Naqi Water posts 37% profit fall to SAR 48.7 mln in 2022; Q4 at SAR 2.51 mln

30/03/2023 Argaam Exclusive

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Naqi Water Co.
65.10
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Naqi Water Co. (NAQI)

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Naqi Water Co. reported a 37% drop in 2022 net profit to SAR 48.7 million, from SAR 77.2 million in 2021.



Financials (M)

Item 2021 2022 Change‬
Revenues 277.82 284.29 2.3 %
Gross Income 112.95 90.04 (20.3 %)
Operating Income 78.27 54.04 (31.0 %)
Net Income 77.28 48.71 (37.0 %)
Average Shares 20.00 20.00 -
EPS (Riyals) 3.86 2.44 (37.0 %)

The company reported a decline of only 1.14% year-on-year (YoY) in total revenue in 2022. Sales revenue was steady due to the company's focus on sustaining its business operations and its expansion strategy.

 

Gross profit dropped 23% YoY on higher cost of raw materials amid higher local and global inflation. Naqi Water’s operating profit dropped by 33.9% YoY in the same period. On the other hand, other revenue surged 209.3% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 62.80 67.79 7.9 %
Gross Income 23.98 16.48 (31.3 %)
Operating Income 13.09 7.68 (41.3 %)
Net Income 14.27 2.51 (82.4 %)
Average Shares 20.00 20.00 -
EPS (Riyals) 0.71 0.13 (82.4 %)

In Q4 2022, net profit tumbled 82% YoY to SAR 2.51 million.

 

Compared to Q3 2022, net profit plunged by 83.2% from SAR 14.9 million.

 

Shareholders’ equity, no minority interest, rose to SAR 249.48 million as of Dec. 31, 2022, from SAR 207.93 million a year earlier.

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