Naseej International Trading Co.’s losses widened in 2023 to SAR 15.9 million from SAR 1.4 million in 2022.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 280.18 | 260.52 | (7.0 %) |
| Gross Income | 49.91 | 53.88 | 7.9 % |
| Operating Income | 2.09 | 16.63 | 697.3 % |
| Net Income | (1.38) | (15.93) | (1,057.8 %) |
| Average Shares | 10.90 | 10.90 | - |
| EPS (Riyals) | (0.13) | (1.46) | (1,057.8 %) |
This was driven by an increase in financing costs to SAR 3.6 million associated with higher SAIBOR rates, in addition to setting aside additional Zakat provisions at SAR 20.5 million. Despite higher net losses, there was a 93% increase in operating profit during the year.
Q4 2023 net loss stood at SAR 21.7 million, compared to SAR 11.6 million.
On a quarterly basis, the company swung from a net profit of SAR 1.13 million.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 65.09 | 60.15 | (7.6 %) |
| Gross Income | 1.09 | 12.01 | 1002.1 % |
| Operating Income | (15.94) | 4.28 | 126.8 % |
| Net Income | (11.62) | (21.73) | (87.1 %) |
| Average Shares | 10.90 | 10.90 | - |
| EPS (Riyals) | (1.07) | (1.99) | (87.1 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 59.24 | 60.15 | 1.5 % |
| Gross Income | 9.52 | 12.01 | 26.2 % |
| Operating Income | (0.71) | 4.28 | 703.1 % |
| Net Income | 1.13 | (21.73) | (2016.6 %) |
| Average Shares | 10.90 | 10.90 | - |
| EPS (Riyals) | 0.10 | (1.99) | (2016.6 %) |
Total shareholders’ equity, no minority interest, stood at SAR 90.14 million by Dec. 31, 2023, compared to SAR 105.38 million a year earlier.
Accumulated losses stood at SAR 18.8 million by Dec. 31, 2023, accounting for 17% of capital.
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