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Naseej International narrows Q1-20 losses by 44%

Naseej International narrows Q1-20 losses by 44%
Revenues dropped to SAR 43 million during Q1-20
NASEEJ
1213
113.21% 83.90 44.55

Riyadh – Mubasher: Net losses after Zakat and tax of Naseej International Trading Company amounted to SAR 19.5 million during the first quarter (Q1) of 2020, down by 44.4% from SAR 35.2 million in the corresponding quarter a year earlier.

Revenues came at SAR 43 million in the January-March period of the year, 33.7% lower than SAR 64.97 million, according to a stock exchange statement on Sunday.

The company had sold some inventory quantities at appropriate promotional prices and diligently focused to collect due receivables from existing or past clients. Combined together, these steps led to a drop in the interim losses and helped the company avoid allocating additional provisions for a slow-moving inventory.

Moreover, these moves have significantly resulted in higher gross profits and lower operating losses despite lower sales due to the slumping demand.