Financial Results : Naseej incurs SAR 14.4M losses in H1 2024; Q2 at SAR 14.5M

Naseej incurs SAR 14.4M losses in H1 2024; Q2 at SAR 14.5M

07/08/2024 Argaam Exclusive

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Naseej International Trading Co. turned to a loss of SAR 14.4 million in the first half of 2024, against a profit of SAR 4.7 million in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 141.13 115.19 (18.4 %)
Gross Income 32.35 15.26 (52.8 %)
Operating Income 13.15 (3.89) (129.5 %)
Net Income 4.67 (14.40) (408.4 %)
Average Shares 10.90 10.90 -
EPS (Riyals) 0.43 (1.32) (408.4 %)

The negative results are attributed to lower production quantity that led to a decrease in sales volume and non-absorb of manufacturing expenses, which contributed to the decrease in gross profit.

 

The company incurred non-recurring expenses such as those related to the previous capital increase filing, in addition to the financial burdens resulting from extending the maturity of loans.

 

In addition, the firm suffered from credit losses resulting from IFRS No. 9.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 62.40 51.37 (17.7 %)
Gross Income 14.72 3.49 (76.3 %)
Operating Income 4.50 (8.49) (288.5 %)
Net Income 0.58 (14.51) (2589.0 %)
Average Shares 10.90 10.90 -
EPS (Riyals) 0.05 (1.33) (2589.0 %)

The company reported a net loss of SAR 14.5 million in Q2 2024 versus a profit of SAR 583,000 in the second quarter of 2023 due to a decline in production.

 

Sequentially, Naseej swung to a loss from a profit of SAR 111,000 in Q1 2024.

 

Total shareholders’ equity, no minority interest, dropped to SAR 75.7 million as of June 30, 2024, from SAR 110 million in the earlier-year period.

 

Accumulated losses stood at SAR 33.2 million by the end of H1 2024, representing 30.49% of capital.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2023 60.15 (7.6 %) 12.01 1002.1 % 4.41 127.6 %
Q1 2024 63.82 (18.9 %) 11.77 (33.2 %) 2.80 (67.3 %)
Q2 2024 51.37 (17.7 %) 3.49 (76.3 %) (8.49) (288.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2023 (21.73) (87.1 %) (1.99) (20.68) (1.06) (0.10)
Q1 2024 0.11 (97.3 %) 0.01 - 0.11 0.01
Q2 2024 (14.51) (2589.0 %) (1.33) - (14.51) (1.33)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2023 20.68 % 12.01 % 1.82 %
Q1 2024 19.55 % 11.73 % 0.31 %
Q2 2024 15.68 % 6.51 % (6.11 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2023 10.90 (1.46) 0.44 8.27
Q1 2024 10.90 (1.83) 0.07 8.28
Q2 2024 10.90 (3.21) (1.31) 6.95

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2023 NEG More than 100 7.46
Q1 2024 NEG More than 100 9.85
Q2 2024 NEG NEG 11.14

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
Q4 2023 54.24 5.91
Q1 2024 58.00 5.81
Q2 2024 44.59 6.71


Financial Ratios
Current
Market Cap (M Riyal) 1,006.07
Enterprise Value (EV) (M) 1,170.82
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 15.25
Return on Average Assets (%) (TTM) (12.06 )
Return on Average Equity (%) (TTM) (51.83 )
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Share Price

Naseej International Trading Co.
92.30
(2.50) (2.64 %)

Naseej International Trading Co. (NASEEJ)

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