Naseej Tech H1 2022 net profit down 23% to SAR 7.6 mln

Naseej Tech H1 2022 net profit down 23% to SAR 7.6 mln

17/08/2022 Argaam Exclusive

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Naseej for Technology Co. (Naseej Tech) reported a 23% fall in H1 2022 net profit after Zakat and tax to SAR 7.6 million, from SAR 9.9 million in the same period a year earlier.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 93.37 94.85 1.6 %
Gross Income 30.16 29.17 (3.3 %)
Operating Income 13.19 9.91 (24.9 %)
Net Income 9.87 7.61 (22.9 %)
Average Shares 5.00 5.00 -
EPS (Riyals) 1.97 1.52 (22.9 %)

The company was hit by higher general and administrative expenses (G&A) on increased professional fees related to the company’s direct listing. It also recorded an increase in salary expenses in the six-month period.



Current Half Annual Comparison (M)

Compared With The
Item H1 2021 H1 2022 Change‬
Revenues 93.37 94.85 1.6 %
Gross Income 30.16 29.17 (3.3 %)
Operating Income 13.19 9.91 (24.9 %)
Net Income 9.87 7.61 (22.9 %)
Average Shares 5.00 5.00 -
EPS (Riyals) 1.97 1.52 (22.9 %)

Total shareholders’ equity, after minority interest, rose to SAR 101.232 million by the end of the six-month period, from SAR 93.839 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 93.37 - 30.16 - 13.19 -
H2 2021 101.06 - 30.67 - 11.92 -
H1 2022 94.85 1.6 % 29.17 (3.3 %) 9.91 (24.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 9.87 - 1.97 - 9.87 1.97
H2 2021 10.84 - 2.17 - 10.84 2.17
H1 2022 7.61 (22.9 %) 1.52 - 7.61 1.52

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 31.29 % 13.69 % 10.65 %
H1 2022 30.54 % 11.95 % 9.42 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2013 - - - -
H2 2013 - - - -
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 - - - -
H2 2020 - - - -
H1 2021 5.00 - - 16.74
H2 2021 5.00 4.14 4.14 18.77
H1 2022 5.00 3.69 3.69 20.25

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 25.20 25.20 4.59

Business Segments (Million)

Compared With The
Period Knowledge Asset Management Solutions Education Solutions Electronic Solutions
Q2 2021 52.53 16.29 24.55
Q4 2021 56.95 22.12 21.99
Q2 2022 46.73 17.24 30.89


Financial Ratios
Current
Market Cap (M Riyal) 350.00
Enterprise Value (EV) (M) 348.66
Shares Outstanding ((M)) 5.00
Book Value (BV) ( Riyal) 25.81
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 26.84
Price/book 2.71
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Share Price

Naseej for Technology Co.
70.00
0.00 0.00 %

Naseej for Technology Co. (NASEEJ TECH)

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