Profits of Naqi Water drop 38% to 15 million riyals in the third quarter

The net profit of Naqi Water Company decreased by 38% in the third quarter of 2022, to about 14.96 million riyals, after zakat and taxes, compared to about 24.11 million riyals in the same quarter of 2021.

On a quarterly basis, Naqi Water’s profits decreased by 29.75% in the third quarter of 2022, compared to a net profit of approximately 21.29 million riyals in the second quarter of 2021.

The company said today, Thursday, in a statement on “Tadawul Saudi Arabia” that net profit was impacted in the third quarter of 2022, on an annual basis, by a 19% increase in the cost of goods sold, driven by the increase in the costs of material production inputs primewhich is affected by high inflation rates and material prices primewhich enters the formation of the subjects primeas well as the obstacles weighing on the supply chain and the supply chain, which influenced the cost of the operating elements, e tale this increase resulted in a decrease in overall profit of 24%.

He added that sales and distribution expenses increased 37% as the company expanded in new sales and distribution channels and the increase in the number and skills of sales and distribution managers in order to maintain their market share and acquire an additional market share in agreement with the company strategy aimed at increasing the points of sale and maintaining in continuous access to target customers.

During the first nine months of 2022, Naki Water’s net profit decreased by 26.7% to around 46.2 million riyals, compared to around 63 million riyals in the same period in 2021.

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