Naqi Water 9M 2024 profit drops 29% to SAR 28.8M; Q3 at SAR 10.1M

Naqi Water 9M 2024 profit drops 29% to SAR 28.8M; Q3 at SAR 10.1M

07/11/2024 Argaam Exclusive

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Naqi Water Co. reported a 29% profit drop in the first nine months of 2024 to SAR 28.8 million, from SAR 40.6 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 190.71 174.74 (8.4 %)
Gross Income 73.35 61.61 (16.0 %)
Operating Income 40.03 24.11 (39.8 %)
Net Income 40.59 28.85 (28.9 %)
Average Shares 20.00 20.00 -
EPS (Riyals) 2.03 1.44 (28.9 %)

Revenue for the current period decreased by 8.3% YoY, primarily due to a decline in wholesale sales.

 

The company also cited increased selling and distribution expenses related to branch expansions. This is in addition to a decrease in other revenue streams and the allocation of a provision for doubtful receivables.

 

The third-quarter net earnings fell 38% to SAR 10.1 million, from SAR 16.2 million in Q3 2023, mainly due to a 9.8% YoY revenue decline although retail and logistics sector sales demonstrated a positive performance in Q3 2024.

 

The bottom line was also down 8.5% from SAR 11 million in Q2 2024.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 67.69 61.00 (9.9 %)
Gross Income 27.01 22.36 (17.2 %)
Operating Income 15.74 9.61 (39.0 %)
Net Income 16.19 10.09 (37.7 %)
Average Shares 20.00 20.00 -
EPS (Riyals) 0.81 0.50 (37.7 %)

Total shareholders’ equity, no minority interest, stood at SAR 272.14 million as of Sept. 30, 2024, advancing from SAR 250.74 million in the 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 - - - - - -
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 %)
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 %)
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 %)
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 %)
Q3 2024 61.00 (9.9 %) 22.36 (17.2 %) 9.61 (39.0 %)


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 - - - - - -
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
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
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
Q1 2024 7.91 (29.2 %) 0.40 - 7.91 0.40
Q2 2024 11.02 (16.6 %) 0.55 - 11.02 0.55
Q3 2024 10.09 (37.7 %) 0.50 - 10.09 0.50

Profitability

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 - - -
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 %
Q3 2022 34.92 % 29.01 % 21.65 %
Q4 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 %
Q1 2024 35.56 % 27.92 % 16.46 %
Q2 2024 34.56 % 26.08 % 15.92 %
Q3 2024 33.54 % - 13.72 %


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
Q3 2024 20.00 1.57 1.57 13.61

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
Q3 2024 41.29 41.29 4.76

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 - -
Q3 2024 55.63 0.87 2.19 2.32 - -


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
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Share Price

Naqi Water Co.
64.50
(0.90) (1.38 %)

Naqi Water Co. (NAQI)

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