Naseej for Technology profits decline 70.4% during H1 to SAR 2.2 million

Naseej for Technology Co. announced a decrease in net profit after zakat and tax in the first half to SAR 2.2 million, compared to SAR 7.7 million in the same quarter of last year, by 70.4%. This came after announcing on Thursday of the interim financial results for the period ended on June 30 (six months).

The operational profit amounted to SAR 2.6 million during the first half, compared to SAR 9.9 million in the same quarter of the previous year, a decrease of 73.2%.

Total shareholder equity “without minority rights” amounted to SAR 118.1 million in the 6-month period, compared to SAR 116.1 million in the same period last year, an increase of 1.7%.

Earnings per share in the current period reached SAR 0.42, compared to SAR 1.52 in the same period last year

The reason for the decrease in net income is attributed to a 4.2% decrease in revenues compared to the same period last year. This decline is due to the uncontrollable delay in some projects, which were planned to be executed during that period. Additionally, the increase in sales and marketing expenses contributed to the decrease in operating profit, which in turn led to a decrease in net income.