Naqi Water’s H1 2022 net profit declines 20% to SAR 31.2 mln; Q2 at SAR 21.3 mln

Naqi Water’s H1 2022 net profit declines 20% to SAR 31.2 mln; Q2 at SAR 21.3 mln

25/08/2022 Argaam Exclusive

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Naqi Water Co. reported a net profit after Zakat and tax of SAR 31.2 million in H1 2022, a slump of 20%, compared to SAR 38.9 million in the prior-year period. 



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 137.89 138.99 0.8 %
Gross Income 55.81 48.35 (13.4 %)
Operating Income 39.99 30.74 (23.1 %)
Net Income 38.89 31.24 (19.7 %)
Average Shares 20.00 20.00 -
EPS (Riyals) 1.94 1.56 (19.7 %)

The lower earnings were due to higher cost of sales and increased selling and distribution expenses.

 

The company’s net profit declined 18% year-on-year (YoY) to SAR 21.3 million in Q2 2022, on a 1.95% decline YoY in the value of sales, 5.68% increase YoY in cost of goods sold and higher selling and distribution expenses.

 

On a sequential basis, net profit more than doubled from SAR 9.95 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 80.34 78.77 (2.0 %)
Gross Income 34.26 30.07 (12.2 %)
Operating Income 26.23 20.83 (20.6 %)
Net Income 25.98 21.29 (18.0 %)
Average Shares 20.00 20.00 -
EPS (Riyals) 1.30 1.06 (18.0 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 229.263 million by the end of H1 2022, compared to SAR 194.656 million in the year-earlier period. 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
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 57.69 - 20.05 - 15.12 -
Q2 2020 75.96 - 31.56 - 26.22 -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
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 -
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 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
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 14.51 - 0.73 - 14.51 0.73
Q2 2020 26.50 - 1.33 - 26.50 1.33
Q3 2020 - - - - - -
Q4 2020 - - - - - -
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
Q1 2022 9.95 (23.5 %) 0.50 - 9.95 0.50
Q2 2022 21.29 (18.0 %) 1.06 - 21.29 1.06

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
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 40.66 % 34.80 % 27.85 %
Q1 2022 39.10 % 33.62 % 26.49 %
Q2 2022 37.82 % 32.27 % 24.96 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 - - - -
Q2 2013 - - - -
Q3 2013 - - - -
Q4 2013 - - - -
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
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 - - -

Business Segments (Million)

Compared With The
Period Local sales Export sales Logistics revenues 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 - - -


Financial Ratios
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
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Share Price

Naqi Water Co.
60.40
(0.70) (1.15 %)

Naqi Water Co. (NAQI)

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