Naqi Water 9M 2023 profit drops 12% to SAR 40.6 mln; Q3 at SAR 16.2 mln

Naqi Water Co. reported a 12% profit drop in the first nine months of 2023 to SAR 40.6 million from SAR 46.2 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	216.50	190.71	(11.9 %)
Gross Income	73.56	73.35	(0.3 %)
Operating Income	46.36	40.03	(13.7 %)
Net Income	46.20	40.59	(12.1 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	2.31	2.03	(12.1 %)

The company cited a 5% decrease year-on-year (YoY) in gross profit.

Meanwhile, sales decreased by 15% YoY because of redistributing sales capacities during the first half of 2023 to align with the company's expansion plans and the opening of new branches.

Naqi Water recorded higher selling and distribution expenses, as well as general and administrative expenses, due to opening new branches and strengthening the company’s sales channels.

Additionally, the costs of transportation and distribution increased due to rising fuel prices.

Finance costs also increased as the company expanded its finance leasing business.

By contrast, other revenues increased from the company's investment of cash surpluses in Murabaha deposits and the utilization of its fleet to provide third-party transportation services.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	77.51	67.69	(12.7 %)
Gross Income	25.22	27.01	7.1 %
Operating Income	15.62	15.74	0.8 %
Net Income	14.96	16.19	8.2 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.75	0.81	8.2 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	61.69	67.69	9.7 %
Gross Income	24.13	27.01	11.9 %
Operating Income	13.31	15.74	18.3 %
Net Income	13.22	16.19	22.4 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.66	0.81	22.4 %

The third-quarter net earnings rose 8% year-on-year (YoY) to SAR 16.2 million as gross profit grew by 2% YoY on a 24% drop in the cost of goods sold. Operating profit rose by 5% YoY, driven by improved gross profit.

Naqi Water reported higher other revenues from its investment of cash surpluses in Murabaha deposits and the utilization of its fleet to provide third-party transportation services.

Further, Zakat provisions decreased on an annual basis.

On a quarterly basis, net profit jumped 22.4% from SAR 13.2 million, thanks to a 10% increase quarter-on-quarter (QoQ) in gross profit due to 10% sales growth. Operating profit also rose by 21% QoQ, driven by improved gross profit.

Total shareholders’ equity, no minority interest, stood at SAR 250.74 million as of Sept. 30, 2023, compared to SAR 244.51 million in the prior-year period.

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Share Price

Naqi Water Co. (NAQI)

	Current
Market Cap (M Riyal)	1,222.00
Enterprise Value (EV) (M)	1,142.03
Shares Outstanding ((M))	20.00
EPS ( Riyal) (TTM)	1.57
Book Value (BV) ( Riyal)	13.61
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	38.93
P/E (TTM)	38.93
Price/book	4.49
Return on Average Assets (%) (TTM)	10.5
Return on Average Equity (%) (TTM)	12.0

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	144.22	-	32.13	-	26.45	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	207.30	43.7 %	42.93	33.6 %	34.90	32.0 %
Q1 2020	57.69	-	20.05	-	15.12	-
Q2 2020	75.96	-	31.56	-	26.22	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	264.51	27.6 %	104.02	142.3 %	81.34	133.0 %
Q1 2021	57.55	(0.2 %)	21.55	7.5 %	13.76	(9.0 %)
Q2 2021	80.34	5.8 %	34.26	8.6 %	26.23	0.0 %
Q3 2021	77.14	-	33.17	-	25.19	-
Q4 2021	62.80	-	23.98	-	13.09	-
2021	277.82	5.0 %	112.95	8.6 %	78.27	(3.8 %)
Q1 2022	60.22	4.6 %	18.27	(15.2 %)	9.91	(28.0 %)
Q2 2022	78.77	(2.0 %)	30.07	(12.2 %)	20.83	(20.6 %)
Q3 2022	77.51	0.5 %	25.22	(24.0 %)	15.62	(38.0 %)
Q4 2022	67.79	7.9 %	16.48	(31.3 %)	7.68	(41.3 %)
2022	284.29	2.3 %	90.04	(20.3 %)	54.04	(31.0 %)
Q1 2023	61.33	1.8 %	21.08	15.4 %	10.64	7.4 %
Q2 2023	61.69	(21.7 %)	24.13	(19.8 %)	13.31	(36.1 %)
Q3 2023	67.69	(12.7 %)	27.01	7.1 %	15.74	0.8 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	144.22	-	32.13	-	26.45	-
2019	207.30	43.7 %	42.93	33.6 %	34.90	32.0 %
2020	264.51	27.6 %	104.02	142.3 %	81.34	133.0 %
2021	277.82	5.0 %	112.95	8.6 %	78.27	(3.8 %)
2022	284.29	2.3 %	90.04	(20.3 %)	54.04	(31.0 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	26.09	-	1.30	-	26.09	1.30
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	34.78	33.3 %	1.74	-	34.78	1.74
Q1 2020	14.51	-	0.73	-	14.51	0.73
Q2 2020	26.50	-	1.33	-	26.50	1.33
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	77.95	124.1 %	3.90	-	77.95	3.90
Q1 2021	13.00	(10.4 %)	0.65	-	13.00	0.65
Q2 2021	25.98	(2.0 %)	1.30	-	25.98	1.30
Q3 2021	24.11	-	1.21	-	24.11	1.21
Q4 2021	14.27	-	0.71	-	14.27	0.71
2021	77.28	(0.9 %)	3.86	-	77.28	3.86
Q1 2022	9.95	(23.5 %)	0.50	-	9.95	0.50
Q2 2022	21.29	(18.0 %)	1.06	-	21.29	1.06
Q3 2022	14.96	(38.0 %)	0.75	-	14.96	0.75
Q4 2022	2.51	(82.4 %)	0.13	(3.20)	5.71	0.29
2022	48.71	(37.0 %)	2.44	(3.20)	51.90	2.60
Q1 2023	11.17	12.3 %	0.56	-	11.17	0.56
Q2 2023	13.22	(37.9 %)	0.66	-	13.22	0.66
Q3 2023	16.19	8.2 %	0.81	-	16.19	0.81

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	26.09	-	1.30	-	26.09	1.30
2019	34.78	33.3 %	1.74	-	34.78	1.74
2020	77.95	124.1 %	3.90	-	77.95	3.90
2021	77.28	(0.9 %)	3.86	-	77.28	3.86
2022	48.71	(37.0 %)	2.44	(3.20)	51.90	2.60

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	22.28 %	21.12 %	18.09 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	20.71 %	19.41 %	16.78 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	39.33 %	36.46 %	29.47 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	40.66 %	34.80 %	27.85 %
2021	40.66 %	34.80 %	27.81 %
Q1 2022	39.10 %	33.62 %	26.49 %
Q2 2022	37.82 %	32.27 %	24.96 %
Q3 2022	34.92 %	29.01 %	21.65 %
Q4 2022	31.67 %	26.75 %	18.26 %
2022	31.67 %	26.75 %	18.26 %
Q1 2023	32.53 %	27.03 %	18.61 %
Q2 2023	32.39 %	26.11 %	16.79 %
Q3 2023	34.31 %	27.35 %	17.91 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	22.28 %	21.12 %	18.09 %
2019	20.71 %	19.41 %	16.78 %
2020	39.33 %	36.46 %	29.47 %
2021	40.66 %	34.80 %	27.81 %
2022	31.67 %	26.75 %	18.26 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	34.75 %	-	25.16 %
Q2 2020	41.55 %	39.41 %	34.89 %
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	37.44 %	30.78 %	22.59 %
Q2 2021	42.64 %	38.05 %	32.34 %
Q3 2021	43.00 %	38.99 %	31.26 %
Q4 2021	38.18 %	29.19 %	22.72 %
Q1 2022	30.34 %	25.46 %	16.52 %
Q2 2022	38.18 %	33.35 %	27.03 %
Q3 2022	32.53 %	27.22 %	19.30 %
Q4 2022	24.31 %	19.70 %	8.42 %
Q1 2023	34.38 %	26.77 %	18.21 %
Q2 2023	39.12 %	31.09 %	21.44 %
Q3 2023	39.90 %	32.11 %	23.92 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	20.00	-	-	5.05
Q2 2020	20.00	-	-	6.37
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	20.00	-	-	8.88
Q2 2021	20.00	-	-	9.73
Q3 2021	20.00	-	-	10.51
Q4 2021	20.00	3.87	3.87	10.40
Q1 2022	20.00	3.72	3.72	10.89
Q2 2022	20.00	3.48	3.48	11.46
Q3 2022	20.00	3.02	3.02	12.23
Q4 2022	20.00	2.44	2.60	12.47
Q1 2023	20.00	2.50	2.66	12.04
Q2 2023	20.00	2.09	2.25	12.71
Q3 2023	20.00	2.15	2.31	12.54

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	20.00	1.30	1.30	2.88
2019	20.00	1.74	1.74	5.92
2020	20.00	3.90	3.90	8.21
2021	20.00	3.86	3.86	10.40
2022	20.00	2.44	2.60	12.47

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	24.51	24.51	6.06
Q4 2022	26.98	25.32	5.27
Q1 2023	26.44	24.85	5.48
Q2 2023	41.57	38.62	6.84
Q3 2023	31.70	29.51	5.45

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	26.98	25.32	5.27

Business Segments (Million)

Compared With The

Period	Local sales	Export sales	Logistics revenues	Egg sales	Retail Sales	Wholesale
Q1 2021	-	-	-	-	12.73	44.82
Q2 2021	-	-	-	-	21.56	58.78
Q3 2021	-	-	-	-	71.58	5.55
Q4 2021	-	-	-	-	30.22	32.58
Q1 2022	59.06	1.16	-	-	-	-
Q2 2022	77.61	1.16	-	-	-	-
Q3 2022	76.27	1.24	-	-	-	-
Q4 2022	57.08	1.07	9.64	-	-	-
Q1 2023	57.61	1.73	1.99	-	-	-
Q2 2023	58.59	1.18	1.92	-	-	-
Q3 2023	64.52	1.11	2.07	-	-	-

Period	Local sales	Export sales	Logistics revenues	Egg sales	Retail Sales	Wholesale
2019	-	-	-	-	1.13	206.17
2020	-	-	-	-	76.07	188.44
2021	-	-	-	-	136.08	141.74
2022	270.01	4.64	9.64	-	-	-

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Naqi Water 9M 2023 profit drops 12% to SAR 40.6 mln; Q3 at SAR 16.2 mln

Financials (M)

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Naqi Water Co. (NAQI)

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Profit Performance (Million)

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Naqi Water 9M 2023 profit drops 12% to SAR 40.6 mln; Q3 at SAR 16.2 mln

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Naqi Water Co. (NAQI)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2023

Revenue by Business Segment (Latest) 2023 Q3

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