Naqi Water Co. posted SAR 7.9 million in net profit for Q1 2024, down 29% from SAR 11.2 million in Q1 2023.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 61.33 | 57.71 | (5.9 %) |
| Gross Income | 21.08 | 19.15 | (9.2 %) |
| Operating Income | 10.64 | 7.65 | (28.1 %) |
| Net Income | 11.17 | 7.91 | (29.2 %) |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 0.56 | 0.40 | (29.2 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 54.10 | 57.71 | 6.7 % |
| Gross Income | 15.48 | 19.15 | 23.8 % |
| Operating Income | 6.55 | 7.65 | 16.7 % |
| Net Income | 2.36 | 7.91 | 234.7 % |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 0.12 | 0.40 | 234.7 % |
The year-on-year (YoY) profit decline was attributed to the company's expansion in retail sales by opening new branches inside the Kingdom, which hurt wholesale sales in Q1 2024. Retail sales grew 11% YoY during the quarter, thanks to its two new branches in Jeddah and the Eastern Province.
This is in addition to the YoY rise in expansion expenses in the retail division during the first three months of 2024, in addition to expenses related to the industrial expansion for new production sites for the water segment. Moreover, the poultry segment, which remains under the company’s future expansion plan, saw higher expenses for the same period.
Sequentially, Naqi Water’s net profit more than tripled from SAR 2.36 million in Q4 2023, driven by the 20% quarter-on-quarter increase in gross sales, besides the Ramadan seasonality and the drop in the Zakat provision.
Shareholders' equity, with no minority interest, spiked to SAR 261.30 million, compared to SAR 240.83 million in the prior-year period.
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