MARAFIQ posts 22% rise in 9M 2022 profit to SAR 714.4 mln; Q3 at SAR 309.7 mln

24/11/2022 Argaam Exclusive

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Power and Utility Company for Jubail and Yanbu (MARAFIQ) reported a 22% jump in net profit after Zakat and tax to SAR 714.4 million in the first nine months of 2022, from SAR 586.3 million a year earlier.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	4,635.77	4,885.48	5.4 %
Gross Income	779.39	985.44	26.4 %
Operating Income	679.15	803.72	18.3 %
Net Income	553.69	714.43	29.0 %
Average Shares	250.00	250.00	-
EPS (Riyals)	2.21	2.86	29.0 %

The profit rise was spurred by higher revenue, thanks to increased sales volumes in the company’s main segments. On the other hand, the profit growth was offset by higher finance costs and Zakat provision.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	1,645.48	1,767.94	7.4 %
Gross Income	302.68	430.71	42.3 %
Operating Income	261.47	360.47	37.9 %
Net Income	243.28	309.66	27.3 %
Average Shares	250.00	250.00	-
EPS (Riyals)	0.97	1.24	27.3 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	1,655.51	1,767.94	6.8 %
Gross Income	309.30	430.71	39.3 %
Operating Income	255.86	360.47	40.9 %
Net Income	261.82	309.66	18.3 %
Average Shares	250.00	250.00	-
EPS (Riyals)	1.05	1.24	18.3 %

In Q3 2022, net profit after Zakat and tax climbed 21% to SAR 309.7 million, from SAR 255.44 million in the prior-year period, thanks to better revenue amid higher sales volumes in all main segments.

Compared to the previous quarter, the utility’s net profit grew by 18.3% from SAR 261.8 million.

Shareholders’ equity, after minority interest, reached SAR 8.079 billion as of Sept. 30, 2022, up from SAR 7.426 billion a year earlier.

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