) (8.90 %)
Q1 2018 15.17 % (0.26 %) (9.39 %)
Q2 2018 16.58 % 1.99 % (7.09 %)
Q3 2018 19.19 % 5.69 % (5.89 %)
Q4 2018 11.93 % 2.70 % (13.82 %)
Q1 2019 7.07 % (3.12 %) (29.76 %)
Q2 2019 (4.03 %) (9.23 %) (53.03 %)
Q3 2019 (9.20 %) (21.38 %) (54.18 %)
Q4 2019 (6.39 %) (18.20 %) (62.18 %)
Q1 2020 (6.83 %) (20.67 %) (54.62 %)
Q2 2020 (1.38 %) (26.50 %) (42.50 %)
Q3 2020 (1.53 %) (33.34 %) (61.72 %)
Q4 2020 11.70 % (30.85 %) (43.40 %)
Q1 2021 14.15 % (21.06 %) (31.51 %)
Q2 2021 16.28 % (13.25 %) (22.89 %)
Q3 2021 16.47 % (1.70 %) (12.11 %)
Q4 2021 12.01 % (24.92 %) (37.15 %)
Q1 2022 14.95 % (20.11 %) (30.29 %)
Q2 2022 17.68 % (16.42 %) (25.58 %)
Q3 2022 20.18 % (10.85 %) (20.24 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 5.93 8.88 8.88 86.35
Q2 2013 5.93 7.37 7.37 85.12
Q3 2013 5.93 3.45 3.45 83.97
Q4 2013 5.93 2.21 2.21 84.25
Q1 2014 5.93 (0.38) (0.38) 83.44
Q2 2014 5.93 (0.65) (0.65) 81.31
Q3 2014 5.93 0.31 0.36 81.11
Q4 2014 5.93 (4.98) (4.08) 76.10
Q1 2015 5.93 (4.66) (3.83) 75.62
Q2 2015 5.93 (5.03) (4.54) 76.27
Q3 2015 5.93 (7.35) (6.90) 73.76
Q4 2015 5.93 (9.21) (9.61) 66.90
Q1 2016 5.93 (8.20) (8.54) 71.52
Q2 2016 5.93 (8.84) (8.84) 71.39
Q3 2016 5.93 (12.31) (12.31) 65.26
Q4 2016 5.93 (15.37) (15.37) 50.99
Q1 2017 5.93 (15.65) (15.65) 51.14
Q2 2017 5.93 (20.65) (17.69) 46.11
Q3 2017 5.93 (23.01) (15.62) 37.77
Q4 2017 5.93 (14.90) (7.51) 36.07
Q1 2018 5.93 (14.91) (7.52) 35.32
Q2 2018 5.93 (9.77) (5.35) 35.51
Q3 2018 5.93 (4.24) (4.24) 32.76
Q4 2018 5.93 (9.35) (9.35) 25.32
Q1 2019 5.93 (15.52) (17.87) 19.40
Q2 2019 5.93 (24.04) (26.38) 11.00
Q3 2019 5.93 (20.70) (25.47) 11.43
Q4 2019 5.93 (19.61) (24.38) 5.58
Q1 2020 8.91 (11.29) (12.90) 13.30
Q2 2020 8.91 (7.67) (9.28) 11.31
Q3 2020 8.91 (12.37) (12.37) 6.92
Q4 2020 8.91 (9.36) (9.36) 6.22
Q1 2021 8.91 (7.76) (7.76) 5.63
Q2 2021 8.91 (6.38) (6.38) 5.07
Q3 2021 8.91 (3.33) (3.33) 3.77
Q4 2021 10.90 (7.85) (7.85) 10.00
Q1 2022 10.90 (6.77) (6.77) 10.59
Q2 2022 10.90 (5.80) (5.80) 11.10
Q3 2022 10.90 (4.90) (4.90) 10.94

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 27.24 27.24 2.80
Q2 2013 30.66 30.66 2.65
Q3 2013 67.77 67.77 2.79
Q4 2013 More than 100 More than 100 2.96
Q1 2014 NEG NEG 3.06
Q2 2014 NEG NEG 3.37
Q3 2014 More than 100 More than 100 3.62
Q4 2014 NEG NEG 2.48
Q1 2015 NEG NEG 2.81
Q2 2015 NEG NEG 2.83
Q3 2015 NEG NEG 2.15
Q4 2015 NEG NEG 2.80
Q1 2016 NEG NEG 1.76
Q2 2016 NEG NEG 1.74
Q3 2016 NEG NEG 1.48
Q4 2016 NEG NEG 2.37
Q1 2017 NEG NEG 2.45
Q2 2017 NEG NEG 2.06
Q3 2017 NEG NEG 2.56
Q4 2017 NEG NEG 2.55
Q1 2018 NEG NEG 2.33
Q2 2018 NEG NEG 2.84
Q3 2018 NEG NEG 2.67
Q4 2018 NEG NEG 4.08
Q1 2019 NEG NEG 4.42
Q2 2019 NEG NEG 6.36
Q3 2019 NEG NEG 5.90
Q4 2019 NEG NEG 11.26
Q1 2020 NEG NEG 1.95
Q2 2020 NEG NEG 2.58
Q3 2020 NEG NEG 7.00
Q4 2020 NEG NEG 13.46
Q1 2021 NEG NEG 14.56
Q2 2021 NEG NEG 18.17
Q3 2021 NEG NEG 28.75
Q4 2021 NEG NEG 5.55
Q1 2022 NEG NEG 4.08
Q2 2022 NEG NEG 2.97
Q3 2022 NEG NEG 4.21

Business Segments (Million)

Compared With The
Period Flooring Sector Others
Q2 2016 148.75 30.18
Q3 2016 88.36 18.45
Q4 2016 96.87 24.35
Q1 2017 127.06 9.07
Q2 2017 112.92 28.32
Q3 2017 87.75 13.71
Q4 2017 102.63 19.13
Q1 2018 104.01 6.11
Q2 2018 96.75 17.03
Q3 2018 64.27 16.61
Q4 2018 77.78 18.49
Q1 2019 53.59 11.38
Q2 2019 42.51 10.27
Q3 2019 56.93 7.72
Q4 2019 39.56 10.40
Q1 2020 32.68 10.36
Q2 2020 33.40 3.58
Q3 2020 41.71 6.81
Q4 2020 53.41 10.25
Q1 2021 59.24 11.02
Q2 2021 54.63 11.24
Q3 2021 44.76 0.52
Q4 2021 46.10 2.69
Q1 2022 73.28 10.35
Q2 2022 59.19 10.39
Q3 2022 55.79 6.09

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