MARAFIQ 9M 2024 profit drops 35% to SAR 294.1M; Q3 at SAR 186M

30/10/2024 Argaam Exclusive

The Power and Water Utility Company for Jubail and Yanbu (MARAFIQ) reported a net profit of SAR 294.1 million for the first nine months of 2024, a decline of 35% from SAR 454.2 million in a year earlier period.  



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 4,766.02 5,176.11 8.6 %
Gross Income 886.64 741.15 (16.4 %)
Operating Income 688.48 536.59 (22.1 %)
Net Income 454.16 294.12 (35.2 %)
Average Shares 250.00 250.00 -
EPS (Riyals) 1.82 1.18 (35.2 %)

This was attributed to a 46% leap year-on-year (YoY) in fuel costs used in production processes to SAR 452 million, as well as a decrease in finance income by 36%.

 

However, revenue increased due to higher quantities sold for all the main segments of the company. Finance costs also declined by 6%.

 

Q3 2024 net earnings dropped 1.1% to SAR 186 million from SAR 188.05 million in Q3 2023, mainly due to a 45% increase in fuel costs used in production processes to SAR 162 million.

 

On a quarterly basis, net profit soared 184.6% from SAR 65.34 million in Q2 2024.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 1,701.05 1,856.81 9.2 %
Gross Income 325.63 304.08 (6.6 %)
Operating Income 258.63 257.88 (0.3 %)
Net Income 188.05 185.98 (1.1 %)
Average Shares 250.00 250.00 -
EPS (Riyals) 0.75 0.74 (1.1 %)

Total shareholders’ equity, no minority interest, stood at SAR 8.10 billion as of Sept. 30, compared to SAR 8.16 billion in a prior-year period.

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Share Price

The Power and Water Utility Company for Jubail and Yanbu
55.50
(1.00) (1.77 %)

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

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Financial Ratios
Current
Market Cap (M Riyal) 13,875.00
Enterprise Value (EV) (M) 20,055.18
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) 37.94
P/E (TTM) 37.94
Price/book 1.71
Return on Average Assets (%) (TTM) 1.6
Return on Average Equity (%) (TTM) 4.5
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