Financial Results : Naseej profit falls 43% to SAR 5.8 mln in 9M 2023; Q3 at SAR 1.1 mln

Naseej profit falls 43% to SAR 5.8 mln in 9M 2023; Q3 at SAR 1.1 mln

06/11/2023 Argaam Exclusive

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Naseej International Trading Co.'s net profit reached SAR 5.8 million in the first nine months of 2023, down 43% from SAR 10.2 million in the year-earlier period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 215.09 200.37 (6.8 %)
Gross Income 48.82 41.87 (14.2 %)
Operating Income 18.03 12.22 (32.2 %)
Net Income 10.24 5.80 (43.3 %)
Average Shares 10.90 10.90 0.0 %
EPS (Riyals) 0.94 0.53 (43.3 %)

This was mainly due to lower sales and higher financing costs, along with an increase in SAIBOR rates.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 61.87 59.24 (4.3 %)
Gross Income 11.26 9.52 (15.5 %)
Operating Income 3.13 (0.71) (122.7 %)
Net Income (1.73) 1.14 165.6 %
Average Shares 10.90 10.90 0.0 %
EPS (Riyals) (0.16) 0.10 165.6 %

In Q3 2023, the company turned to a net profit of SAR 1.1 million from a loss of SAR 1.73 million a year earlier.

 

The company attributed the improved Q3 results year-on-year to lower general and administrative expenses and an increase in other revenues to SAR 3.9 million. It also cited a decrease in Zakat provisions despite lower sales as well as a rise in financing costs and SAIBOR rates.

 

Compared with the previous quarter, Q3 earnings leapt 94.7% from SAR 58,000.

 

Total shareholders’ equity, no minority interest, declined to SAR 111.19 million by the end of the nine-month period from SAR 119.21 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q4 2022 65.09 33.4 % 1.09 (75.3 %) (15.94) 73.9 %
Q1 2023 78.74 (5.9 %) 17.63 (6.9 %) 8.58 29.1 %
Q2 2023 62.40 (10.3 %) 14.72 (21.0 %) 4.50 (45.4 %)
Q3 2023 59.24 (4.3 %) 9.52 (15.5 %) (0.71) (122.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q4 2022 (11.62) 81.7 % (1.07) 5.89 (17.51) (1.61)
Q1 2023 4.09 (36.8 %) 0.37 - 4.09 0.37
Q2 2023 0.58 (89.4 %) 0.05 - 0.58 0.05
Q3 2023 1.14 165.6 % 0.10 - 1.14 0.10

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2022 17.81 % 6.66 % (2.59 %)
Q1 2023 17.66 % 7.05 % (3.50 %)
Q2 2023 16.67 % 5.42 % (5.43 %)
Q3 2023 16.18 % 3.73 % (4.41 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2022 10.90 (0.13) (0.67) 9.67
Q1 2023 10.90 (0.34) (0.88) 10.05
Q2 2023 10.90 (0.80) (1.34) 10.10
Q3 2023 10.90 (0.53) (1.07) 10.20

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2022 NEG NEG 4.27
Q1 2023 NEG NEG 4.47
Q2 2023 NEG NEG 4.40
Q3 2023 NEG NEG 4.48

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
Q4 2022 59.70 5.39
Q1 2023 72.02 6.72
Q2 2023 57.30 5.10
Q3 2023 52.13 7.11


Financial Ratios
Current
Market Cap (M Riyal) 1,016.97
Enterprise Value (EV) (M) 1,181.72
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 15.42
Return on Average Assets (%) (TTM) (12.06 )
Return on Average Equity (%) (TTM) (51.83 )
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Share Price

Naseej International Trading Co.
93.30
1.00 1.08 %

Naseej International Trading Co. (NASEEJ)

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