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Naqi Water Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 238,822,627 | 284,290,176 | -15.99 | ||
| Gross Profit (Loss) | 85,159,071 | 90,037,452 | -5.42 | ||
| Operational Profit (Loss) | 42,990,796 | 52,442,002 | -18.02 | ||
| Net profit (Loss) | 42,950,121 | 48,707,066 | -11.82 | ||
| Total Comprehensive Income | 43,650,366 | 48,351,555 | -9.72 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 253,131,752 | 249,481,386 | 1.46 | ||
| Profit (Loss) per Share | 2.15 | 2.44 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | - | - | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The current year's sales have decreased by 16% compared to the previous year, primarily due to increased competition in the bottled drinking water sector. This has also been influenced by the company’s focus on expanding its presence in various regions of the kingdom to enhance its market share in the retail sector in the future. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Despite the 16% decrease in sales, the net profit was affected by a 12% decline compared to the previous year. This was a result of the company's investment in cost management and production efficiency. This achievement is noteworthy considering the expansions undertaken by the company during the current year, which led to a 17% increase in selling expenses and a 28% increase in general and administrative expenses. These increases were primarily due to the opening of new branches and the implementation of the company's previously announced expansion plans, including the establishment of new factories for bottled drinking water and the commencement of initial operations for the table egg production project. Additionally, the revenue generated from investing in profit-sharing deposits contributed to enhancing the net profit. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | NA |
| Reclassification of Comparison Items | Some of the figures for the corresponding period of the previous year were reclassified to align with the current period's classification: The company owns a commercial register for logistic transportation that operates transportation trucks transporting goods related to the company and its clients. The company has reclassified some figures related to the previous year to assure comparability with the current year. |
| Additional Information | Despite paying SAR40 Million during the year, net equity increased by 1.5%. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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