Middlesex Water Company (MSEX)

Net profit margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	US$ in thousands	31,524	42,429	36,543	38,425	33,888
Revenue	US$ in thousands	153,788	161,157	135,679	133,956	127,194
Net profit margin		20.50%	26.33%	26.93%	28.68%	26.64%

December 31, 2023 calculation

Net profit margin = Net income ÷ Revenue
= $31,524K ÷ $153,788K
= 20.50%

Middlesex Water Co.'s net profit margin has displayed fluctuations over the past five years. It decreased from 27.05% in 2020 to 25.08% in 2019 and then increased to 25.45% in 2021. In 2022, it reached 26.05%, and in 2023, it further decreased to 18.89%. This variation indicates some level of instability in the company's ability to convert revenue into profits over the years. Further analysis is necessary to understand the factors contributing to these changes in net profit margin and to assess the company's overall financial health and performance.