MARAFIQ 2023 profit drops 38% to SAR 525.8M, Q4 at SAR 71.6M

07/03/2024 Argaam Exclusive

Power and Utility Company for Jubail and Yanbu (MARAFIQ) reported a 38% fall in net profit to SAR 525.8 million in 2023, from SAR 845.7 million a year earlier.

 

The profit decline was due to a 1.78% fall in revenues, which resulted from lower revenues from the power segment as demand for power from some major customers in Yanbu Industrial City was weak. Meanwhile, the water and gas segments reported higher revenues.

 

Moreover, financing costs rose by 74% due to an increase in SAIBOR rate.



Financials (M)

Item 2022 2023 Change‬
Revenues 6,505.09 6,389.33 (1.8 %)
Gross Income 1,148.20 1,124.89 (2.0 %)
Operating Income 873.81 832.85 (4.7 %)
Net Income 845.65 525.80 (37.8 %)
Average Shares 250.00 250.00 -
EPS (Riyals) 3.38 2.10 (37.8 %)

In Q4 2023, net profit fell 45% to SAR 71.6 million from SAR 131.22 million in the prior-year period.

 

Compared to the previous quarter, the utility’s net profit slumped 61.9% from SAR 188.05 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 1,619.62 1,623.32 0.2 %
Gross Income 162.75 238.25 46.4 %
Operating Income 70.10 144.38 106.0 %
Net Income 131.22 71.64 (45.4 %)
Average Shares 250.00 250.00 -
EPS (Riyals) 0.52 0.29 (45.4 %)

Shareholders’ equity, after minority interest, reached SAR 8.20 billion as of Dec. 31, 2023, up from SAR 8.24 billion a year earlier.

 

Attached Documents

 

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Share Price

The Power and Water Utility Company for Jubail and Yanbu
51.70
(0.30) (0.58 %)

The Power and Water Utility Company for Jubail and Yanbu (MARAFIQ)

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Financial Ratios
Current
Market Cap (M Riyal) 12,925.00
Enterprise Value (EV) (M) 19,105.18
Shares Outstanding ((M)) 250.00
EPS ( Riyal) (TTM) 1.46
Book Value (BV) ( Riyal) 32.41
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 35.34
P/E (TTM) 35.34
Price/book 1.60
Return on Average Assets (%) (TTM) 1.6
Return on Average Equity (%) (TTM) 4.5
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