Financial Results : MARAFIQ Q1 2023 profits down 25% to SAR 106.7 mln

MARAFIQ Q1 2023 profits down 25% to SAR 106.7 mln

04/05/2023 Argaam Exclusive

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Power and Water Utility Company for Jubail and Yanbu (MARAFIQ) reported a 25% drop in Q1 2023 net profit to SAR 106.7 million, from SAR 143 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 1,462.03 1,473.17 0.8 %
Gross Income 245.43 255.82 4.2 %
Operating Income 187.39 196.21 4.7 %
Net Income 142.95 106.72 (25.3 %)
Average Shares 250.00 250.00 -
EPS (Riyals) 0.57 0.43 (25.3 %)

The three-month profit was hurt by an increase in financing costs, despite higher operating revenues, thanks to better sales volumes in most of the company's main sectors.

 

On the other hand, general and administrative expenses declined.

 

Compared to Q4 2022, the first-quarter net profit fell 18.7% from SAR 131.22 million as financing costs and Zakat expenses increased.

 

Shareholders’ equity, no minority interest, rose to SAR 8.05 billion as of March 31, 2023, from SAR 7.79 billion a year earlier.

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