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. 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 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	77.51	67.79	(12.5 %)
Gross Income	25.22	16.48	(34.7 %)
Operating Income	15.62	7.68	(50.8 %)
Net Income	14.96	2.51	(83.2 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	0.75	0.13	(83.2 %)

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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