“Naseej” profits decrease by 97% during Q1 to 111 thousand riyals

The net profit of Naseej International Company decreased to 111 thousand riyals during the first quarter of 2024, compared to 4 million riyals in the same quarter of last year, by 97.2%. This came after today’s announcement of the estimated financial results for the period ending on March 31, 2024 (3 months).

Operating profit reached 2.8 million riyals in the first quarter, compared to 8.6 million riyals in the same quarter of the previous year, a decrease of 67.6%.

Earnings per share in the current period reached 0.01 riyals, compared to 0.37 riyals in the same period last year.

The reason for the decrease in sales during the current quarter compared to the same quarter of the previous year is mainly due to the decrease in the amount of sales due to the local and international market situation.

The reason for the decrease in net profits during the current quarter compared to the same quarter of the previous year is mainly due to the decrease in sales, the decrease in the company’s profit from investments in associate companies and joint projects, and the company’s incurring expenses related to the previous capital increase file.

The reason for the increase in sales during the current quarter compared to the previous quarter is mainly due to the entry of new customers in the projects department, in addition to the nature and seasonality of the markets in the current quarter compared to the previous quarter.

The reason for achieving profits during the current quarter compared to the previous quarter is the increase in sales, decrease in operating expenses, and the allocation made for zakat in the previous quarter.