Naseej International Trading Co. announces its Interim Financial Results for the Period Ending on 2022-06-30 ( Six Months )

04 August 2022 03:28 PM

NASEEJ 1213 -0.38% 39.35 -0.15

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	69,587	65,863	5.65	83,630	-16.79
Gross Profit (Loss)	18,636	11,340	64.34	18,925	-1.53
Operational Profit (Loss)	9,200	-1,340	-	8,036	14.48
Net Profit (Loss) after Zakat and Tax	5,509	-5,021	-	6,463	-14.76
Total Comprehensive Income	5,509	-5,021	-	6,463	-14.76
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	153,217	136,126	12.55
Gross Profit (Loss)	37,561	21,494	74.75
Operational Profit (Loss)	17,236	-3,739	-
Net Profit (Loss) after Zakat and Tax	11,972	-10,290	-
Total Comprehensive Income	11,972	-10,290	-
Total Share Holders Equity (after Deducting Minority Equity)	120,945	45,143	167.91
Profit (Loss) per Share	0.57	-1.67
All figures are in (Thousands) Saudi Arabia, Riyals

	Accumulated Losses	Capital	Percentage %
	90,687	211,632	42.85
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The reason for achieving net profits during the current quarter compared to the same quarter of the previous year is due to increase in sales by 6% and increase in gross profit by 64%, due to raising production rates, opening new production lines, reversal of slow-moving and obsolete inventory Provision and redaction in operating expenses.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	The reason for the decrease in net profit during the current quarter compared to the previous quarter is due to the decrease in sales and the increase in the raw materials cost .
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	The reason for achieving net profit during the current period compared to the same period of the previous year is due to higher sales and lower costs.
Statement of the type of external auditor's report	Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	We draw attention to Note No. (1/11) - Subsequent events, that the attached notes about the financial statements regarding the approval of shareholders in the Extraordinary General Assembly that was held on July 18, 2022 AD to reduce the company’s capital from 211.6 million Saudi riyals to 108.9 Million Saudi Riyals
Reclassification of Comparison Items	Not Applicable
Additional Information	1- Naseej Company would like to clarify that the calculation of the loss per share for the current period is based on the number of 21.163 million shares, as for calculating the share of loss for the previous period based on the weighted average 6.163 million shares, 2- Naseej Company would like to clarify that the financial results for the current period are based on a capital of 211,632,010 Saudi riyals and that there is a subsequent event, which is the approval of the extraordinary general assembly to reduce the capital, as it Approved in its meeting held on Dhul-Hijjah 19 1443 AH corresponding to July 18, 2022 AD to reduce the Company capital from 211,632,010 Saudi riyals to 108,973,010 Saudi riyals, and accordingly, the accumulated losses were amortized and reduced to 0% of the capital on July 19, 2022 AD, and what was announced on the Tadawul website on August 1, 2022 AD.

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