Naqi Water 9M 2024 profit drops 29% to SAR 28.8M; Q3 at SAR 10.1M

07/11/2024 Argaam Exclusive

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Naqi Water Co. reported a 29% profit drop in the first nine months of 2024 to SAR 28.8 million, from SAR 40.6 million a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	190.71	174.74	(8.4 %)
Gross Income	73.35	61.61	(16.0 %)
Operating Income	40.03	24.11	(39.8 %)
Net Income	40.59	28.85	(28.9 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	2.03	1.44	(28.9 %)

Revenue for the current period decreased by 8.3% YoY, primarily due to a decline in wholesale sales.

The company also cited increased selling and distribution expenses related to branch expansions. This is in addition to a decrease in other revenue streams and the allocation of a provision for doubtful receivables.

The third-quarter net earnings fell 38% to SAR 10.1 million, from SAR 16.2 million in Q3 2023, mainly due to a 9.8% YoY revenue decline although retail and logistics sector sales demonstrated a positive performance in Q3 2024.

The bottom line was also down 8.5% from SAR 11 million in Q2 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	67.69	61.00	(9.9 %)
Gross Income	27.01	22.36	(17.2 %)
Operating Income	15.74	9.61	(39.0 %)
Net Income	16.19	10.09	(37.7 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	0.81	0.50	(37.7 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	56.03	61.00	8.9 %
Gross Income	19.77	22.36	13.1 %
Operating Income	7.01	9.61	37.2 %
Net Income	11.02	10.09	(8.5 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	0.55	0.50	(8.5 %)

Total shareholders’ equity, no minority interest, stood at SAR 272.14 million as of Sept. 30, 2024, advancing from SAR 250.74 million in the prior-year period.

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