Al-Jouf Mineral Water posts 32% drop in H1 2024 profit to SAR 1.6M

28/08/2024 Argaam Exclusive

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Al-Jouf Mineral Water Bottling Co. reported a net profit of SAR 1.6 million in H1 2024, down 32% from SAR 2.3 million in the prior-year period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	37.49	35.91	(4.2 %)
Gross Income	19.74	15.23	(22.9 %)
Operating Income	2.84	1.94	(31.7 %)
Net Income	2.31	1.57	(32.0 %)
Average Shares	4.69	4.69	-
EPS (Riyals)	0.49	0.33	(32.0 %)

The first-half earnings were weighed by a 4.20% year-on-year (YoY) revenue decline on lower average selling prices and fierce competition in the water segment, as well as higher cost of sales.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	37.49	35.91	(4.2 %)
Gross Income	19.74	15.23	(22.9 %)
Operating Income	2.84	1.94	(31.7 %)
Net Income	2.31	1.57	(32.0 %)
Average Shares	4.69	4.69	-
EPS (Riyals)	0.49	0.33	(32.0 %)

Item	H2 2023	H1 2024	Change‬
Revenues	39.38	35.91	(8.8 %)
Gross Income	19.26	15.23	(20.9 %)
Operating Income	2.94	1.94	(34.1 %)
Net Income	1.80	1.57	(12.6 %)
Average Shares	4.69	4.69	-
EPS (Riyals)	0.38	0.33	(12.6 %)

Total shareholders’ equity, no minority interest, stood at SAR 88.76 million by the end of H1 2024, compared to SAR 85.46 million in the year-earlier period.

Historical Data
Period	Revenues (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2020	40.66	2.27	0.48
H2 2020	30.97	2.30	0.49
H1 2021	32.53	2.60	0.55
H2 2021	35.10	2.10	0.45
H1 2022	36.08	2.81	0.60
H2 2022	37.90	2.93	0.62
H1 2023	37.49	2.31	0.52
H2 2023	39.38	1.79	0.38
H1 2024	35.91	1.57	0.33

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