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Naqi Water Co. announces its Interim Financial results for the Period Ending on 2024-06-30 ( Six Months )

2282
NAQI
0.62 %
1446/01/26     01/08/2024 15:51:04

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 56,030,60961,685,207-9.16657,705,083-2.901
Gross Profit (Loss) 19,766,85123,975,010-17.55219,152,7863.206
Operational Profit (Loss) 7,006,97112,989,840-46.0588,755,514-19.97
Net profit (Loss) 11,023,94413,223,752-16.6357,912,80339.317
Total Comprehensive Income 11,010,62813,396,699-17.817,649,67843.935
All figures are in (Actual) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 113,735,692123,018,073-7.545
Gross Profit (Loss) 38,919,63746,475,273-16.257
Operational Profit (Loss) 14,677,21624,380,299-39.798
Net profit (Loss) 18,936,74624,395,092-22.374
Total Comprehensive Income 19,186,55524,745,657-22.464
Total Shareholders Equity (after Deducting Minority Equity) 262,318,307253,131,7523.629
Profit (Loss) per Share 0.951.22
All figures are in (Actual) Saudi Arabia, Riyals


Element ListAmountPercentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value --
All figures are in (Actual) Saudi Arabia, Riyals


Element ListExplanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is The reason for the decrease in the company's sales is attributed to changes in sales in both the retail and wholesale sectors, resulting from the company's strategy aimed at expanding the opening of retail branches. This expansion led to an increase in retail sales; however, the decline in wholesale sales contributed to the overall decrease in sales. Furthermore, changes in demand for different products due to shifts in consumer behavior resulted in an increase in the share of low-priced products, which contributed to the decline in sales.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The reason for the decrease in net profit during the current quarter can be attributed to the decline in sales in the water sector, along with an increase in expenses related to the opening and expansion of branches. Additionally, rising transportation costs due to fuel price hikes have played a role. This decrease was also supported by expenses in the poultry sector, which is still under the company's future expansion plan.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is Sales in the current quarter decreased by 2.9% compared to the previous quarter. This decline resulted from a decrease in wholesale sales due to the company's focus on enhancing branch openings and expanding retail sales. Additionally, the overlap of holidays with the current quarter had a negative impact on sales compared to the previous quarter.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is The company achieved growth equivalent to 39% in net profit after zakat. This increase was supported by capital gains resulting from the exclusion of assets related to the company's expansion plans. This growth occurred despite the decrease in sales. The earnings per share for the current quarter reached SAR 0.55.
The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is Sales decreased by 7.5% due to changes in sales in both the retail and wholesale sectors, resulting from the company's strategy aimed at expanding the opening of retail branches. This decline was also supported by a shift in the sales mix of water products due to consumer preferences towards purchasing lower-priced varieties.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The reason for the decrease in net profit during the current period compared to the same period is attributed to a decline in sales in the water sector, along with an increase in expenses related to opening and expanding branches. Additionally, rising transportation costs due to fuel price hikes have had an impact. This decrease was further supported by expenses in the poultry sector, which is still part of the company's future expansion plan. Moreover, this decline was reinforced by a shift in the sales mix of water products due to consumer preferences towards purchasing lower-margin varieties.
Statement of the type of external auditor's report Unmodified conclusion
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) Not applicable
Reclassification of Comparison Items Some numbers in the financial statements have been reclassified compared to the same quarter of the previous year. The most significant reclassification was the inclusion of revenue from the transportation sector and the associated costs within the company's main operations. Additionally, revenue from time deposits has been transferred from operating income to other revenues.
Additional Information -

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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