Naseej International Trading Co. narrowed net loss after Zakat and tax by 56.5% year-on-year (YoY) to SAR 36.9 million for the first half of 2020, driven by higher gross profit and lower operating losses. The company also sold a portion of inventory at reasonable prices to maintain its market share.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 117.75 | 80.01 | (32.1 %) |
| Gross Income | (8.62) | 3.55 | 141.1 % |
| Operating Income | (41.16) | (26.31) | 36.1 % |
| Net Income | (84.72) | (36.86) | 56.5 % |
| Average Shares | 5.93 | 8.91 | 50.3 % |
| EPS (Riyals) | (14.29) | (4.14) | 71.0 % |
Naseej trimmed net loss after Zakat and tax by 65% YoY to SAR 17.3 million for the second quarter, due to improved cost of production, decreased operating expenses, and higher gross profit.
On a quarter-on-quarter basis, net loss shrank by 11.4% for the current quarter.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 52.78 | 36.98 | (29.9 %) |
| Gross Income | (9.75) | 1.95 | 120.0 % |
| Operating Income | (26.22) | (11.93) | 54.5 % |
| Net Income | (49.54) | (17.32) | 65.0 % |
| Average Shares | 5.93 | 8.91 | 50.3 % |
| EPS (Riyals) | (8.36) | (1.94) | 76.7 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 43.03 | 36.98 | (14.1 %) |
| Gross Income | 1.60 | 1.95 | 21.8 % |
| Operating Income | (14.38) | (11.93) | 17.0 % |
| Net Income | (19.54) | (17.32) | 11.4 % |
| Average Shares | 8.91 | 8.91 | - |
| EPS (Riyals) | (2.19) | (1.94) | 11.4 % |
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