Financial Results : MARAFIQ Q1 2024 profit drops 60% to SAR 42.8M

MARAFIQ Q1 2024 profit drops 60% to SAR 42.8M

02/05/2024 Argaam Exclusive

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Power and Water Utility Company for Jubail and Yanbu (MARAFIQ) reported a 60% drop in Q1 2024 net profit to SAR 42.8 million, from SAR 106.7 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 1,473.17 1,599.22 8.6 %
Gross Income 255.82 199.34 (22.1 %)
Operating Income 196.21 126.92 (35.3 %)
Net Income 106.72 42.79 (59.9 %)
Average Shares 250.00 250.00 -
EPS (Riyals) 0.43 0.17 (59.9 %)

The three-month profit was hurt by a 43% increase year-on-year (YoY) in the fuel cost used in production, as well as a 10% YoY rise in the cost of water, power, and gas purchased for resale.

 

However, revenues grew by 8.6% YoY, while Zakat and income tax provision dropped by 35% YoY.

 

Compared to Q4 2023, the first-quarter net profit fell 40.3% from SAR 71.64 million as revenues fell by 1.5% quarter-on-quarter and the fuel cost used in production dropped by 33%.

 

Shareholders’ equity, no minority interest, declined to SAR 7.97 billion as of March 31, 2024, from SAR 8.05 billion a year earlier.

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