MARAFIQ 9M net profit down 36% to SAR 454.2 mln; Q3 at SAR 188.1 mln

01/11/2023 Argaam Exclusive

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The Power and Water Utility Company for Jubail and Yanbu (MARAFIQ) reported a net profit of SAR 454.2 million for the first nine months of 2023, a decline of 36% from SAR 714.4 million in a year earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	4,885.48	4,766.02	(2.4 %)
Gross Income	985.44	886.64	(10.0 %)
Operating Income	803.72	688.48	(14.3 %)
Net Income	714.43	454.16	(36.4 %)
Average Shares	250.00	250.00	-
EPS (Riyals)	2.86	1.82	(36.4 %)

This was driven by increased financing costs and lower operating revenue despite decreased Zakat and tax provisions.

Q3 2023 net earnings dropped 39% year-on-year (YoY) to SAR 188.1 million on higher financing costs and lower operating revenues, despite a dip in Zakat and tax provisions.

On a quarterly basis, net profit increased 18% from SAR 159.39 million in Q2 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	1,767.94	1,701.05	(3.8 %)
Gross Income	430.71	325.63	(24.4 %)
Operating Income	360.47	258.63	(28.3 %)
Net Income	309.66	188.05	(39.3 %)
Average Shares	250.00	250.00	-
EPS (Riyals)	1.24	0.75	(39.3 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	1,591.80	1,701.05	6.9 %
Gross Income	305.20	325.63	6.7 %
Operating Income	233.64	258.63	10.7 %
Net Income	159.39	188.05	18.0 %
Average Shares	250.00	250.00	-
EPS (Riyals)	0.64	0.75	18.0 %

Total shareholders’ equity, no minority interest, stood at SAR 8.16 billion as of Sept. 30, 2023, compared to SAR 8.07 billion in a prior-year period.

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