Financial Results : Naseej Tech's net profit retreats 71% to SAR 3.8M in 2024; H2 at SAR 4.8M

Naseej Tech's net profit retreats 71% to SAR 3.8M in 2024; H2 at SAR 4.8M

27/03/2025 Argaam Exclusive

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Naseej for Technology Co. (Naseej Tech) reported a net profit after minority interest of SAR 3.8 million in 2024, down 71% from SAR 13 million in 2023.

 

Before minority interest, the company’s 2024 earnings amounted to SAR 4.1 million, compared to SAR 13.4 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 215.23 246.81 14.7 %
Gross Income 64.86 59.38 (8.4 %)
Operating Income 17.04 15.97 (6.3 %)
Net Income 13.04 3.80 (70.8 %)
Average Shares 5.00 5.00 -
Earnings Per Share before unusual items (Riyals) 2.23 2.16 (3.5 %)
EPS (Riyal) 2.61 0.76 (70.8 %)

The annual profit decline was attributed to lower profit margins on efforts to improve product quality and project deliverables, accelerate execution, and enhance operational capabilities, most notably with regard to the MEDAD Cloud Platform.

 

This is in addition to the elevated provision for expected credit losses in a bid to hedge against payment delays for one of the company's projects.

 

On the other hand, sales climbed by 14.7% on an annual basis in 2024, thanks to the pace pick-up of ongoing projects, including those awarded and began their execution in 2024.

 

In H2 2024, net earnings reached SAR 4.8 million, down 57% from SAR 11 million in the prior-year period.

 

On a biannual basis, however, Naseej Tech turned profitable compared to six-month losses of SAR 965,000 in H1 2024.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 124.36 143.26 15.2 %
Gross Income 41.32 37.50 (9.2 %)
Operating Income 14.38 13.69 (4.8 %)
Net Income 10.95 4.77 (56.5 %)
Average Shares 5.00 5.00 -
Earnings Per Share before unusual items (Riyal) 1.82 2.35 29.3 %
EPS (Riyal) 2.19 0.95 (56.5 %)

Total shareholders’ equity, after minority interest, soared to SAR 133.83 million as of Dec. 31, 2024, compared to SAR 129.02 million a year earlier.

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