Naseej Tech incurs SAR 965,000 loss in H1 2024

Naseej Tech incurs SAR 965,000 loss in H1 2024

20/08/2024 Argaam Exclusive

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Naseej for Technology Co. (Naseej Tech) reported a net loss of SAR 965,000 (after minority interest) in H1 2024, compared to a profit of SAR 2.1 million in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 90.87 103.55 14.0 %
Gross Income 23.54 21.89 (7.0 %)
Operating Income 2.66 2.28 (14.2 %)
Net Income 2.09 (0.96) (146.2 %)
Average Shares 5.00 5.00 -
EPS (Riyals) 0.42 (0.19) (146.2 %)


Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 90.87 103.55 14.0 %
Gross Income 23.54 21.89 (7.0 %)
Operating Income 2.66 2.28 (14.2 %)
Net Income 2.09 (0.96) (146.2 %)
Average Shares 5.00 5.00 -
EPS (Riyals) 0.42 (0.19) (146.2 %)

The company attributed the losses to a decline in gross profit margin, caused by higher project execution costs in the first half of the year, aimed at boosting capacity, speed, and project execution for internally developed products.

 

However, revenues grew by 14% year-on-year (YoY), due to winning new projects and improvement in the company's project management efficiency and capabilities.

 

Shareholders' equity, after minority interest, advanced to SAR 126.63 million as of June 30, 2024, compared to SAR 118.17 million in the same period last year.

 

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

2.09

0.42

H2 2023

124.36

10.95

2.19

H1 2024

103.55

(0.97)

(0.19)

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
H2 2023 124.36 3.4 % 41.32 15.6 % 14.38 (6.4 %)
H1 2024 103.55 14.0 % 21.89 (7.0 %) 2.28 (14.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
H2 2023 10.95 (23.1 %) 2.19 - 10.95 2.19
H1 2024 (0.96) (146.2 %) (0.19) - (0.96) (0.19)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
H2 2023 30.13 % 8.55 % 6.06 %
H1 2024 27.73 % 8.11 % 4.38 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
H1 2024 5.00 2.00 2.00 25.33

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
H1 2024 27.53 27.53 2.17

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
Q2 2024 54.92 4.75 43.89


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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