Naqi Water H1 2024 earnings down 22% to SAR 18.9M; Q2 at SAR 11M

01/08/2024 Argaam Exclusive

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Naqi Water Co. posted net earnings of SAR 18.9 million in the first six months of 2024, down 22% from SAR 24.4 million a year before.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	123.02	113.74	(7.5 %)
Gross Income	45.06	38.92	(13.6 %)
Operating Income	23.95	13.97	(41.7 %)
Net Income	24.40	18.94	(22.4 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	1.22	0.95	(22.4 %)

This was due to lower sales from the water segment, along with higher expenses related to opening and expanding branches.

In addition, the company cited rising transportation costs as well as expenses of the poultry segment, which is still part of the company's future expansion plan. This was alongside a shift in the sales mix of water products due to consumer preferences towards purchasing lower-margin varieties.

The company posted a 17% fall in Q2 2024 earnings to SAR 11 million, compared with SAR 13.22 million a year earlier, driven mainly by changes in sales of both the retail and wholesale segments, as well as a fall in wholesale sales, which contributed to the overall sales decrease.

Meanwhile, Q2 2024 net earnings leapt 39.3% compared with SAR 7.91 million in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	61.69	56.03	(9.2 %)
Gross Income	24.13	19.77	(18.1 %)
Operating Income	13.31	7.01	(47.4 %)
Net Income	13.22	11.02	(16.6 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	0.66	0.55	(16.6 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	57.71	56.03	(2.9 %)
Gross Income	19.15	19.77	3.2 %
Operating Income	7.65	7.01	(8.4 %)
Net Income	7.91	11.02	39.3 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.40	0.55	39.3 %

Total shareholders’ equity, no minority interest, stood at SAR 262 million as of June 30, 2024, compared to SAR 253 million in a prior-year period.

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