Financial Results : Naqi Q1 2022 profit down 25% to SAR 10 mln

Naqi Q1 2022 profit down 25% to SAR 10 mln

21/06/2022 Argaam Exclusive

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Naqi Water Co., which is planned to be listed on the Saudi Exchange (Tadawul), posted a net profit of SAR 10 million for Q1 2022, a fall of 25%, compared to SAR 13.3 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 57.55 60.22 4.6 %
Gross Income 21.55 18.27 (15.2 %)
Operating Income 13.76 9.91 (28.0 %)
Net Income 13.00 9.95 (23.5 %)
Average Shares 20.00 20.00 -
EPS (Riyals) 0.65 0.50 (23.5 %)

The profit decline was due to higher cost of sales and operating expenses, as well as lower operating income. This is despite an increase in sales and other income, in addition lower cost of finance.

 

Total shareholders’ equity, excluding minority interest, amounted to SAR 217.88 million as of March 31, 2022, compared to SAR 207.93 million a year earlier.

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