MARAFIQ H1 2024 profit falls 59% to SAR 108.1M; Q2 at SAR 65.3M

01/08/2024 Argaam Exclusive

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The Power and Water Utility Company for Jubail and Yanbu (MARAFIQ) reported a net profit of SAR 108.1 million in H1 2024, a decline of 59% from SAR 266.1 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	3,064.97	3,319.31	8.3 %
Gross Income	561.01	437.07	(22.1 %)
Operating Income	429.85	278.71	(35.2 %)
Net Income	266.11	108.13	(59.4 %)
Average Shares	250.00	250.00	-
EPS (Riyals)	1.06	0.43	(59.4 %)

The profit decline was due to increased fuel costs used in production processes by 46.62% year-on-year (YoY), as well as a fall in finance income by 33.73% YoY. Other operating income also dropped by 15.37% YoY.

However, revenues grew by 8.30% YoY on an increase in the quantities sold for all the main segments of the company due to improved demand. Finance costs, as well as Zakat and income tax provision dropped by 4.63% and 21.78%, respectively.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	1,591.80	1,720.09	8.1 %
Gross Income	305.20	237.73	(22.1 %)
Operating Income	233.64	151.79	(35.0 %)
Net Income	159.39	65.34	(59.0 %)
Average Shares	250.00	250.00	-
EPS (Riyals)	0.64	0.26	(59.0 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	1,599.22	1,720.09	7.6 %
Gross Income	199.34	237.73	19.3 %
Operating Income	126.92	151.79	19.6 %
Net Income	42.79	65.34	52.7 %
Average Shares	250.00	250.00	-
EPS (Riyals)	0.17	0.26	52.7 %

The company reported a net profit of SAR 65.3 million in Q2 2024, falling 59% from SAR 159.39 million a year earlier.

Meanwhile, the second-quarter earnings leapt 52.7% from SAR 42.79 million in Q1 2024.

Total shareholders’ equity, no minority interest, stood at SAR 8.04 billion as of June 30, 2024, compared to SAR 8.24 billion in a prior-year period.

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