Naqi Water’s net profit plummets 29% to SAR 7.9M in Q1 2024

16/05/2024 Argaam Exclusive

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Naqi Water Co. posted SAR 7.9 million in net profit for Q1 2024, down 29% from SAR 11.2 million in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	61.33	57.71	(5.9 %)
Gross Income	21.08	19.15	(9.2 %)
Operating Income	10.64	7.65	(28.1 %)
Net Income	11.17	7.91	(29.2 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	0.56	0.40	(29.2 %)

Item	Q4 2023	Q1 2024	Change‬
Revenues	54.10	57.71	6.7 %
Gross Income	15.48	19.15	23.8 %
Operating Income	6.55	7.65	16.7 %
Net Income	2.36	7.91	234.7 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.12	0.40	234.7 %

The year-on-year (YoY) profit decline was attributed to the company's expansion in retail sales by opening new branches inside the Kingdom, which hurt wholesale sales in Q1 2024. Retail sales grew 11% YoY during the quarter, thanks to its two new branches in Jeddah and the Eastern Province.

This is in addition to the YoY rise in expansion expenses in the retail division during the first three months of 2024, in addition to expenses related to the industrial expansion for new production sites for the water segment. Moreover, the poultry segment, which remains under the company’s future expansion plan, saw higher expenses for the same period.

Sequentially, Naqi Water’s net profit more than tripled from SAR 2.36 million in Q4 2023, driven by the 20% quarter-on-quarter increase in gross sales, besides the Ramadan seasonality and the drop in the Zakat provision.

Shareholders' equity, with no minority interest, spiked to SAR 261.30 million, compared to SAR 240.83 million in the prior-year period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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	-	26.09	-	1.30
Q1 2019	-	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-	-
2019	207.30	43.7 %	42.93	33.6 %	34.78	33.3 %	1.74
Q1 2020	57.69	-	20.05	-	14.51	-	0.73
Q2 2020	75.96	-	31.56	-	26.50	-	1.33
Q3 2020	-	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-	-
2020	264.51	27.6 %	104.02	142.3 %	77.95	124.1 %	3.90
Q1 2021	57.55	(0.2 %)	21.55	7.5 %	13.00	(10.4 %)	0.65
Q2 2021	80.34	5.8 %	34.26	8.6 %	25.98	(2.0 %)	1.30
Q3 2021	77.14	-	33.17	-	24.11	-	1.21
Q4 2021	62.80	-	23.98	-	14.27	-	0.71
2021	277.82	5.0 %	112.95	8.6 %	77.28	(0.9 %)	3.86
Q1 2022	60.22	4.6 %	18.27	(15.2 %)	9.95	(23.5 %)	0.50
Q2 2022	78.77	(2.0 %)	30.07	(12.2 %)	21.29	(18.0 %)	1.06
Q3 2022	77.51	0.5 %	25.22	(24.0 %)	14.96	(38.0 %)	0.75
Q4 2022	67.79	7.9 %	16.48	(31.3 %)	2.51	(82.4 %)	0.13
2022	284.29	2.3 %	90.04	(20.3 %)	48.71	(37.0 %)	2.44
Q1 2023	61.33	1.8 %	21.08	15.4 %	11.17	12.3 %	0.56
Q2 2023	59.76	(24.1 %)	23.44	(22.1 %)	13.22	(37.9 %)	0.66
Q3 2023	65.62	(15.3 %)	25.70	1.9 %	16.19	8.2 %	0.81
Q4 2023	54.10	(20.2 %)	15.48	(6.1 %)	2.36	(5.8 %)	0.12
2023	238.82	(16.0 %)	85.16	(5.4 %)	42.95	(11.8 %)	2.15
Q1 2024	57.71	(5.9 %)	19.15	(9.2 %)	7.91	(29.2 %)	0.40

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2014	-	-	-	-	-	-	-
2015	-	-	-	-	-	-	-
2016	-	-	-	-	-	-	-
2017	-	-	-	-	-	-	-
2018	144.22	-	32.13	-	26.09	-	1.30
2019	207.30	43.7 %	42.93	33.6 %	34.78	33.3 %	1.74
2020	264.51	27.6 %	104.02	142.3 %	77.95	124.1 %	3.90
2021	277.82	5.0 %	112.95	8.6 %	77.28	(0.9 %)	3.86
2022	284.29	2.3 %	90.04	(20.3 %)	48.71	(37.0 %)	2.44
2023	238.82	(16.0 %)	85.16	(5.4 %)	42.95	(11.8 %)	2.15

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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	32.36 %	26.57 %	16.91 %
Q3 2023	34.06 %	27.49 %	18.19 %
Q4 2023	35.58 %	28.81 %	17.84 %
2023	35.66 %	27.76 %	17.98 %
Q1 2024	35.32 %	28.09 %	16.73 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2023	35.66 %	27.76 %	17.98 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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	39.22 %	33.31 %	22.13 %
Q3 2023	39.16 %	30.90 %	24.67 %
Q4 2023	28.61 %	23.63 %	4.37 %
Q1 2024	33.19 %	23.65 %	13.71 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2023	20.00	2.15	2.15	12.66
Q1 2024	20.00	1.98	1.98	13.07

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2023	20.00	2.15	2.15	12.66

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2023	36.04	36.04	6.12
Q1 2024	35.37	35.37	5.37

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	26.98	25.32	5.27
2023	36.04	36.04	6.12

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	-	-	-	-
Q3 2023	64.52	1.11	-	-	-	-
Q4 2023	44.41	1.04	7.24	1.41	-	-
Q1 2024	52.91	0.87	1.48	2.44	-	-

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	-	-	-
2023	225.12	5.05	7.24	1.41	-	-

Financial Ratios

	Current
Market Cap (M Riyal)	1,300.00
Enterprise Value (EV) (M)	1,214.55
Shares Outstanding ((M))	20.00
EPS ( Riyal) (TTM)	1.98
Book Value (BV) ( Riyal)	13.07
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	32.75
P/E (TTM)	32.75
Price/book	4.97
Return on Average Assets (%) (TTM)	13.4
Return on Average Equity (%) (TTM)	15.8

Naqi Water Co. (NAQI)

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Naqi Water’s net profit plummets 29% to SAR 7.9M in Q1 2024

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (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) 2024 Q1

Financial Ratios

Share Price

Naqi Water Co. (NAQI)

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Naqi Water’s net profit plummets 29% to SAR 7.9M in Q1 2024

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

Financial Ratios

Share Price

Naqi Water Co. (NAQI)

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Business Segments (Million)