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

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 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	56.03	61.00	8.9 %
Gross Income	19.77	22.36	13.1 %
Operating Income	7.01	9.61	37.2 %
Net Income	11.02	10.09	(8.5 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	0.55	0.50	(8.5 %)

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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Share Price

Naqi Water Co. (NAQI)

	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

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 %)
Q3 2024	61.00	(9.9 %)	22.36	(17.2 %)	9.61	(39.0 %)

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
Q3 2024	10.09	(37.7 %)	0.50	-	10.09	0.50

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 %
Q3 2024	33.54 %	-	13.72 %

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 %
Q3 2024	36.65 %	-	16.53 %

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

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
Q3 2024	41.29	41.29	4.76

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	-	-
Q3 2024	55.63	0.87	2.19	2.32	-	-

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	-	-

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

Financials (M)

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Naqi Water Co. (NAQI)

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Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

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Profitability

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

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Naqi Water Co. (NAQI)

Financial Ratios

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) Q3 2024

Revenue by Business Segment (Latest) 2024 Q3

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