The shareholders of Naqi Water Company greenlighted the distribution of cash dividends worth SAR 20 million, representing 10% of the capital, for the second (Q2) and third quarters (Q3) of 2022.

The Saudi firm will disburse SAR 1 per share on 18 January 2023 for 20 million eligible shares, according to a recent bourse filing.

It is worth noting that the shareholders granted their approval for the dividends on 8 January, following the board’s proposal on 12 December 2022.

Last August, Naqi Water listed 30% of its shares on the Saudi Exchange (Tadawul) under the symbol 2282, after it had settled the final price of its initial public offering (IPO) at SAR 69 per share.

In the first nine months (9M) of 2022, Naqi Water posted a 26.68% year-on-year (YoY) plunge in net profit after Zakat and tax to SAR 46.19 million, compared to SAR 63 million.

Revenues edged up by 0.69% to SAR 216.50 million in 9M-22 from SAR 215.02 million in 9M-21, whereas the earnings per share (EPS) retreated to SAR 2.33 from SAR 4.20.

In Q3-22, the firm achieved net profits of SAR 14.95 million, lower by 37.97% YoY from SAR 24.11 million.