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Naseej Tech net profit up 6% to SAR 21.9 mln in 2022
Naseej for Technology Co. posted a net profit of SAR 21.9 million in 2022, a 6% increase from SAR 20.7 million a year earlier.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 194.42 | 215.07 | 10.6 % |
| Gross Income | 60.83 | 64.91 | 6.7 % |
| Operating Income | 25.12 | 25.27 | 0.6 % |
| Net Income | 20.71 | 21.86 | 5.6 % |
| Average Shares | 5.00 | 5.00 | - |
| EPS (Riyals) | 4.14 | 4.37 | 5.6 % |
The positive performance was driven by a 10.6% year-on-year (YoY) rise in revenue to reach SAR 215 million in 2022 from SAR 194.4 in 2021.
The company maintained a gross profit margin above 30%, which contributed to a 6.7% uptick in gross profit to SAR 64.5 million from SAR 60.8 million in the previous year.
This was despite an 11% jump in operating expenses on costs of listing on Nomu-Parallel Market, most of which were carried in 2022. This is besides additional costs stemming from strengthening the corporate governance system and the remuneration of the board of directors and affiliated committees.
Current Half Annual Comparison (M)
| Item | H2 2021 | H2 2022 | Change |
|---|---|---|---|
| Revenues | 101.06 | 120.22 | 19.0 % |
| Gross Income | 30.67 | 35.74 | 16.5 % |
| Operating Income | 11.92 | 15.36 | 28.8 % |
| Net Income | 10.84 | 14.25 | 31.4 % |
| Average Shares | 5.00 | 5.00 | - |
| EPS (Riyals) | 2.17 | 2.85 | 31.4 % |
Shareholders’ equity, excluding minority interest, stood at SAR 116.14 million as of Dec. 31, 2022, compared to SAR 93.83 million a year earlier.
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Share Price
Naseej for Technology Co. (NASEEJ TECH)
| Current | |
| Market Cap (M Riyal) | 330.00 |
| Enterprise Value (EV) (M) | 328.66 |
| Shares Outstanding ((M)) | 5.00 |
| Book Value (BV) ( Riyal) | 25.81 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 25.31 |
| Price/book | 2.56 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2022 | 94.85 | 1.6 % | 29.17 | (3.3 %) | 9.91 | (24.9 %) |
| H2 2022 | 120.22 | 19.0 % | 35.74 | 16.5 % | 15.36 | 28.8 % |
| 2022 | 215.07 | 10.6 % | 64.91 | 6.7 % | 25.27 | 0.6 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2022 | 7.61 | (22.9 %) | 1.52 | - | 7.61 | 1.52 |
| H2 2022 | 14.25 | 31.4 % | 2.85 | - | 14.25 | 2.85 |
| 2022 | 21.86 | 5.6 % | 4.37 | - | 21.86 | 4.37 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2022 | 30.54 % | 11.95 % | 9.42 % |
| H2 2022 | 30.18 % | 12.39 % | 10.16 % |
| 2022 | 30.18 % | 12.39 % | 10.16 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2022 | 5.00 | 3.69 | 3.69 | 20.25 |
| H2 2022 | 5.00 | 4.37 | 4.37 | 23.23 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2022 | 25.20 | 25.20 | 4.59 |
| H2 2022 | 17.16 | 17.16 | 3.23 |
Business Segments (Million)
Q4 2022
| Period | Knowledge Asset Management Solutions | Education Solutions | Electronic Solutions |
|---|---|---|---|
| Q2 2022 | 46.73 | 17.24 | 30.89 |
| Q4 2022 | 57.07 | 16.79 | 46.36 |
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