Naqi Water 9M 2024 profit drops 29% to SAR 28.8M; Q3 at SAR 10.1M

07/11/2024 Argaam Exclusive

Naqi Water Co. reported a 29% profit drop in the first nine months of 2024 to SAR 28.8 million, from SAR 40.6 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 190.71 174.74 (8.4 %)
Gross Income 73.35 61.61 (16.0 %)
Operating Income 40.03 24.11 (39.8 %)
Net Income 40.59 28.85 (28.9 %)
Average Shares 20.00 20.00 -
EPS (Riyals) 2.03 1.44 (28.9 %)

Revenue for the current period decreased by 8.3% YoY, primarily due to a decline in wholesale sales.

 

The company also cited increased selling and distribution expenses related to branch expansions. This is in addition to a decrease in other revenue streams and the allocation of a provision for doubtful receivables.

 

The third-quarter net earnings fell 38% to SAR 10.1 million, from SAR 16.2 million in Q3 2023, mainly due to a 9.8% YoY revenue decline although retail and logistics sector sales demonstrated a positive performance in Q3 2024.

 

The bottom line was also down 8.5% from SAR 11 million in Q2 2024.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 67.69 61.00 (9.9 %)
Gross Income 27.01 22.36 (17.2 %)
Operating Income 15.74 9.61 (39.0 %)
Net Income 16.19 10.09 (37.7 %)
Average Shares 20.00 20.00 -
EPS (Riyals) 0.81 0.50 (37.7 %)

Total shareholders’ equity, no minority interest, stood at SAR 272.14 million as of Sept. 30, 2024, advancing from SAR 250.74 million in the prior-year period.

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Share Price

Naqi Water Co.
61.10
0.60 0.99 %

Naqi Water Co. (NAQI)

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Financial Ratios
Current
Market Cap (M Riyal) 1,222.00
Enterprise Value (EV) (M) 1,142.03
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) 38.93
P/E (TTM) 38.93
Price/book 4.49
Return on Average Assets (%) (TTM) 10.5
Return on Average Equity (%) (TTM) 12.0
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