Naqi Water Co. reported a net profit after Zakat and tax of SAR 31.2 million in H1 2022, a slump of 20%, compared to SAR 38.9 million in the prior-year period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 137.89 | 138.99 | 0.8 % |
| Gross Income | 55.81 | 48.35 | (13.4 %) |
| Operating Income | 39.99 | 30.74 | (23.1 %) |
| Net Income | 38.89 | 31.24 | (19.7 %) |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 1.94 | 1.56 | (19.7 %) |
The lower earnings were due to higher cost of sales and increased selling and distribution expenses.
The company’s net profit declined 18% year-on-year (YoY) to SAR 21.3 million in Q2 2022, on a 1.95% decline YoY in the value of sales, 5.68% increase YoY in cost of goods sold and higher selling and distribution expenses.
On a sequential basis, net profit more than doubled from SAR 9.95 million.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 80.34 | 78.77 | (2.0 %) |
| Gross Income | 34.26 | 30.07 | (12.2 %) |
| Operating Income | 26.23 | 20.83 | (20.6 %) |
| Net Income | 25.98 | 21.29 | (18.0 %) |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 1.30 | 1.06 | (18.0 %) |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 60.22 | 78.77 | 30.8 % |
| Gross Income | 18.27 | 30.07 | 64.6 % |
| Operating Income | 9.91 | 20.83 | 110.2 % |
| Net Income | 9.95 | 21.29 | 114.0 % |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 0.50 | 1.06 | 114.0 % |
Total shareholders’ equity, excluding minority interest, stood at SAR 229.263 million by the end of H1 2022, compared to SAR 194.656 million in the year-earlier period.
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