Naseej Tech 2023 profit drops 40% to SAR 13.1M

31/03/2024 Argaam Exclusive

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Naseej for Technology Co. (Naseej Tech) reported a 40% fall in its 2023 net profit to SAR 13.1 million, from SAR 21.9 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	215.07	215.23	0.1 %
Gross Income	64.91	64.86	(0.1 %)
Operating Income	25.27	17.04	(32.6 %)
Net Income	21.86	13.04	(40.3 %)
Average Shares	5.00	5.00	-
EPS (Riyals)	4.37	2.61	(40.3 %)

The company was hit by higher general and administrative expenses that reached SAR 6.7 million, an increase in expected credit losses to SAR 5.4 million, and higher marketing expenses to SAR 1.47 million. Zakat charges also rose to SAR 0.58 million.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	120.22	124.36	3.4 %
Gross Income	35.74	41.32	15.6 %
Operating Income	15.36	14.38	(6.4 %)
Net Income	14.25	10.95	(23.1 %)
Average Shares	5.00	5.00	-
EPS (Riyals)	2.85	2.19	(23.1 %)

Item	H1 2023	H2 2023	Change‬
Revenues	90.87	124.36	36.9 %
Gross Income	23.54	41.32	75.5 %
Operating Income	2.66	14.38	441.3 %
Net Income	2.09	10.95	424.5 %
Average Shares	5.00	5.00	-
EPS (Riyals)	0.42	2.19	424.5 %

Total shareholders’ equity, after minority interest, rose to SAR 129.02 million by the end of 2023, from SAR 116.14 million a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	177.84	-	59.64	-	5.76	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	205.49	15.6 %	69.66	16.8 %	16.20	181.0 %
H1 2021	93.37	-	30.16	-	13.19	-
H2 2021	101.06	-	30.67	-	11.92	-
2021	194.42	(5.4 %)	60.83	(12.7 %)	25.12	55.1 %
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 %
H1 2023	90.87	(4.2 %)	23.54	(19.3 %)	2.66	(73.2 %)
H2 2023	124.36	3.4 %	41.32	15.6 %	14.38	(6.4 %)
2023	215.23	0.1 %	64.86	(0.1 %)	17.04	(32.6 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	177.84	-	59.64	-	5.76	-
2020	205.49	15.6 %	69.66	16.8 %	16.20	181.0 %
2021	194.42	(5.4 %)	60.83	(12.7 %)	25.12	55.1 %
2022	215.07	10.6 %	64.91	6.7 %	25.27	0.6 %
2023	215.23	0.1 %	64.86	(0.1 %)	17.04	(32.6 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	3.47	-	0.69	-	3.47	0.69
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	9.50	173.8 %	1.90	-	9.50	1.90
H1 2021	9.87	-	1.97	-	9.87	1.97
H2 2021	10.84	-	2.17	-	10.84	2.17
2021	20.71	117.9 %	4.14	-	20.71	4.14
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
H1 2023	2.09	(72.6 %)	0.42	-	2.09	0.42
H2 2023	10.95	(23.1 %)	2.19	-	10.95	2.19
2023	13.04	(40.3 %)	2.61	-	13.04	2.61

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	3.47	-	0.69	-	3.47	0.69
2020	9.50	173.8 %	1.90	-	9.50	1.90
2021	20.71	117.9 %	4.14	-	20.71	4.14
2022	21.86	5.6 %	4.37	-	21.86	4.37
2023	13.04	(40.3 %)	2.61	-	13.04	2.61

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2014	-	-	-
H2 2014	-	-	-
2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
2019	33.54 %	4.13 %	1.95 %
H1 2020	-	-	-
H2 2020	-	-	-
2020	33.90 %	8.67 %	4.62 %
H1 2021	-	-	-
H2 2021	31.29 %	13.69 %	10.65 %
2021	31.29 %	13.69 %	10.65 %
H1 2022	30.54 %	11.95 %	9.42 %
H2 2022	30.18 %	12.39 %	10.16 %
2022	30.18 %	12.39 %	10.16 %
H1 2023	28.08 %	9.13 %	7.74 %
H2 2023	30.13 %	8.55 %	6.06 %
2023	30.13 %	8.55 %	6.06 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	33.54 %	4.13 %	1.95 %
2020	33.90 %	8.67 %	4.62 %
2021	31.29 %	13.69 %	10.65 %
2022	30.18 %	12.39 %	10.16 %
2023	30.13 %	8.55 %	6.06 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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	32.31 %	14.87 %	10.57 %
H2 2021	30.35 %	12.60 %	10.73 %
H1 2022	30.75 %	11.25 %	8.02 %
H2 2022	29.73 %	13.29 %	11.85 %
H1 2023	25.91 %	3.63 %	2.30 %
H2 2023	33.22 %	12.15 %	8.81 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
H2 2022	5.00	4.37	4.37	23.23
H1 2023	5.00	3.27	3.27	23.64
H2 2023	5.00	2.61	2.61	25.81

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	5.00	0.69	0.69	12.70
2020	5.00	1.90	1.90	14.77
2021	5.00	4.14	4.14	18.77
2022	5.00	4.37	4.37	23.23
2023	5.00	2.61	2.61	25.81

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
H2 2022	17.16	17.16	3.23
H1 2023	23.26	23.26	3.22
H2 2023	23.66	23.66	2.39

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	17.16	17.16	3.23
2023	23.66	23.66	2.39

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
Q4 2022	57.07	16.79	46.36
Q2 2023	56.75	18.53	15.58
Q4 2023	47.22	14.21	62.93

Period	Knowledge Asset Management Solutions	Education Solutions	Electronic Solutions
2019	114.61	22.04	41.19
2020	117.28	28.09	60.12
2021	109.48	38.41	46.53
2022	103.79	34.03	77.25
2023	103.97	32.74	78.52

Financial Ratios

	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

Naseej for Technology Co. (NASEEJ TECH)

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Naseej Tech 2023 profit drops 40% to SAR 13.1M

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Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Naseej for Technology Co. (NASEEJ TECH)

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Naseej Tech 2023 profit drops 40% to SAR 13.1M

View other reports

Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Naseej for Technology Co. (NASEEJ TECH)

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Business Segments (Million)