Naseej International Trading Co. announces its Annual Financial Results for the Period Ending on 2020-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 192,201 | 232,351 | -17.279 | ||
| Gross Profit (Loss) | 22,487 | -14,845 | - | ||
| Operational Profit (Loss) | -59,757 | -89,458 | -33.201 | ||
| Net Profit (Loss) after Zakat and Tax | -83,417 | -116,207 | -28.216 | ||
| Total Comprehensive Income | -82,929 | -117,954 | -29.693 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 55,433 | 33,095 | 67.496 | ||
| Profit (Loss) per Share | -5.32 | -6.82 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason for the decrease in net losses during the current year compared to last year is due to that The company was able to optimize its Cost of Sales across the board along with its Operational expenses.
The Gross profit has improved by 251% year on year despite the impact of the COVID pandemic on the markets. These actions, in addition to focusing on value creation through extensive product development, creating market pull whilst optimizing operational effectiveness, have contributed positively to the net result. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Reclassification of Comparison Items | Non |
| Additional Information | 1- Naseej would like to clarify that the computation of the share of loss per share for the current period is based on the weighted average of 15.69 million shares, according to the decision to increase the capital based on the approval of the General Assembly of Shareholders held on January 22, 2020 and the decision to reduce the capital based on the approval of the General Assembly For Shareholders held on December 20, 2020 , as for the calculation of the share of loss for the previous year based on the weighted average during the period of 17.04 million shares, according to the approval of the Extraordinary General Assembly in its meeting held on August 28, 2019 to reduce the capital.
2- Naseej International Trading Company announces that its accumulated losses amounted to (6.20) million riyals as on December 31, 2020, at a rate of (10.06%) of its capital. The main reasons for these losses are the decline in sales as the pandemic continues to affect businesses and decrease purchasing power. The company is working to take the necessary measures regarding these losses by working to increase the volume of sales and production, develop products, increase market share and effectively manage costs. |
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