MARAFIQ 9M 2024 profit drops 35% to SAR 294.1M; Q3 at SAR 186M

30/10/2024 Argaam Exclusive

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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.

Financials (M)

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	688.48	536.59	(22.1 %)
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.

Current Quarter Comparison (M)

Compared With The

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	258.63	257.88	(0.3 %)
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	151.79	257.88	69.9 %
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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