Financial Results : Naqi Water’s 2024 net profit falls 30% to SAR 30.2M; Q4 at SAR 1.3M

Naqi Water’s 2024 net profit falls 30% to SAR 30.2M; Q4 at SAR 1.3M

27/03/2025 Argaam Exclusive

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Naqi Water Co. posted SAR 30.2 million in net profit for 2024, down 30% from SAR 43 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 238.82 219.34 (8.2 %)
Gross Income 85.16 76.65 (10.0 %)
Operating Income 42.43 25.55 (39.8 %)
Net Income 42.95 30.18 (29.7 %)
Average Shares 20.00 20.00 -
Earnings Per Share before unusual items (Riyals) 2.15 1.51 (29.7 %)
EPS (Riyal) 2.15 1.51 (29.7 %)

The annual profit drop was primarily due to the 8% year-on-year (YoY) revenue slump in 2024. This was due to the company's focus on future expansion in the retail sector, with the total value of bottled drinking water sales also soaring by year-end.

 

In addition, Naqi Water witnessed an increase in selling and distribution expenses as well as transportation costs on the elevated fuel (diesel) prices as of 2024-start.

 

However, a 7% YoY decrease in the 2024 cost of sales contributed to maintaining stable operating margins and limiting the financial impact of weaker revenues for the year.

 

In Q4 2024, net profit fell 43% to SAR 1.3 million, against SAR 2.36 million in Q4 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 48.11 44.60 (7.3 %)
Gross Income 11.80 15.04 27.4 %
Operating Income 2.88 1.60 (44.6 %)
Net Income 2.36 1.34 (43.4 %)
Average Shares 20.00 20.00 -
Earnings Per Share before unusual items (Riyal) 0.12 0.07 (43.4 %)
EPS (Riyal) 0.12 0.07 (43.4 %)

On a quarterly basis, the six-month earnings plummeted by 86.7% from SAR 10.1 million in Q3 2024.

 

Total shareholders’ equity, no minority interest, amounted to SAR 273.92 million as on Dec. 31, 2024, inching up from SAR 253.13 million a year earlier.

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