‎“Naseej International” profits decreased to 583K riyals during ‎Q2, by 89%‎

Net profit after zakat and tax for Naseej International Trading Company decreased to 583 thousand riyals during the second quarter, compared to 5.5 million riyals in the same quarter of last year, by 89%. This came after today’s announcement of the preliminary financial results for the period ending on June 30, 2023 AD.

The operational profit amounted to 4.5 million riyals in the second quarter, compared to 9 million riyals in the same quarter of last year, a decrease of 51%.

Gross profit amounted to 15 million riyals in the second quarter, compared to 19 million riyals in the same quarter of last year, a decrease of 21%.

The net profit after zakat and tax during the 6-month period amounted to 4.7 million riyals, compared to 12 million riyals in the same period last year, a decline of 61%.

Earnings per share in the current period amounted to 0.43 riyals, compared to 0.57 riyals in the same period last year.

The reason for the decrease in net profits during the current quarter compared to the same quarter of the previous year is mainly attributed to the decrease in sales and the increase in financing costs associated with the increase in SIBOR rates.

The reason for the decline in net profits during the current quarter compared to the previous quarter is mainly due to the decline in sales

The reason for the decrease in net profits during the current period compared to the same period of the previous year is mainly due to the decrease in sales, the decrease in other revenues, and the increase in the zakat provision.

The company stated that the calculation of the share of profits for the current period is based on the number of shares of 10.897 million shares, as for calculating the share of profits for the same period of the previous year based on the number of shares of 21.163 million shares.