Naseej International Trading Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 260,517 | 280,181 | -7.02 | ||
| Gross Profit (Loss) | 53,881 | 49,913 | 7.95 | ||
| Operational Profit (Loss) | 21,176 | 10,971 | 93.02 | ||
| Net profit (Loss) | -15,931 | -1,376 | 1,057.78 | ||
| Total Comprehensive Income | -15,240 | -3,584 | 325.22 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 90,149 | 105,389 | -14.46 | ||
| Profit (Loss) per Share | -1.46 | -0.08 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | 18,824 | 17 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The reason for the decrease in sales/revenues during this year compared to the previous year is due to weak demand in export markets due to the intensity of competition with Turkish products in global and local markets, which also affected the decrease in local sales in addition to the decrease in production rates due to weak liquidity. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason for the increase in net losses during this year compared to the previous year is due to:-
1- High financing costs associated with the increase in SIBOR rates, amounting to 3.6 million 2- Creating additional allocations for zakat related to previous years, amounting to 20.5 million riyals, due to the end of the chapter with the tax committees on pending zakat cases. Despite the increase in net losses, there was an increase in operating profit during the year by 93% (worth 21.17 million riyals compared to 10.97 million riyals from the previous year). |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | Not Applicable |
| Reclassification of Comparison Items | Not Applicable |
| Additional Information | 1-The earnings (lost) per share for the current period was calculated based on the number of ( 10.897 ) million shares. As for calculating the earnings (lost) per share for the same period of the previous year based on the number of ( 16.886) million shares, this is based on the approval of the Extraordinary General Assembly to reduce the capital on July 18, 2022 |
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