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Naqi Water posts 37% profit fall to SAR 48.7 mln in 2022; Q4 at SAR 2.51 mln
30/03/2023
Argaam Exclusive
Naqi Water Co. reported a 37% drop in 2022 net profit to SAR 48.7 million, from SAR 77.2 million in 2021.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 277.82 | 284.29 | 2.3 % |
| Gross Income | 112.95 | 90.04 | (20.3 %) |
| Operating Income | 78.27 | 54.04 | (31.0 %) |
| Net Income | 77.28 | 48.71 | (37.0 %) |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 3.86 | 2.44 | (37.0 %) |
The company reported a decline of only 1.14% year-on-year (YoY) in total revenue in 2022. Sales revenue was steady due to the company's focus on sustaining its business operations and its expansion strategy.
Gross profit dropped 23% YoY on higher cost of raw materials amid higher local and global inflation. Naqi Water’s operating profit dropped by 33.9% YoY in the same period. On the other hand, other revenue surged 209.3% YoY.
Current Quarter Comparison (M)
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 62.80 | 67.79 | 7.9 % |
| Gross Income | 23.98 | 16.48 | (31.3 %) |
| Operating Income | 13.09 | 7.68 | (41.3 %) |
| Net Income | 14.27 | 2.51 | (82.4 %) |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 0.71 | 0.13 | (82.4 %) |
In Q4 2022, net profit tumbled 82% YoY to SAR 2.51 million.
Compared to Q3 2022, net profit plunged by 83.2% from SAR 14.9 million.
Shareholders’ equity, no minority interest, rose to SAR 249.48 million as of Dec. 31, 2022, from SAR 207.93 million a year earlier.
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Share Price
Naqi Water Co. (NAQI)
| Current | |
| Market Cap (M Riyal) | 1,208.00 |
| Enterprise Value (EV) (M) | 1,128.03 |
| 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) | 38.49 |
| P/E (TTM) | 38.49 |
| Price/book | 4.44 |
| Return on Average Assets (%) (TTM) | 10.5 |
| Return on Average Equity (%) (TTM) | 12.0 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | - | - | - |
| Q2 2022 | - | - | - |
| Q3 2022 | 24.51 | 24.51 | 6.06 |
| Q4 2022 | 26.98 | 25.32 | 5.27 |
Business Segments (Million)
Q4 2022
| Period | Local sales | Export sales | Logistics revenues | Retail Sales | Wholesale |
|---|---|---|---|---|---|
| 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 | - | - |
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