Naseej Tech posts 73% profit fall to SAR 2.1 mln in H1 2023

Naseej Tech posts 73% profit fall to SAR 2.1 mln in H1 2023

17/08/2023 Argaam Exclusive

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Naseej for Technology Co. (Naseej Tech) reported a 73% slump in H1 2023 net profit to SAR 2.1 million from SAR 7.6 million in the year-earlier period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 94.85 90.87 (4.2 %)
Gross Income 29.17 23.54 (19.3 %)
Operating Income 9.91 2.66 (73.2 %)
Net Income 7.61 2.09 (72.6 %)
Average Shares 5.00 5.00 -
EPS (Riyals) 1.52 0.42 (72.6 %)

The company cited a 4.2% decline year-on-year (YoY) in revenue, due to a delay in some projects out of the company’s control. Additionally, an increase in selling and marketing expenses weighed on the operating profit, which in turn led to a decrease in net income.



Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 2023 Change‬
Revenues 94.85 90.87 (4.2 %)
Gross Income 29.17 23.54 (19.3 %)
Operating Income 9.91 2.66 (73.2 %)
Net Income 7.61 2.09 (72.6 %)
Average Shares 5.00 5.00 -
EPS (Riyals) 1.52 0.42 (72.6 %)

Shareholders’ equity, after minority interest, reached SAR 118.17 million by the end of the six-month period, compared to SAR 101.23 million a year earlier.

 

Historical Data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2021

93.37

9.87

1.97

H2 2021

101.05

10.84

2.17

H1 2022

94.85

7.61

1.52

H2 2022

120.22

14.24

2.85

H1 2023

90.87

2.1

0.42

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
H2 2022 120.22 19.0 % 35.74 16.5 % 15.36 28.8 %
H1 2023 90.87 (4.2 %) 23.54 (19.3 %) 2.66 (73.2 %)


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 - - - - - -
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
H2 2022 14.25 31.4 % 2.85 - 14.25 2.85
H1 2023 2.09 (72.6 %) 0.42 - 2.09 0.42

Profitability

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 - - -
H2 2021 31.29 % 13.69 % 10.65 %
H1 2022 30.54 % 11.95 % 9.42 %
H2 2022 30.18 % 12.39 % 10.16 %
H1 2023 28.08 % 9.13 % 7.74 %


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

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

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


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
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Share Price

Naseej for Technology Co.
66.00
(1.10) (1.64 %)

Naseej for Technology Co. (NASEEJ TECH)

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