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

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 69,58765,8635.6583,630-16.79
Gross Profit (Loss) 18,63611,34064.3418,925-1.53
Operational Profit (Loss) 9,200-1,340-8,03614.48
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 ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 153,217136,12612.55
Gross Profit (Loss) 37,56121,49474.75
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) 120,94545,143167.91
Profit (Loss) per Share 0.57-1.67
All figures are in (Thousands) Saudi Arabia, Riyals
Accumulated LossesCapitalPercentage %
90,687211,63242.85
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
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.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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