Naqi Water’s H1 2022 net profit declines 20% to SAR 31.2 mln; Q2 at SAR 21.3 mln

25/08/2022 Argaam Exclusive

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Naqi Water Co. reported a net profit after Zakat and tax of SAR 31.2 million in H1 2022, a slump of 20%, compared to SAR 38.9 million in the prior-year period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	137.89	138.99	0.8 %
Gross Income	55.81	48.35	(13.4 %)
Operating Income	39.99	30.74	(23.1 %)
Net Income	38.89	31.24	(19.7 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	1.94	1.56	(19.7 %)

The lower earnings were due to higher cost of sales and increased selling and distribution expenses.

The company’s net profit declined 18% year-on-year (YoY) to SAR 21.3 million in Q2 2022, on a 1.95% decline YoY in the value of sales, 5.68% increase YoY in cost of goods sold and higher selling and distribution expenses.

On a sequential basis, net profit more than doubled from SAR 9.95 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	80.34	78.77	(2.0 %)
Gross Income	34.26	30.07	(12.2 %)
Operating Income	26.23	20.83	(20.6 %)
Net Income	25.98	21.29	(18.0 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	1.30	1.06	(18.0 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	60.22	78.77	30.8 %
Gross Income	18.27	30.07	64.6 %
Operating Income	9.91	20.83	110.2 %
Net Income	9.95	21.29	114.0 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.50	1.06	114.0 %

Total shareholders’ equity, excluding minority interest, stood at SAR 229.263 million by the end of H1 2022, compared to SAR 194.656 million in the year-earlier period.

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