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RIYADH: Naqi Water Co. has reported weak first-half profits in its first earnings report since going public earlier this month.
The Saudi-based water producer saw its profit slip 20 percent during the first half of 2022 to SR31 million ($8 million), according to a bourse filing.
The company attributed the decrease in net profit to a rise in raw materials costs of 10 percent, which led to an increase in costs of sales.
During its initial public offering, Naqi sold 600,000 shares to retail investors, generating SR560 million in subscriptions.
Naqi Water listed a 30 percent stake, representing six million shares, on the Kingdom’s main stock index TASI.