MARAFIQ 2022 net profit rises 34% to SAR 845.7 mln, Q4 at SAR 131.2 mln

02/03/2023 Argaam Exclusive

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Power and Utility Company for Jubail and Yanbu (MARAFIQ) reported a 34% rise in net profit after Zakat and tax to SAR 845.7 million in 2022, from SAR 632 million a year earlier, as revenues grew on higher sales volumes despite an increase in financing costs.

Financials (M)

Item	2021	2022	Change‬
Revenues	6,192.29	6,505.09	5.1 %
Gross Income	1,005.29	1,148.20	14.2 %
Operating Income	761.56	873.81	14.7 %
Net Income	632.00	845.65	33.8 %
Average Shares	250.00	250.00	-
EPS (Riyals)	2.53	3.38	33.8 %

In Q4 2022, net profit after Zakat and tax climbed 68% to SAR 131.2 million, from SAR 78.31 million in the prior-year period.

Compared to the previous quarter, the utility’s net profit slumped 57.6% from SAR 309.66 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	1,556.52	1,619.62	4.1 %
Gross Income	225.90	162.75	(28.0 %)
Operating Income	82.41	70.10	(14.9 %)
Net Income	78.31	131.22	67.6 %
Average Shares	250.00	250.00	-
EPS (Riyals)	0.31	0.52	67.6 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	1,767.94	1,619.62	(8.4 %)
Gross Income	430.71	162.75	(62.2 %)
Operating Income	360.47	70.10	(80.6 %)
Net Income	309.66	131.22	(57.6 %)
Average Shares	250.00	250.00	-
EPS (Riyals)	1.24	0.52	(57.6 %)

Shareholders’ equity, after minority interest, reached SAR 8.24 billion as of Dec. 31, 2022, up from SAR 7.55 billion a year earlier.

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