Riyadh – Mubasher: Naseej International Trading Company recorded a net profit of SAR 5.80 million in the first nine months (9M) of 2023, down by 43.35% year-on-year (YoY) from SAR 10.24 million.
The earnings per share (EPS) also dropped to SAR 0.53 in 9M-23, compared to SAR 0.56 in 9M-22, as per the interim financial results.
The company’s revenues declined by 6.84% YoY to SAR 200.36 million in 9M-23 from SAR 215.09 million.
Positive Turn in Q3-23
In the third quarter (Q3) of 2023, Naseej International swung to a net profit of SAR 1.13 million, compared to a net loss of SAR 1.72 million in Q3-22.
The company’s revenues decreased by 4.26% YoY to SAR 59.23 million in Q3-23 from SAR 61.87 million.
On a quarterly basis, the net profits in Q3-23 rose by 94.68% from SAR 583,000 in Q2-23, while the revenues declined by 5.06% from SAR 62.39 million in Q2-23.
It is worth mentioning that in October 2023, Naseej International received approval from the Capital Market Authority (CMA) to increase its capital through a rights issue valued at SAR 163.45 million.
