Naqi Water’s Q1 2023 net profit up 12% to SAR 11.2 mln

22/05/2023 Argaam Exclusive

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Naqi Water Co. posted a net profit of SAR 11.2 million in Q1 2023, a 12% hike from SAR 10 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2022	Q1 2023	Change‬
Revenues	60.22	61.33	1.8 %
Gross Income	18.27	21.08	15.4 %
Operating Income	9.91	10.64	7.4 %
Net Income	9.95	11.17	12.3 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.50	0.56	12.3 %

Item	Q4 2022	Q1 2023	Change‬
Revenues	67.79	61.33	(9.5 %)
Gross Income	16.48	21.08	28.0 %
Operating Income	7.68	10.64	38.5 %
Net Income	2.51	11.17	345.2 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.13	0.56	345.2 %

The positive performance was driven by an 8% YoY decline in the cost of goods sold, which came as a reflection of the decrease in raw material prices and effective inventory management.

This also resulted in a 12% year-on-year (YoY) uptick in gross profit.

Operating profit increased by 13% YoY, despite the rise in selling and distribution expenses of 30% as well as a 42% YoY surge in general and administrative expenses (G&A). Both selling and G&A expenses soared on the back of the company’s expansion activities in the Kingdom’s central and western regions, paired with higher costs related to the roll-out of new products, namely vitamin D-enhanced purified water.

Meanwhile, other income advanced YoY by 253%, including higher transportation revenue on the effective management of the company’s transportation truck to generate other revenue. Additionally, short-term investment and scrap revenues contributed to the growth of other income items. Net profit after Zakat saw a 12% YoY jump.

Sequentially, net profit more than quadrupled from SAR 2.51 million in Q4 2022.

Shareholders’ equity, no minority interest, stood at SAR 240.83 million as of March 31, 2023, compared to SAR 217.88 million a year earlier.

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Financial results (Million)

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 %

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

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 %

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 %

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

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

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	-	-	-

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	-	-	-

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

Naqi Water Co. (NAQI)

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Naqi Water’s Q1 2023 net profit up 12% to SAR 11.2 mln

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Current Quarter Comparison (M)

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)

Revenue by Business Segment (Latest) 2023 Q1

Financial Ratios

Share Price

Naqi Water Co. (NAQI)

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Naqi Water’s Q1 2023 net profit up 12% to SAR 11.2 mln

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Current Quarter Comparison (M)

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) Q1 2023

Revenue by Business Segment (Latest) 2023 Q1

Financial Ratios

Share Price

Naqi Water Co. (NAQI)

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Business Segments (Million)