Naqi Water H1 2024 earnings down 22% to SAR 18.9M; Q2 at SAR 11M

01/08/2024 Argaam Exclusive

Naqi Water Co. posted net earnings of SAR 18.9 million in the first six months of 2024, down 22% from SAR 24.4 million a year before.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 123.02 113.74 (7.5 %)
Gross Income 45.06 38.92 (13.6 %)
Operating Income 23.95 13.97 (41.7 %)
Net Income 24.40 18.94 (22.4 %)
Average Shares 20.00 20.00 -
EPS (Riyals) 1.22 0.95 (22.4 %)

This was due to lower sales from the water segment, along with higher expenses related to opening and expanding branches.

 

In addition, the company cited rising transportation costs as well as expenses of the poultry segment, which is still part of the company's future expansion plan. This was alongside a shift in the sales mix of water products due to consumer preferences towards purchasing lower-margin varieties.

 

The company posted a 17% fall in Q2 2024 earnings to SAR 11 million, compared with SAR 13.22 million a year earlier, driven mainly by changes in sales of both the retail and wholesale segments, as well as a fall in wholesale sales, which contributed to the overall sales decrease.

 

Meanwhile, Q2 2024 net earnings leapt 39.3% compared with SAR 7.91 million in Q1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 61.69 56.03 (9.2 %)
Gross Income 24.13 19.77 (18.1 %)
Operating Income 13.31 7.01 (47.4 %)
Net Income 13.22 11.02 (16.6 %)
Average Shares 20.00 20.00 -
EPS (Riyals) 0.66 0.55 (16.6 %)

Total shareholders’ equity, no minority interest, stood at SAR 262 million as of June 30, 2024, compared to SAR 253 million in a prior-year period.

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Share Price

Naqi Water Co.
64.50
(0.90) (1.38 %)

Naqi Water Co. (NAQI)

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Financial Ratios
Current
Market Cap (M Riyal) 1,290.00
Enterprise Value (EV) (M) 1,210.03
Shares Outstanding ((M)) 20.00
EPS ( Riyal) (TTM) 1.57
Book Value (BV) ( Riyal) 13.61
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 41.10
P/E (TTM) 41.10
Price/book 4.74
Return on Average Assets (%) (TTM) 10.5
Return on Average Equity (%) (TTM) 12.0
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