Financial Results : Naseej incurs SAR 34M loss in 2025, SAR 25.3M in Q4

Naseej incurs SAR 34M loss in 2025, SAR 25.3M in Q4

30/03/2026 Argaam Exclusive

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Naseej International Trading Co. narrowed 2025 net losses to SAR 34 million, from SAR 42.6 million a year earlier.



Financials (M)

Item 2024 2025 Change‬
Revenues 196.76 72.02 (63.4 %)
Gross Income 17.74 (9.75) (155.0 %)
Operating Income (21.17) (43.52) (105.5 %)
Net Income (42.59) (34.01) 20.1 %
Average Shares 10.90 10.90 -
Earnings Per Share before unusual items (Riyals) (3.66) (5.18) (41.4 %)
EPS (Riyal) (3.91) (3.12) 20.1 %

The company ascribed the lower losses to the recognition of non-recurring capital gains resulting from the sale of one of the company’s unused assets (a building). This improvement also reflects the company’s success in reducing operating and administrative expenses.

 

This comes despite the company recognizing an expected credit loss (ECL) provision of SAR 4 million, in accordance with the requirements of IFRS 9.

 

In Q4 2025, the company’s losses widened by 37.6% to SAR 25.35 million, versus SAR 18.42 million a year earlier.

 

Sequentially, the three-month losses also deepened 55.1% from SAR 16.34 million in Q3 2025.



Current Quarter Comparison (M)

Compared With The
Item Q4 2024 Q4 2025 Change‬
Revenues 38.31 8.70 (77.3 %)
Gross Income (0.73) (8.76) (1,094.0 %)
Operating Income (11.50) (19.88) (72.8 %)
Net Income (18.42) (25.35) (37.6 %)
Average Shares 10.90 10.90 -
Earnings Per Share before unusual items (Riyal) (1.44) (2.33) (61.1 %)
EPS (Riyal) (1.69) (2.33) (37.6 %)

Total shareholders’ equity, no minority interest, fell to SAR 15.01 million by the end of 2025, compared to SAR 47.93 million a year earlier.

 

Naseej’s accumulated losses amounted to SAR 93.96 million as of Dec. 31, 2025, representing 86.23% of its capital.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2023 78.74 (5.9 %) 17.63 (6.9 %) 8.58 29.1 %
Q2 2023 62.40 (10.3 %) 14.72 (21.0 %) 4.36 (47.2 %)
Q3 2023 59.24 (4.3 %) 9.52 (15.5 %) (0.71) (122.7 %)
Q4 2023 60.15 (7.6 %) 12.01 1002.1 % 4.41 127.6 %
Q1 2024 63.82 (18.9 %) 11.77 (33.2 %) 2.95 (65.6 %)
Q2 2024 51.37 (17.7 %) 3.49 (76.3 %) (6.83) (256.9 %)
Q3 2024 43.25 (27.0 %) 3.21 (66.2 %) (5.78) (715.5 %)
Q4 2024 38.31 (36.3 %) (0.73) (106.1 %) (11.50) (361.0 %)
Q1 2025 26.25 (58.9 %) 1.48 (87.5 %) (6.49) (320.1 %)
Q2 2025 19.38 (62.3 %) 4.95 41.7 % (1.89) 72.4 %
Q3 2025 17.70 (59.1 %) (7.41) (330.7 %) (15.27) (164.0 %)
Q4 2025 8.70 (77.3 %) (8.76) (1,094.0 %) (19.88) (72.8 %)
2025 72.02 (63.4 %) (9.75) (155.0 %) (43.52) (105.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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)
Q1 2023 4.09 (36.8 %) 0.37 - 4.09 0.37
Q2 2023 0.58 (89.4 %) 0.05 - 0.58 0.05
Q3 2023 1.14 165.6 % 0.10 - 1.14 0.10
Q4 2023 (21.73) (87.1 %) (1.99) (20.68) (1.06) (0.10)
Q1 2024 0.11 (97.3 %) 0.01 - 0.11 0.01
Q2 2024 (14.51) (2589.0 %) (1.33) - (14.51) (1.33)
Q3 2024 (9.78) (961.5 %) (0.90) - (9.78) (0.90)
Q4 2024 (18.42) 15.3 % (1.69) (2.69) (15.73) (1.44)
Q1 2025 (8.64) (7886.5 %) (0.79) - (8.64) (0.79)
Q2 2025 16.32 212.4 % 1.50 21.03 (4.71) (0.43)
Q3 2025 (16.34) (67.1 %) (1.50) 1.37 (17.71) (1.63)
Q4 2025 (25.35) (37.6 %) (2.33) - (25.35) (2.33)
2025 (34.01) 20.1 % (3.12) 22.40 (56.41) (5.18)

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
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 %)
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 %)
Q1 2023 17.66 % 7.05 % (3.50 %)
Q2 2023 16.67 % 5.36 % (5.43 %)
Q3 2023 16.18 % 3.67 % (4.41 %)
Q4 2023 20.68 % 13.11 % 1.82 %
Q1 2024 19.55 % 11.50 % 0.31 %
Q2 2024 15.68 % 7.04 % (6.11 %)
Q3 2024 13.95 % 5.04 % (11.54 %)
Q4 2024 9.01 % (2.99 %) (20.28 %)
2024 9.01 % (2.99 %) (20.28 %)
Q1 2025 4.68 % (10.27 %) (30.57 %)
Q2 2025 7.00 % (9.74 %) (30.55 %)
Q3 2025 (1.69 %) (21.80 %) (46.04 %)
Q4 2025 (13.54 %) (42.88 %) (78.33 %)
2025 (13.54 %) (42.88 %) (78.33 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q1 2023 10.90 (0.34) (0.88) 10.05
Q2 2023 10.90 (0.80) (1.34) 10.10
Q3 2023 10.90 (0.53) (1.07) 10.20
Q4 2023 10.90 (1.46) 0.44 8.27
Q1 2024 10.90 (1.83) 0.07 8.28
Q2 2024 10.90 (3.21) (1.31) 6.95
Q3 2024 10.90 (4.21) (2.32) 6.05
Q4 2024 10.90 (3.91) (3.66) 4.40
Q1 2025 10.90 (4.71) (4.47) 3.61
Q2 2025 10.90 (1.88) (3.57) 5.10
Q3 2025 10.90 (2.49) (4.29) 3.60
Q4 2025 10.90 (3.12) (5.18) 1.38

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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
Q1 2023 NEG NEG 4.47
Q2 2023 NEG NEG 4.40
Q3 2023 NEG NEG 4.48
Q4 2023 NEG More than 100 7.46
Q1 2024 NEG More than 100 9.85
Q2 2024 NEG NEG 11.14
Q3 2024 NEG NEG 12.85
Q4 2024 NEG NEG 22.13
Q1 2025 NEG NEG 26.00
Q2 2025 NEG NEG 19.02
Q3 2025 NEG NEG 25.29
Q4 2025 NEG NEG 25.63

Business Segments (Million)

Compared With The
Period Flooring Sector Other
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
Q1 2023 72.02 6.72
Q2 2023 57.30 5.10
Q3 2023 52.13 7.11
Q4 2023 54.24 5.91
Q1 2024 57.93 5.89
Q2 2024 44.59 6.78
Q3 2024 37.20 6.10
Q4 2024 33.03 5.28
Q1 2025 23.20 3.05
Q2 2025 15.80 3.58
Q3 2025 12.61 5.09


Financial Ratios
Current
Market Cap (M Riyal) 300.84
Enterprise Value (EV) (M Riyal) 422.72
Shares Outstanding ((M)) 10.90
EPS ( Riyal) (TTM) (3.12)
Book Value (BV) ( Riyal) 1.38
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/book 20.04
Return on Average Assets (%) (TTM) (12.46 )
Return on Average Equity (%) (TTM) (108.08 )
EV/adj EBITDA (13.69)
EV/Revenues 5.87
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Share Price

Naseej International Trading Co.
27.70
1.08 4.06 %

Naseej International Trading Co. (NASEEJ)

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