Financial Results : Naseej trims 2022 loss to SAR 1.4 mln; Q4 at SAR 11.6 mln

Naseej trims 2022 loss to SAR 1.4 mln; Q4 at SAR 11.6 mln

28/03/2023 Argaam Exclusive

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Naseej International Trading Co.’s narrowed 2022 net loss to SAR 1.4 million, from SAR 85.5 million in 2021.



Financials (M)

Item 2021 2022 Change‬
Revenues 230.20 280.18 21.7 %
Gross Income 27.65 49.91 80.5 %
Operating Income (74.02) 2.09 102.8 %
Net Income (85.52) (1.38) 98.4 %
Average Shares 10.90 10.90 -
Earnings Per Share before unusual items (Riyals) (7.85) (0.67) 91.5 %
EPS (Riyal) (7.85) (0.13) 98.4 %

In Q4 2022, the company cut net losses to SAR 11.6 million, from SAR 63.6 million in the prior-year period.

 

Losses decreased as sales rose by 22% year-on-year (YoY). Gross profit also surged 81% YoY on better utilization of production capacity by raising production rates and reducing direct and indirect costs.

 

Moreover, the utilization and sale of slow-moving and obsolete inventory also contributed to improving gross profit, along with a decrease in selling and administrative expenses.

 

Naseej also cited the impact of IFRS 9 on the annual financial results, as it allocated an additional provision of SAR 4.9 million. 



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 48.79 65.09 33.4 %
Gross Income 4.42 1.09 (75.3 %)
Operating Income (61.01) (15.94) 73.9 %
Net Income (63.64) (11.62) 81.7 %
Average Shares 10.90 10.90 -
Earnings Per Share before unusual items (Riyal) (5.84) (1.61) 72.5 %
EPS (Riyal) (5.84) (1.07) 81.7 %

Shareholders’ equity, no minority interest, reached SAR 105.38 million as of Dec. 31, 2022, compared to SAR 108.97 million a year earlier.

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 220.90 (0.4 %) 56.05 (4.3 %) 11.91 (14.4 %)
Q2 2013 229.80 (11.5 %) 49.41 (29.4 %) 8.48 (57.1 %)
Q3 2013 200.39 (17.2 %) 58.35 (19.0 %) 9.90 (48.8 %)
Q4 2013 215.14 (7.6 %) 42.90 (23.0 %) (3.65) (138.7 %)
Q1 2014 214.93 (2.7 %) 42.47 (24.2 %) (2.39) (120.1 %)
Q2 2014 221.03 (3.8 %) 51.14 3.5 % 6.76 (20.3 %)
Q3 2014 199.54 (0.4 %) 48.04 (17.7 %) 3.15 (68.2 %)
Q4 2014 209.17 (2.8 %) 28.50 (33.6 %) (23.19) (535.0 %)
Q1 2015 210.96 (1.8 %) 42.03 (1.0 %) (0.87) 63.4 %
Q2 2015 239.17 8.2 % 56.36 10.2 % 7.51 11.0 %
Q3 2015 168.57 (15.5 %) 35.12 (26.9 %) (9.45) (400.1 %)
Q4 2015 193.67 (7.4 %) 30.35 6.5 % (11.78) 49.2 %
Q1 2016 172.11 (18.4 %) 51.76 23.2 % 9.33 1168.0 %
Q2 2016 178.93 (25.2 %) 52.27 (7.3 %) 14.19 89.1 %
Q3 2016 106.81 (36.6 %) 11.83 (66.3 %) (21.83) (130.9 %)
Q4 2016 128.57 (33.6 %) 2.80 (90.8 %) (62.30) (429.1 %)
Q1 2017 136.12 (20.9 %) 30.17 (41.7 %) 1.76 (81.2 %)
Q2 2017 141.23 (21.1 %) 25.18 (51.8 %) (2.55) (117.9 %)
Q3 2017 101.46 (5.0 %) 7.85 (33.6 %) (16.01) 26.7 %
Q4 2017 121.76 (5.3 %) 15.15 441.9 % (21.68) 65.2 %
Q1 2018 110.12 (19.1 %) 23.81 (21.1 %) 6.15 249.7 %
Q2 2018 113.78 (19.4 %) 27.32 8.5 % 8.13 419.6 %
Q3 2018 80.89 (20.3 %) 15.59 98.6 % (0.73) 95.5 %
Q4 2018 96.27 (20.9 %) (18.86) (224.5 %) (34.89) (61.0 %)
Q1 2019 64.97 (41.0 %) 1.13 (95.3 %) (14.94) (342.8 %)
Q2 2019 52.78 (53.6 %) (9.75) (135.7 %) (26.22) (422.4 %)
Q3 2019 64.65 (20.1 %) 1.85 (88.1 %) (13.63) (1,775.0 %)
Q4 2019 49.96 (48.1 %) (8.08) 57.2 % (18.38) 47.3 %
Q1 2020 43.03 (33.8 %) 1.60 42.0 % (14.38) 3.8 %
Q2 2020 36.98 (29.9 %) 1.95 120.0 % (11.93) 54.5 %
Q3 2020 48.52 (24.9 %) 1.80 (2.7 %) (36.94) (171.0 %)
Q4 2020 63.67 27.4 % 17.14 312.2 % (16.43) 10.6 %
Q1 2021 70.26 63.3 % 10.15 535.0 % (2.39) 83.4 %
Q2 2021 65.86 78.1 % 11.34 482.4 % (1.65) 86.2 %
Q3 2021 45.28 (6.7 %) 1.74 (3.5 %) (8.98) 75.7 %
Q4 2021 48.79 (23.4 %) 4.42 (74.2 %) (61.01) (271.4 %)
Q1 2022 83.63 19.0 % 18.93 86.4 % 6.64 378.6 %
Q2 2022 69.59 5.7 % 18.64 64.3 % 8.25 600.5 %
Q3 2022 61.87 36.6 % 11.26 548.4 % 3.13 134.8 %
Q4 2022 65.09 33.4 % 1.09 (75.3 %) (15.94) 73.9 %
2022 280.18 21.7 % 49.91 80.5 % 2.09 102.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2013 10.55 0.6 % 1.78 - 10.55 1.78
Q2 2013 7.72 (53.7 %) 1.30 - 7.72 1.30
Q3 2013 (6.86) (142.0 %) (1.16) - (6.86) (1.16)
Q4 2013 1.67 (81.6 %) 0.28 - 1.67 0.28
Q1 2014 (4.77) (145.2 %) (0.80) - (4.77) (0.80)
Q2 2014 6.09 (21.1 %) 1.03 - 6.09 1.03
Q3 2014 (1.14) 83.4 % (0.19) (0.26) (0.88) (0.15)
Q4 2014 (29.70) (1878.4 %) (5.01) (5.07) (24.63) (4.15)
Q1 2015 (2.89) 39.4 % (0.49) 0.37 (3.26) (0.55)
Q2 2015 3.90 (36.0 %) 0.66 2.02 1.88 0.32
Q3 2015 (14.87) (1,207.6 %) (2.51) - (14.87) (2.51)
Q4 2015 (40.71) (37.1 %) (6.87) - (40.71) (6.87)
Q1 2016 3.10 207.2 % 0.52 - 3.10 0.52
Q2 2016 0.11 (97.3 %) 0.02 - 0.11 0.02
Q3 2016 (35.48) (138.6 %) (5.99) - (35.48) (5.99)
Q4 2016 (58.83) (44.5 %) (9.93) - (58.83) (9.93)
Q1 2017 1.44 (53.7 %) 0.24 - 1.44 0.24
Q2 2017 (29.54) (27711.2 %) (4.98) (17.59) (11.95) (2.02)
Q3 2017 (49.47) (39.4 %) (8.35) (26.22) (23.25) (3.92)
Q4 2017 (10.76) 81.7 % (1.82) - (10.76) (1.82)
Q1 2018 1.40 (2.6 %) 0.24 - 1.40 0.24
Q2 2018 0.92 103.1 % 0.16 - 0.92 0.16
Q3 2018 (16.69) 66.3 % (2.82) - (16.69) (2.82)
Q4 2018 (41.06) (281.5 %) (6.93) - (41.06) (6.93)
Q1 2019 (35.18) (2614.6 %) (5.94) 13.91 (49.09) (8.28)
Q2 2019 (49.54) (5478.5 %) (8.36) - (49.54) (8.36)
Q3 2019 3.07 118.4 % 0.52 14.36 (11.29) (1.90)
Q4 2019 (34.56) 15.8 % (5.83) - (34.56) (5.83)
Q1 2020 (19.54) 44.5 % (2.19) - (19.54) (2.19)
Q2 2020 (17.32) 65.0 % (1.94) - (17.32) (1.94)
Q3 2020 (38.75) (1363.1 %) (4.35) - (38.75) (4.35)
Q4 2020 (7.81) 77.4 % (0.88) - (7.81) (0.88)
Q1 2021 (5.27) 73.0 % (0.59) - (5.27) (0.59)
Q2 2021 (5.02) 71.0 % (0.56) - (5.02) (0.56)
Q3 2021 (11.58) 70.1 % (1.30) - (11.58) (1.30)
Q4 2021 (63.64) (715.4 %) (5.84) - (63.64) (5.84)
Q1 2022 6.46 222.7 % 0.59 - 6.46 0.59
Q2 2022 5.51 209.7 % 0.51 - 5.51 0.51
Q3 2022 (1.73) 85.1 % (0.16) - (1.73) (0.16)
Q4 2022 (11.62) 81.7 % (1.07) 5.89 (17.51) (1.61)
2022 (1.38) 98.4 % (0.13) 5.89 (7.27) (0.67)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 26.57 % 11.10 % 5.51 %
Q2 2013 25.20 % 10.21 % 4.72 %
Q3 2013 24.84 % 9.86 % 2.32 %
Q4 2013 23.86 % 8.56 % 1.51 %
Q1 2014 22.45 % 6.85 % (0.26 %)
Q2 2014 22.88 % 6.48 % (0.46 %)
Q3 2014 21.70 % 5.73 % 0.25 %
Q4 2014 20.14 % 3.63 % (2.86 %)
Q1 2015 20.19 % 3.81 % (2.70 %)
Q2 2015 20.37 % 3.74 % (3.13 %)
Q3 2015 19.57 % 2.34 % (4.94 %)
Q4 2015 20.17 % 3.42 % (7.01 %)
Q1 2016 22.44 % 4.99 % (6.54 %)
Q2 2016 23.76 % 6.76 % (7.34 %)
Q3 2016 22.44 % 5.67 % (11.20 %)
Q4 2016 20.23 % (2.13 %) (15.53 %)
Q1 2017 17.63 % (4.00 %) (16.85 %)
Q2 2017 13.65 % (8.16 %) (20.44 %)
Q3 2017 13.01 % (7.89 %) (18.25 %)
Q4 2017 15.65 % (0.71 %) (8.90 %)
Q1 2018 15.17 % (0.26 %) (9.39 %)
Q2 2018 16.58 % 1.99 % (7.09 %)
Q3 2018 19.19 % 5.69 % (5.89 %)
Q4 2018 11.93 % 2.70 % (13.82 %)
Q1 2019 7.07 % (3.12 %) (29.76 %)
Q2 2019 (4.03 %) (9.23 %) (53.03 %)
Q3 2019 (9.20 %) (21.38 %) (54.18 %)
Q4 2019 (6.39 %) (18.20 %) (62.18 %)
Q1 2020 (6.83 %) (20.67 %) (54.62 %)
Q2 2020 (1.38 %) (26.50 %) (42.50 %)
Q3 2020 (1.53 %) (33.34 %) (61.72 %)
Q4 2020 11.70 % (30.85 %) (43.40 %)
Q1 2021 14.15 % (21.06 %) (31.51 %)
Q2 2021 16.28 % (13.25 %) (22.89 %)
Q3 2021 16.47 % (1.70 %) (12.11 %)
Q4 2021 12.01 % (24.92 %) (37.15 %)
2021 12.01 % (24.92 %) (37.15 %)
Q1 2022 14.95 % (20.11 %) (30.29 %)
Q2 2022 17.68 % (16.42 %) (25.58 %)
Q3 2022 20.18 % (10.85 %) (20.24 %)
Q4 2022 17.81 % 6.66 % (2.59 %)
2022 17.81 % 6.66 % (2.59 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2013 5.93 8.88 8.88 86.35
Q2 2013 5.93 7.37 7.37 85.12
Q3 2013 5.93 3.45 3.45 83.97
Q4 2013 5.93 2.21 2.21 84.25
Q1 2014 5.93 (0.38) (0.38) 83.44
Q2 2014 5.93 (0.65) (0.65) 81.31
Q3 2014 5.93 0.31 0.36 81.11
Q4 2014 5.93 (4.98) (4.08) 76.10
Q1 2015 5.93 (4.66) (3.83) 75.62
Q2 2015 5.93 (5.03) (4.54) 76.27
Q3 2015 5.93 (7.35) (6.90) 73.76
Q4 2015 5.93 (9.21) (9.61) 66.90
Q1 2016 5.93 (8.20) (8.54) 71.52
Q2 2016 5.93 (8.84) (8.84) 71.39
Q3 2016 5.93 (12.31) (12.31) 65.26
Q4 2016 5.93 (15.37) (15.37) 50.99
Q1 2017 5.93 (15.65) (15.65) 51.14
Q2 2017 5.93 (20.65) (17.69) 46.11
Q3 2017 5.93 (23.01) (15.62) 37.77
Q4 2017 5.93 (14.90) (7.51) 36.07
Q1 2018 5.93 (14.91) (7.52) 35.32
Q2 2018 5.93 (9.77) (5.35) 35.51
Q3 2018 5.93 (4.24) (4.24) 32.76
Q4 2018 5.93 (9.35) (9.35) 25.32
Q1 2019 5.93 (15.52) (17.87) 19.40
Q2 2019 5.93 (24.04) (26.38) 11.00
Q3 2019 5.93 (20.70) (25.47) 11.43
Q4 2019 5.93 (19.61) (24.38) 5.58
Q1 2020 8.91 (11.29) (12.90) 13.30
Q2 2020 8.91 (7.67) (9.28) 11.31
Q3 2020 8.91 (12.37) (12.37) 6.92
Q4 2020 8.91 (9.36) (9.36) 6.22
Q1 2021 8.91 (7.76) (7.76) 5.63
Q2 2021 8.91 (6.38) (6.38) 5.07
Q3 2021 8.91 (3.33) (3.33) 3.77
Q4 2021 10.90 (7.85) (7.85) 10.00
Q1 2022 10.90 (6.77) (6.77) 10.59
Q2 2022 10.90 (5.80) (5.80) 11.10
Q3 2022 10.90 (4.90) (4.90) 10.94
Q4 2022 10.90 (0.13) (0.67) 9.67

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2013 27.24 27.24 2.80
Q2 2013 30.66 30.66 2.65
Q3 2013 67.77 67.77 2.79
Q4 2013 More than 100 More than 100 2.96
Q1 2014 NEG NEG 3.06
Q2 2014 NEG NEG 3.37
Q3 2014 More than 100 More than 100 3.62
Q4 2014 NEG NEG 2.48
Q1 2015 NEG NEG 2.81
Q2 2015 NEG NEG 2.83
Q3 2015 NEG NEG 2.15
Q4 2015 NEG NEG 2.80
Q1 2016 NEG NEG 1.76
Q2 2016 NEG NEG 1.74
Q3 2016 NEG NEG 1.48
Q4 2016 NEG NEG 2.37
Q1 2017 NEG NEG 2.45
Q2 2017 NEG NEG 2.06
Q3 2017 NEG NEG 2.56
Q4 2017 NEG NEG 2.55
Q1 2018 NEG NEG 2.33
Q2 2018 NEG NEG 2.84
Q3 2018 NEG NEG 2.67
Q4 2018 NEG NEG 4.08
Q1 2019 NEG NEG 4.42
Q2 2019 NEG NEG 6.36
Q3 2019 NEG NEG 5.90
Q4 2019 NEG NEG 11.26
Q1 2020 NEG NEG 1.95
Q2 2020 NEG NEG 2.58
Q3 2020 NEG NEG 7.00
Q4 2020 NEG NEG 13.46
Q1 2021 NEG NEG 14.56
Q2 2021 NEG NEG 18.17
Q3 2021 NEG NEG 28.75
Q4 2021 NEG NEG 5.55
Q1 2022 NEG NEG 4.08
Q2 2022 NEG NEG 2.97
Q3 2022 NEG NEG 4.21
Q4 2022 NEG NEG 4.27

Business Segments (Million)

Compared With The
Period Flooring Sector Others
Q2 2016 148.75 30.18
Q3 2016 88.36 18.45
Q4 2016 96.87 24.35
Q1 2017 127.06 9.07
Q2 2017 112.92 28.32
Q3 2017 87.75 13.71
Q4 2017 102.63 19.13
Q1 2018 104.01 6.11
Q2 2018 96.75 17.03
Q3 2018 64.27 16.61
Q4 2018 77.78 18.49
Q1 2019 53.59 11.38
Q2 2019 42.51 10.27
Q3 2019 56.93 7.72
Q4 2019 39.56 10.40
Q1 2020 32.68 10.36
Q2 2020 33.40 3.58
Q3 2020 41.71 6.81
Q4 2020 53.41 10.25
Q1 2021 59.24 11.02
Q2 2021 54.63 11.24
Q3 2021 44.76 0.52
Q4 2021 46.10 2.69
Q1 2022 73.28 10.35
Q2 2022 59.19 10.39
Q3 2022 55.79 6.09
Q4 2022 59.70 5.39


Financial Ratios
Current
Market Cap (M Riyal) 995.17
Enterprise Value (EV) (M Riyal) 1,126.45
Shares Outstanding ((M)) 10.90
EPS ( Riyal) (TTM) (1.88)
Book Value (BV) ( Riyal) 5.10
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/book 17.90
Return on Average Assets (%) (TTM) (6.42 )
Return on Average Equity (%) (TTM) (31.24 )
EV/adj EBITDA (90.89)
EV/Revenues 8.86
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Share Price

Naseej International Trading Co.
91.30
(0.90) (0.98 %)

Naseej International Trading Co. (NASEEJ)

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