The Power and Water Utility Company for Jubail and Yanbu (MARAFIQ) reported a net profit of SAR 294.1 million for the first nine months of 2024, a decline of 35% from SAR 454.2 million in a year earlier period.
Item | 9m 2023 | 9m 2024 | Change |
---|---|---|---|
Revenues | 4,766.02 | 5,176.11 | 8.6 % |
Gross Income | 886.64 | 741.15 | (16.4 %) |
Operating Income | 819.28 | 666.84 | (18.6 %) |
Net Income | 454.16 | 294.12 | (35.2 %) |
Average Shares | 250.00 | 250.00 | - |
EPS (Riyals) | 1.82 | 1.18 | (35.2 %) |
This was attributed to a 46% leap year-on-year (YoY) in fuel costs used in production processes to SAR 452 million, as well as a decrease in finance income by 36%.
However, revenue increased due to higher quantities sold for all the main segments of the company. Finance costs also declined by 6%.
Q3 2024 net earnings dropped 1.1% to SAR 186 million from SAR 188.05 million in Q3 2023, mainly due to a 45% increase in fuel costs used in production processes to SAR 162 million.
On a quarterly basis, net profit soared 184.6% from SAR 65.34 million in Q2 2024.
Item | Q3 2023 | Q3 2024 | Change |
---|---|---|---|
Revenues | 1,701.05 | 1,856.81 | 9.2 % |
Gross Income | 325.63 | 304.08 | (6.6 %) |
Operating Income | 300.66 | 311.65 | 3.7 % |
Net Income | 188.05 | 185.98 | (1.1 %) |
Average Shares | 250.00 | 250.00 | - |
EPS (Riyals) | 0.75 | 0.74 | (1.1 %) |
Item | Q2 2024 | Q3 2024 | Change |
---|---|---|---|
Revenues | 1,720.09 | 1,856.81 | 7.9 % |
Gross Income | 237.73 | 304.08 | 27.9 % |
Operating Income | 191.65 | 311.65 | 62.6 % |
Net Income | 65.34 | 185.98 | 184.6 % |
Average Shares | 250.00 | 250.00 | - |
EPS (Riyals) | 0.26 | 0.74 | 184.6 % |
Total shareholders’ equity, no minority interest, stood at SAR 8.10 billion as of Sept. 30, compared to SAR 8.16 billion in a prior-year period.
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