Naqi Water’s profit down 27% to SAR 46.2 mln in 9M 2022; Q3 at SAR 15 mln

Naqi Water Co. posted to a net profit after Zakat and tax of SAR 46.2 million for the first nine months of 2022, a drop of 27% from SAR 63 million in the year-earlier period.

The company reported a rise of 7.4% year-on-year (YoY) in the cost of goods sold (COGS), due to the continuous increase in the costs of raw materials and production inputs in response to the local and global inflation rates.

Gross profit declined 16.1% YoY on the combined effect of the decrease in revenue and higher COGS.

In Q3 2022, net profit after Zakat and tax slid 38% to SAR 15 million, from SAR 24.11 million a year earlier, as COGS increased by 19% YoY on a continuous increase in the costs of raw materials and production inputs.

Moreover, selling and distribution expenses jumped 37% YoY.

Compared to Q2 2022, net profit fell by 29.8% from SAR 21.29 million, hit by a 1.6% decline in sales due to seasonality factors. COGS also increased by 7.4%.

Total shareholders’ equity, no minority interest, rose to SAR 244.516 million by the end of the nine-month period, from SAR 210.27 million a year earlier.

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