Naqi Water H1 2024 earnings down 22% to SAR 18.9M; Q2 at SAR 11M

01/08/2024 Argaam Exclusive

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Naqi Water Co. posted net earnings of SAR 18.9 million in the first six months of 2024, down 22% from SAR 24.4 million a year before.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	123.02	113.74	(7.5 %)
Gross Income	45.06	38.92	(13.6 %)
Operating Income	23.95	13.97	(41.7 %)
Net Income	24.40	18.94	(22.4 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	1.22	0.95	(22.4 %)

This was due to lower sales from the water segment, along with higher expenses related to opening and expanding branches.

In addition, the company cited rising transportation costs as well as expenses of the poultry segment, which is still part of the company's future expansion plan. This was alongside a shift in the sales mix of water products due to consumer preferences towards purchasing lower-margin varieties.

The company posted a 17% fall in Q2 2024 earnings to SAR 11 million, compared with SAR 13.22 million a year earlier, driven mainly by changes in sales of both the retail and wholesale segments, as well as a fall in wholesale sales, which contributed to the overall sales decrease.

Meanwhile, Q2 2024 net earnings leapt 39.3% compared with SAR 7.91 million in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	61.69	56.03	(9.2 %)
Gross Income	24.13	19.77	(18.1 %)
Operating Income	13.31	7.01	(47.4 %)
Net Income	13.22	11.02	(16.6 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	0.66	0.55	(16.6 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	57.71	56.03	(2.9 %)
Gross Income	19.15	19.77	3.2 %
Operating Income	7.65	7.01	(8.4 %)
Net Income	7.91	11.02	39.3 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.40	0.55	39.3 %

Total shareholders’ equity, no minority interest, stood at SAR 262 million as of June 30, 2024, compared to SAR 253 million in a prior-year period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
Q3 2023	67.69	(12.7 %)	27.01	7.1 %	15.74	0.8 %
Q4 2023	54.10	(20.2 %)	15.48	(6.1 %)	6.55	(14.7 %)
2023	238.82	(16.0 %)	85.16	(5.4 %)	42.43	(21.5 %)
Q1 2024	57.71	(5.9 %)	19.15	(9.2 %)	7.65	(28.1 %)
Q2 2024	56.03	(9.2 %)	19.77	(18.1 %)	7.01	(47.4 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
2023	238.82	(16.0 %)	85.16	(5.4 %)	42.43	(21.5 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO 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	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
Q3 2023	16.19	8.2 %	0.81	-	16.19	0.81
Q4 2023	2.36	(5.8 %)	0.12	-	2.36	0.12
2023	42.95	(11.8 %)	2.15	-	42.95	2.15
Q1 2024	7.91	(29.2 %)	0.40	-	7.91	0.40
Q2 2024	11.02	(16.6 %)	0.55	-	11.02	0.55

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2023	42.95	(11.8 %)	2.15	-	42.95	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	32.39 %	26.11 %	16.79 %
Q3 2023	34.31 %	27.35 %	17.91 %
Q4 2023	35.82 %	28.64 %	17.54 %
2023	35.66 %	27.76 %	17.98 %
Q1 2024	35.56 %	27.92 %	16.46 %
Q2 2024	34.56 %	26.08 %	15.92 %

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	39.12 %	31.09 %	21.44 %
Q3 2023	39.90 %	32.11 %	23.92 %
Q4 2023	28.61 %	23.63 %	4.37 %
Q1 2024	33.19 %	23.65 %	13.71 %
Q2 2024	35.28 %	23.64 %	19.67 %

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
Q2 2024	20.00	1.87	1.87	13.12

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
Q2 2024	34.89	34.89	4.99

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	1.92	-	-	-
Q3 2023	64.52	1.11	2.07	-	-	-
Q1 2024	52.91	0.87	1.48	2.44	-	-
Q2 2024	51.78	0.85	1.35	2.04	-	-

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)	1,290.00
Enterprise Value (EV) (M)	1,210.03
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)	41.10
P/E (TTM)	41.10
Price/book	4.74
Return on Average Assets (%) (TTM)	10.5
Return on Average Equity (%) (TTM)	12.0

Naqi Water Co. (NAQI)

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Naqi Water H1 2024 earnings down 22% to SAR 18.9M; Q2 at SAR 11M

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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) 2024 Q2

Financial Ratios

Share Price

Naqi Water Co. (NAQI)

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Naqi Water H1 2024 earnings down 22% to SAR 18.9M; Q2 at SAR 11M

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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 2024

Revenue by Business Segment (Latest) 2024 Q2

Financial Ratios

Share Price

Naqi Water Co. (NAQI)

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Business Segments (Million)