Naseej International Trading Co.'s net profit reached SAR 5.8 million in the first nine months of 2023, down 43% from SAR 10.2 million in the year-earlier period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 215.09 | 200.37 | (6.8 %) |
| Gross Income | 48.82 | 41.87 | (14.2 %) |
| Operating Income | 18.03 | 12.22 | (32.2 %) |
| Net Income | 10.24 | 5.80 | (43.3 %) |
| Average Shares | 10.90 | 10.90 | - |
| EPS (Riyals) | 0.94 | 0.53 | (43.3 %) |
This was mainly due to lower sales and higher financing costs, along with an increase in SAIBOR rates.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 61.87 | 59.24 | (4.3 %) |
| Gross Income | 11.26 | 9.52 | (15.5 %) |
| Operating Income | 3.13 | (0.71) | (122.7 %) |
| Net Income | (1.73) | 1.13 | 165.6 % |
| Average Shares | 10.90 | 10.90 | - |
| EPS (Riyals) | (0.16) | 0.10 | 165.6 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 62.40 | 59.24 | (5.1 %) |
| Gross Income | 14.72 | 9.52 | (35.4 %) |
| Operating Income | 4.36 | (0.71) | (116.3 %) |
| Net Income | 0.58 | 1.13 | 94.5 % |
| Average Shares | 10.90 | 10.90 | - |
| EPS (Riyals) | 0.05 | 0.10 | 94.5 % |
In Q3 2023, the company turned to a net profit of SAR 1.1 million from a loss of SAR 1.73 million a year earlier.
The company attributed the improved Q3 results year-on-year to lower general and administrative expenses and an increase in other revenues to SAR 3.9 million. It also cited a decrease in Zakat provisions despite lower sales as well as a rise in financing costs and SAIBOR rates.
Compared with the previous quarter, Q3 earnings leapt 94.7% from SAR 58,000.
Total shareholders’ equity, no minority interest, declined to SAR 111.19 million by the end of the nine-month period from SAR 119.21 million a year earlier.
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