Power and Water Utility Company for Jubail and Yanbu (MARAFIQ) reported a 60% drop in Q1 2024 net profit to SAR 42.8 million, from SAR 106.7 million in the year-earlier period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 1,473.17 | 1,599.22 | 8.6 % |
| Gross Income | 255.82 | 199.34 | (22.1 %) |
| Operating Income | 196.21 | 126.92 | (35.3 %) |
| Net Income | 106.72 | 42.79 | (59.9 %) |
| Average Shares | 250.00 | 250.00 | - |
| EPS (Riyals) | 0.43 | 0.17 | (59.9 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 1,623.32 | 1,599.22 | (1.5 %) |
| Gross Income | 238.25 | 199.34 | (16.3 %) |
| Operating Income | 144.38 | 126.92 | (12.1 %) |
| Net Income | 71.64 | 42.79 | (40.3 %) |
| Average Shares | 250.00 | 250.00 | - |
| EPS (Riyals) | 0.29 | 0.17 | (40.3 %) |
The three-month profit was hurt by a 43% increase year-on-year (YoY) in the fuel cost used in production, as well as a 10% YoY rise in the cost of water, power, and gas purchased for resale.
However, revenues grew by 8.6% YoY, while Zakat and income tax provision dropped by 35% YoY.
Compared to Q4 2023, the first-quarter net profit fell 40.3% from SAR 71.64 million as revenues fell by 1.5% quarter-on-quarter and the fuel cost used in production dropped by 33%.
Shareholders’ equity, no minority interest, declined to SAR 7.97 billion as of March 31, 2024, from SAR 8.05 billion a year earlier.
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