Naqi Water profit down 22% to SAR 24.2 mln in H1 2023; Q2 at SAR 13.2 mln

10/08/2023 Argaam Exclusive

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Naqi Water Co. reported a net profit of SAR 24.4 million in H1 2023, a fall of 22% from SAR 31.2 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	138.99	123.02	(11.5 %)
Gross Income	48.35	45.06	(6.8 %)
Operating Income	30.74	23.95	(22.1 %)
Net Income	31.24	24.40	(21.9 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	1.56	1.22	(21.9 %)

The company was hurt by lower sales on expansion plans and seasonal changes in demand due to continued rainfall and relative temperature variations. This came despite the company's ability to reduce the cost of goods sold (COGS) margin by 2% in the current period compared to H1 2022.

Naqi Water recorded higher selling and distribution expenses, as well as general and administrative expenses on opening new branches and higher fuel costs amid rising diesel prices.

By contrast, other income surged 104% year-on-year (YoY) to SAR 4.5 million in H1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	78.77	61.69	(21.7 %)
Gross Income	30.07	24.13	(19.8 %)
Operating Income	20.83	13.31	(36.1 %)
Net Income	21.29	13.22	(37.9 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	1.06	0.66	(37.9 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	61.33	61.69	0.6 %
Gross Income	21.08	24.13	14.4 %
Operating Income	10.64	13.31	25.1 %
Net Income	11.17	13.22	18.4 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.56	0.66	18.4 %

In Q2 2023, the company’s net earnings fell by 37.9% to SAR 13.22 million from SAR 21.29 million in the prior-year period on a decline in sales.

The company incurred higher expenses due to its expansion plans. It also reported higher fuel costs amid rising diesel prices.

Compared to the previous quarter, the bottom line jumped 18.4% from SAR 11.17 million on a 1% sequential growth in sales to SAR 59.8 million. Selling and distribution expenses decreased by 4% to SAR 7.76 million.

Shareholders’ equity, no minority interest, rose to SAR 254.22 million as of June 30, 2023, from SAR 229.26 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 %
Q2 2023	61.69	(21.7 %)	24.13	(19.8 %)	13.31	(36.1 %)

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

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 %

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 %

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

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

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	-	-	-

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)	1,222.00
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

Naqi Water Co. (NAQI)

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Naqi Water profit down 22% to SAR 24.2 mln in H1 2023; Q2 at SAR 13.2 mln

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Financials (M)

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 Q2

Financial Ratios

Share Price

Naqi Water Co. (NAQI)

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Naqi Water profit down 22% to SAR 24.2 mln in H1 2023; Q2 at SAR 13.2 mln

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Financials (M)

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) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

Financial Ratios

Share Price

Naqi Water Co. (NAQI)

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Business Segments (Million)