Naseej International’s net losses widen 247.5% in 9M-26

NASEEJ
1213 3.84% 12.17 0.45

Riyadh – Mubasher: Naseej International Trading Company reported net losses totaling SAR 30.11 million in the first nine months (9M) of 2026, representing a 247.45% increase from SAR 8.67 million in 9M-25.

The revenues fell by 81.98% to SAR 11.41 million from SAR 63.32 million. The company attributed the deepening losses to lower production volumes caused by limited operational liquidity, which resulted in revenues failing to cover costs.

For the third quarter (Q3) of 2026, the net loss narrowed to SAR 4.71 million from SAR 16.34 million in Q3-25. This 71.16% reduction in quarterly loss was driven by improved cost management and lower operating expenses, despite an 83.34% decline in quarterly sales to SAR 2.95 million.

The company’s external auditor issued a qualified opinion, noting that accumulated losses reached SAR 134.81 million, representing 49.48% of its capital.

The auditor highlighted material uncertainties regarding the company's ability to continue as a going concern, citing insufficient disclosures and a breach of loan covenants.

Management stated it is implementing measures to improve sales and utilize proceeds from a recent SAR 163.46 million rights issue to stabilize operations.

In the first half (H1) of 2026, the revenues fell by 81.46% to SAR 8.46 million from SAR 45.63 million in H1-25.

Source: Mubasher Source: {{details.article.source}}