Netg reports Q2 loss of 4.61M SAR
The article indicates that Naseej International Trading Company recorded significant financial losses in the second quarter of 2026, with a net loss of 14.61 million Riyals compared to a profit of 16.32 million Riyals in the same period of the previous year, representing a 35.32% increase in losses from the previous quarter. Revenues declined by 81.35% year-on-year to 3.61 million Riyals, due to decreased production and sales volumes. Profits were negatively affected by a decline in cash liquidity, along with a credit loss provision of 1 million Riyals resulting from the implementation of IFRS 9 standards. For the first half of the year, the company shifted into a net loss of 25.40 million Riyals, with revenue dropping by 81.46% to 8.46 million Riyals, and total losses amounting to approximately 8.89 million Riyals. The company’s results indicate a severe deterioration in its financial performance, with accumulated losses exceeding 119 million Riyals, or more than 109% of its capital, prompting the need for regulatory measures. The external auditor warns of the potential inability of the company to continue as a going concern due to ongoing losses and liabilities surpassing assets.
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