Naseej trims net loss by 56.5% to SAR 36.9 mln in H1 2020

Naseej trims net loss by 56.5% to SAR 36.9 mln in H1 2020

24/08/2020 Argaam Exclusive

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Naseej International Trading Co. narrowed net loss after Zakat and tax by 56.5% year-on-year (YoY) to SAR 36.9 million for the first half of 2020, driven by higher gross profit and lower operating losses. The company also sold a portion of inventory at reasonable prices to maintain its market share.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 117.75 80.01 (32.1 %)
Gross Income (8.62) 3.55 141.1 %
Operating Income (41.16) (26.31) 36.1 %
Net Income (84.72) (36.86) 56.5 %
Average Shares 5.93 8.91 50.3 %
Earnings Per Share before unusual items (16.64) (4.14) 75.1 %
EPS (Riyals) (14.29) (4.14) 71.0 %

Naseej trimmed net loss after Zakat and tax by 65% YoY to SAR 17.3 million for the second quarter, due to improved cost of production, decreased operating expenses, and higher gross profit.

 

On a quarter-on-quarter basis, net loss shrank by 11.4% for the current quarter.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 52.78 36.98 (29.9 %)
Gross Income (9.75) 1.95 120.0 %
Operating Income (26.22) (11.93) 54.5 %
Net Income (49.54) (17.32) 65.0 %
Average Shares 5.93 8.91 50.3 %
Earnings Per Share before unusual items (8.36) (1.94) 76.7 %
EPS (Riyals) (8.36) (1.94) 76.7 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 188.58 (5.2 %) 51.38 1.3 % 12.82 10.4 %
Q2 2011 235.49 (1.3 %) 66.50 (8.1 %) 26.47 2.2 %
Q3 2011 232.22 (2.3 %) 56.36 (10.8 %) 13.00 (18.5 %)
Q4 2011 214.26 (7.5 %) 53.30 (22.1 %) (3.74) (111.6 %)
Q1 2012 221.74 17.6 % 58.60 14.1 % 13.91 8.5 %
Q2 2012 259.66 10.3 % 69.96 5.2 % 19.78 (25.3 %)
Q3 2012 241.97 4.2 % 72.05 27.8 % 19.33 48.7 %
Q4 2012 232.75 8.6 % 55.72 4.5 % 9.44 352.1 %
Q1 2013 220.90 (0.4 %) 56.05 (4.3 %) 11.91 (14.4 %)
Q2 2013 229.80 (11.5 %) 49.41 (29.4 %) 8.48 (57.1 %)
Q3 2013 200.39 (17.2 %) 58.35 (19.0 %) 9.90 (48.8 %)
Q4 2013 215.14 (7.6 %) 42.90 (23.0 %) (3.65) (138.7 %)
Q1 2014 214.93 (2.7 %) 42.47 (24.2 %) (2.39) (120.1 %)
Q2 2014 221.03 (3.8 %) 51.14 3.5 % 6.76 (20.3 %)
Q3 2014 199.54 (0.4 %) 48.04 (17.7 %) 3.15 (68.2 %)
Q4 2014 209.17 (2.8 %) 28.50 (33.6 %) (23.19) (535.0 %)
Q1 2015 210.96 (1.8 %) 42.03 (1.0 %) (0.87) 63.4 %
Q2 2015 239.17 8.2 % 56.36 10.2 % 7.51 11.0 %
Q3 2015 168.57 (15.5 %) 35.12 (26.9 %) (9.45) (400.1 %)
Q4 2015 193.67 (7.4 %) 30.35 6.5 % (11.78) 49.2 %
Q1 2016 172.11 (18.4 %) 51.76 23.2 % 9.33 1168.0 %
Q2 2016 178.93 (25.2 %) 52.27 (7.3 %) 14.19 89.1 %
Q3 2016 106.81 (36.6 %) 11.83 (66.3 %) (21.83) (130.9 %)
Q4 2016 128.57 (33.6 %) 2.80 (90.8 %) (62.30) (429.1 %)
Q1 2017 136.12 (20.9 %) 30.17 (41.7 %) 1.76 (81.2 %)
Q2 2017 141.23 (21.1 %) 25.18 (51.8 %) (2.55) (117.9 %)
Q3 2017 101.46 (5.0 %) 7.85 (33.6 %) (16.01) 26.7 %
Q4 2017 121.76 (5.3 %) 15.15 441.9 % (21.68) 65.2 %
Q1 2018 110.12 (19.1 %) 23.81 (21.1 %) 6.15 249.7 %
Q2 2018 113.78 (19.4 %) 27.32 8.5 % 8.13 419.6 %
Q3 2018 80.89 (20.3 %) 15.59 98.6 % (0.73) 95.5 %
Q4 2018 96.27 (20.9 %) (18.86) (224.5 %) (34.89) (61.0 %)
Q1 2019 64.97 (41.0 %) 1.13 (95.3 %) (14.94) (342.8 %)
Q2 2019 52.78 (53.6 %) (9.75) (135.7 %) (26.22) (422.4 %)
Q3 2019 64.65 (20.1 %) 1.85 (88.1 %) (13.63) (1,775.0 %)
Q4 2019 49.96 (48.1 %) (8.08) 57.2 % (18.38) 47.3 %
Q1 2020 43.03 (33.8 %) 1.60 42.0 % (14.38) 3.8 %
Q2 2020 36.98 (29.9 %) 1.95 120.0 % (11.93) 54.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2011 12.20 (7.0 %) 2.06 - 12.20 2.06
Q2 2011 19.47 (22.6 %) 3.28 - 19.47 3.28
Q3 2011 11.18 14.7 % 1.89 - 11.18 1.89
Q4 2011 (7.27) (126.0 %) (1.23) - (7.27) (1.23)
Q1 2012 10.49 (14.0 %) 1.77 - 10.49 1.77
Q2 2012 16.68 (14.3 %) 2.81 - 16.68 2.81
Q3 2012 16.34 46.2 % 2.76 - 16.34 2.76
Q4 2012 9.07 224.8 % 1.53 - 9.07 1.53
Q1 2013 10.55 0.6 % 1.78 - 10.55 1.78
Q2 2013 7.72 (53.7 %) 1.30 - 7.72 1.30
Q3 2013 (6.86) (142.0 %) (1.16) - (6.86) (1.16)
Q4 2013 1.67 (81.6 %) 0.28 - 1.67 0.28
Q1 2014 (4.77) (145.2 %) (0.80) - (4.77) (0.80)
Q2 2014 6.09 (21.1 %) 1.03 - 6.09 1.03
Q3 2014 (1.14) 83.4 % (0.19) (0.26) (0.88) (0.15)
Q4 2014 (29.70) (1878.4 %) (5.01) (5.07) (24.63) (4.15)
Q1 2015 (2.89) 39.4 % (0.49) 0.37 (3.26) (0.55)
Q2 2015 3.90 (36.0 %) 0.66 2.02 1.88 0.32
Q3 2015 (14.87) (1,207.6 %) (2.51) - (14.87) (2.51)
Q4 2015 (40.71) (37.1 %) (6.87) - (40.71) (6.87)
Q1 2016 3.10 207.2 % 0.52 - 3.10 0.52
Q2 2016 0.11 (97.3 %) 0.02 - 0.11 0.02
Q3 2016 (35.48) (138.6 %) (5.99) - (35.48) (5.99)
Q4 2016 (58.83) (44.5 %) (9.93) - (58.83) (9.93)
Q1 2017 1.44 (53.7 %) 0.24 - 1.44 0.24
Q2 2017 (29.54) (27711.2 %) (4.98) (17.59) (11.95) (2.02)
Q3 2017 (49.47) (39.4 %) (8.35) (26.22) (23.25) (3.92)
Q4 2017 (10.76) 81.7 % (1.82) - (10.76) (1.82)
Q1 2018 1.40 (2.6 %) 0.24 - 1.40 0.24
Q2 2018 0.92 103.1 % 0.16 - 0.92 0.16
Q3 2018 (16.69) 66.3 % (2.82) - (16.69) (2.82)
Q4 2018 (41.06) (281.5 %) (6.93) - (41.06) (6.93)
Q1 2019 (35.18) (2614.6 %) (5.94) 13.91 (49.09) (8.28)
Q2 2019 (49.54) (5478.5 %) (8.36) - (49.54) (8.36)
Q3 2019 3.07 118.4 % 0.52 14.36 (11.29) (1.90)
Q4 2019 (34.56) 15.8 % (5.83) - (34.56) (5.83)
Q1 2020 (19.54) 44.5 % (2.19) - (19.54) (2.19)
Q2 2020 (17.32) 65.0 % (1.94) - (17.32) (1.94)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2011 28.48 % 14.93 % 8.37 %
Q2 2011 27.92 % 14.80 % 7.77 %
Q3 2011 27.33 % 14.37 % 7.98 %
Q4 2011 26.14 % 10.37 % 4.09 %
Q1 2012 25.98 % 10.05 % 3.75 %
Q2 2012 25.67 % 9.25 % 3.35 %
Q3 2012 27.08 % 9.71 % 3.87 %
Q4 2012 26.81 % 11.13 % 5.50 %
Q1 2013 26.57 % 11.10 % 5.51 %
Q2 2013 25.20 % 10.21 % 4.72 %
Q3 2013 24.84 % 9.86 % 2.32 %
Q4 2013 23.86 % 8.56 % 1.51 %
Q1 2014 22.45 % 6.85 % (0.26 %)
Q2 2014 22.88 % 6.48 % (0.46 %)
Q3 2014 21.70 % 5.73 % 0.25 %
Q4 2014 20.14 % 3.63 % (2.86 %)
Q1 2015 20.19 % 3.81 % (2.70 %)
Q2 2015 20.37 % 3.74 % (3.13 %)
Q3 2015 19.57 % 2.34 % (4.94 %)
Q4 2015 20.17 % 3.42 % (7.01 %)
Q1 2016 22.44 % 4.99 % (6.54 %)
Q2 2016 23.76 % 6.76 % (7.34 %)
Q3 2016 22.44 % 5.67 % (11.20 %)
Q4 2016 20.23 % (2.13 %) (15.53 %)
Q1 2017 17.63 % (4.00 %) (16.85 %)
Q2 2017 13.65 % (8.16 %) (20.44 %)
Q3 2017 13.01 % (7.89 %) (18.25 %)
Q4 2017 15.65 % (0.71 %) (8.90 %)
Q1 2018 15.17 % (0.26 %) (9.39 %)
Q2 2018 16.58 % 1.99 % (7.09 %)
Q3 2018 19.19 % 5.69 % (5.89 %)
Q4 2018 11.93 % 2.70 % (13.82 %)
Q1 2019 7.07 % (3.12 %) (29.76 %)
Q2 2019 (4.03 %) (9.23 %) (53.03 %)
Q3 2019 (9.20 %) (21.38 %) (54.18 %)
Q4 2019 (6.39 %) (18.20 %) (62.18 %)
Q1 2020 (6.83 %) (20.67 %) (54.62 %)
Q2 2020 (1.38 %) (26.50 %) (42.50 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2011 5.93 12.67 12.67 71.84
Q2 2011 5.93 11.71 11.71 75.12
Q3 2011 5.93 11.95 11.95 77.01
Q4 2011 5.93 6.00 6.00 75.70
Q1 2012 5.93 5.71 5.71 77.47
Q2 2012 5.93 5.24 5.24 80.29
Q3 2012 5.93 6.11 6.11 83.04
Q4 2012 5.93 8.87 8.87 84.57
Q1 2013 5.93 8.88 8.88 86.35
Q2 2013 5.93 7.37 7.37 85.12
Q3 2013 5.93 3.45 3.45 83.97
Q4 2013 5.93 2.21 2.21 84.25
Q1 2014 5.93 (0.38) (0.38) 83.44
Q2 2014 5.93 (0.65) (0.65) 81.31
Q3 2014 5.93 0.31 0.36 81.11
Q4 2014 5.93 (4.98) (4.08) 76.10
Q1 2015 5.93 (4.66) (3.83) 75.62
Q2 2015 5.93 (5.03) (4.54) 76.27
Q3 2015 5.93 (7.35) (6.90) 73.76
Q4 2015 5.93 (9.21) (9.61) 66.90
Q1 2016 5.93 (8.20) (8.54) 71.52
Q2 2016 5.93 (8.84) (8.84) 71.39
Q3 2016 5.93 (12.31) (12.31) 65.26
Q4 2016 5.93 (15.37) (15.37) 50.99
Q1 2017 5.93 (15.65) (15.65) 51.14
Q2 2017 5.93 (20.65) (17.69) 46.11
Q3 2017 5.93 (23.01) (15.62) 37.77
Q4 2017 5.93 (14.90) (7.51) 36.07
Q1 2018 5.93 (14.91) (7.52) 35.32
Q2 2018 5.93 (9.77) (5.35) 35.51
Q3 2018 5.93 (4.24) (4.24) 32.76
Q4 2018 5.93 (9.35) (9.35) 25.32
Q1 2019 5.93 (15.52) (17.87) 19.40
Q2 2019 5.93 (24.04) (26.38) 11.00
Q3 2019 5.93 (20.70) (25.47) 11.43
Q4 2019 5.93 (19.61) (24.38) 5.58
Q1 2020 8.91 (11.29) (12.90) 13.30
Q2 2020 8.91 (7.67) (9.28) 11.31

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 18.22 18.22 3.21
Q2 2011 18.29 18.29 2.85
Q3 2011 16.56 16.56 2.57
Q4 2011 36.44 36.44 2.89
Q1 2012 48.99 48.99 3.61
Q2 2012 38.17 38.17 2.49
Q3 2012 48.35 48.35 3.56
Q4 2012 26.07 26.07 2.73
Q1 2013 27.24 27.24 2.80
Q2 2013 30.66 30.66 2.65
Q3 2013 67.77 67.77 2.79
Q4 2013 More than 100 More than 100 2.96
Q1 2014 NEG NEG 3.06
Q2 2014 NEG NEG 3.37
Q3 2014 More than 100 More than 100 3.62
Q4 2014 NEG NEG 2.48
Q1 2015 NEG NEG 2.81
Q2 2015 NEG NEG 2.83
Q3 2015 NEG NEG 2.15
Q4 2015 NEG NEG 2.80
Q1 2016 NEG NEG 1.76
Q2 2016 NEG NEG 1.74
Q3 2016 NEG NEG 1.48
Q4 2016 NEG NEG 2.37
Q1 2017 NEG NEG 2.45
Q2 2017 NEG NEG 2.06
Q3 2017 NEG NEG 2.56
Q4 2017 NEG NEG 2.55
Q1 2018 NEG NEG 2.33
Q2 2018 NEG NEG 2.84
Q3 2018 NEG NEG 2.67
Q4 2018 NEG NEG 4.08
Q1 2019 NEG NEG 4.42
Q2 2019 NEG NEG 6.36
Q3 2019 NEG NEG 5.90
Q4 2019 NEG NEG 11.26
Q1 2020 NEG NEG 1.95
Q2 2020 NEG NEG 2.58

Business Segments (Million)

Compared With The
Period Flooring Sector Others
Q2 2016 148.75 30.18
Q3 2016 88.36 18.45
Q4 2016 96.87 24.35
Q1 2017 127.06 9.07
Q2 2017 112.92 28.32
Q3 2017 87.75 13.71
Q4 2017 102.63 19.13
Q1 2018 104.01 6.11
Q2 2018 96.75 17.03
Q3 2018 64.27 16.61
Q4 2018 77.78 18.49
Q1 2019 53.59 11.38
Q2 2019 42.51 10.27
Q3 2019 56.93 7.72
Q4 2019 39.56 10.40
Q1 2020 32.68 10.36
Q2 2020 33.40 3.58


Financial Ratios
Current
Market Cap (M Riyal) 948.30
Enterprise Value (EV) (M) 1,105.02
Shares Outstanding ((M)) 10.90
EPS ( Riyal) (TTM) (3.91)
Book Value (BV) ( Riyal) 4.40
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 19.79
Return on Average Assets (%) (TTM) (12.02 )
Return on Average Equity (%) (TTM) (19.34 )
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Share Price

Naseej International Trading Co.
87.00
2.50 2.96 %

Naseej International Trading Co. (NASEEJ)

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