‎ “Naseej” losses decline by 98.3% during of 2022, to SR1.3 mln

Naseej International Trading Co. revealed that the net loss after zakat and tax decreased during the year ending on December 31, 2022 to 1.3 million riyals, compared to 85.5 million riyals in 2021, at a rate of 98.3%. This came after today’s announcement of the annual financial results ending in 2022 -12-31.

The operational profit amounted to 10.9 million riyals during the year ending on December 31, 2022, compared to a loss of 73.4 million riyals last year.

The total shareholders’ equity “without minority rights” amounted to 105.3 million riyals in the current year, compared to 108.9 million riyals in the previous year, a decrease of 3.2%.

The loss per share in the current year reached 0.08 riyals, compared to 11.54 riyals in the previous year.

– The reason for the decrease in net losses by 98% during this year compared to the previous year, (with a value of (1.3) million riyals compared to an amount of (85) million riyals from the previous year) is due to the increase in sales by 22%, in addition to the increase Gross profit increased by 81% as a result of better utilization of production capacity by raising production rates and reducing direct and indirect costs. Exploitation and sale of obsolete and slow-moving inventory also contributed to improving gross profit, along with a decrease in selling and administrative expenses. In addition to the impact of International Standard No. 9 on the financial results, an additional provision of 4.9 million riyals was made

1- Naseej International Trading Company would like to clarify that the calculation of the loss per share for the current year is based on the weighted average number of shares (16.886) million shares, while the calculation of the loss per share for the previous year was based on the weighted average number of shares (7.413) million shares

2- The accumulated losses amounted to 3.58 million Saudi riyals, at a rate of 3.29% of the capital, as of December 31, 2022 AD.

The loss per share in the current year reached 0.08 riyals, compared to 11.54 riyals in the previous year.

– The reason for the decrease in net losses by 98% during this year compared to the previous year, (with a value of (1.3) million riyals compared to an amount of (85) million riyals from the previous year) is due to the increase in sales by 22%, in addition to the increase Gross profit increased by 81% as a result of better utilization of production capacity by raising production rates and reducing direct and indirect costs. Exploitation and sale of obsolete and slow-moving inventory also contributed to improving gross profit, along with a decrease in selling and administrative expenses. In addition to the impact of International Standard No. 9 on the financial results, an additional provision of 4.9 million riyals was made

1- Naseej International Trading Company would like to clarify that the calculation of the loss per share for the current year is based on the weighted average number of shares (16.886) million shares, while the calculation of the loss per share for the previous year was based on the weighted average number of shares (7.413) million shares

2- The accumulated losses amounted to 3.58 million Saudi riyals, at a rate of 3.29% of the capital, as of December 31, 2022 AD.