Riyadh – Mubasher: Naqi Water Company reported a 12.15% drop in net profit to SAR 40.58 million during the first nine months (9M) of 2023, compared to SAR 46.19 million in the same period of 2022.
Revenues also declined by 14.68% to SAR 184.72 million in 9M-23, versus SAR 216.50 million in 9M-22.
Earnings per share (EPS) stood at SAR 2.03 as of 30 September 2023, down year-on-year (YoY) from SAR 2.31, according to the preliminary financial results.
Income Statements for Q3-23
In the third quarter (Q3) of 2023, the Saudi firm recorded a net profit of SAR 16.19 million, an 8.25% increase from SAR 14.95 million in Q3-22.
Revenues fell by 15.34% YoY to SAR 65.62 million in Q3-23, compared to SAR 77.51 million.
On a quarterly basis, the Q3-23 net profit grew by 22.44% from the SAR 13.22 million reported in Q2-23, while the revenues rose by 9.80% from SAR 59.76 million.
In January 2023, Naqi Water paid a cash dividend of SAR 1 per share at a total value of SAR 20 million, which was equivalent to 10% of its capital, for both Q2 and Q3-22.
