Naseej International Trading Co.’s narrowed 2022 net loss to SAR 1.4 million, from SAR 85.5 million in 2021.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 230.20 | 280.18 | 21.7 % |
| Gross Income | 27.65 | 49.91 | 80.5 % |
| Operating Income | (74.02) | 2.09 | 102.8 % |
| Net Income | (85.52) | (1.38) | 98.4 % |
| Average Shares | 10.90 | 10.90 | - |
| EPS (Riyals) | (7.85) | (0.13) | 98.4 % |
In Q4 2022, the company cut net losses to SAR 11.6 million, from SAR 63.6 million in the prior-year period.
Losses decreased as sales rose by 22% year-on-year (YoY). Gross profit also surged 81% YoY on better utilization of production capacity by raising production rates and reducing direct and indirect costs.
Moreover, the utilization and sale of slow-moving and obsolete inventory also contributed to improving gross profit, along with a decrease in selling and administrative expenses.
Naseej also cited the impact of IFRS 9 on the annual financial results, as it allocated an additional provision of SAR 4.9 million.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 48.79 | 65.09 | 33.4 % |
| Gross Income | 4.42 | 1.09 | (75.3 %) |
| Operating Income | (61.01) | (15.94) | 73.9 % |
| Net Income | (63.64) | (11.62) | 81.7 % |
| Average Shares | 10.90 | 10.90 | - |
| EPS (Riyals) | (5.84) | (1.07) | 81.7 % |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 61.87 | 65.09 | 5.2 % |
| Gross Income | 11.26 | 1.09 | (90.3 %) |
| Operating Income | 3.13 | (15.94) | (609.7 %) |
| Net Income | (1.73) | (11.62) | (572.0 %) |
| Average Shares | 10.90 | 10.90 | - |
| EPS (Riyals) | (0.16) | (1.07) | (572.0 %) |
Shareholders’ equity, no minority interest, reached SAR 105.38 million as of Dec. 31, 2022, compared to SAR 108.97 million a year earlier.
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