Financial Results : Naseej trims net loss by 56.5% to SAR 36.9 mln in H1 2020

Naseej trims net loss by 56.5% to SAR 36.9 mln in H1 2020

24/08/2020 Argaam Exclusive

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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.



Financials (M)

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 %
Earnings Per Share before unusual items (Riyals) (16.64) (4.14) 75.1 %
EPS (Riyal) (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.



Current Quarter Comparison (M)

Compared With The
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 %
Earnings Per Share before unusual items (Riyal) (8.36) (1.94) 76.7 %
EPS (Riyal) (8.36) (1.94) 76.7 %

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