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

16/05/2024 Argaam Exclusive

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 %)

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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Share Price

Naqi Water Co.
61.50
(0.50) (0.81 %)

Naqi Water Co. (NAQI)

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Financial Ratios
Current
Market Cap (M Riyal) 1,230.00
Enterprise Value (EV) (M) 1,150.03
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) 39.19
P/E (TTM) 39.19
Price/book 4.52
Return on Average Assets (%) (TTM) 10.5
Return on Average Equity (%) (TTM) 12.0
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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 %)


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

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 %


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

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

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

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