Financial Results : Naseej incurs SAR 42.6M loss in 2024, SAR 18.4M in Q4

Naseej incurs SAR 42.6M loss in 2024, SAR 18.4M in Q4

23/03/2025 Argaam Exclusive

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Naseej International Trading Co. widened 2024 net losses to SAR 42.6 million from SAR 15.9 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 260.52 196.76 (24.5 %)
Gross Income 53.88 17.74 (67.1 %)
Operating Income 16.63 (21.17) (227.3 %)
Net Income (15.93) (42.59) (167.4 %)
Average Shares 10.90 10.90 -
Earnings Per Share before unusual items (Riyals) 0.44 (3.66) (940.9 %)
EPS (Riyal) (1.46) (3.91) (167.4 %)

The increase in losses was attributed to an annual sales decline in 2024. This was due to lower production volumes, which led to higher costs of manufactured goods, further impacting sales.

 

The company also incurred non-recurring expenses in 2024, including financial burdens resulting from the extension of loan maturities.

 

In Q4 2024, the company’s losses narrowed by 15.3% to SAR 18.42 million, versus SAR 21.73 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 60.15 38.31 (36.3 %)
Gross Income 12.01 (0.73) (106.1 %)
Operating Income 4.41 (11.50) (361.0 %)
Net Income (21.73) (18.42) 15.3 %
Average Shares 10.90 10.90 -
Earnings Per Share before unusual items (Riyal) (0.10) (1.44) (1,388.1 %)
EPS (Riyal) (1.99) (1.69) 15.3 %

Sequentially, however, the three-month losses widened from SAR 9.78 million in Q3 2024.

 

Total shareholders’ equity, no minority interest, plunged to SAR 47.92 million by the end of 2024, compared to SAR 90.14 million a year earlier.

 

Naseej’s accumulated losses amounted to SAR 61.04 million as of Dec. 31, 2024, representing 56% of its capital.

 

The company intends to offset its accumulated losses through the planned buyout of Etmam Arabia Construction Co. and the sale of some assets to generate capital gains, while also boosting sales and cutting costs.

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