Power and Utility Company for Jubail and Yanbu (MARAFIQ) reported a 38% fall in net profit to SAR 525.8 million in 2023, from SAR 845.7 million a year earlier.
The profit decline was due to a 1.78% fall in revenues, which resulted from lower revenues from the power segment as demand for power from some major customers in Yanbu Industrial City was weak. Meanwhile, the water and gas segments reported higher revenues.
Moreover, financing costs rose by 74% due to an increase in SAIBOR rate.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 6,505.09 | 6,389.33 | (1.8 %) |
| Gross Income | 1,148.20 | 1,124.89 | (2.0 %) |
| Operating Income | 873.81 | 832.85 | (4.7 %) |
| Net Income | 845.65 | 525.80 | (37.8 %) |
| Average Shares | 250.00 | 250.00 | - |
| EPS (Riyals) | 3.38 | 2.10 | (37.8 %) |
In Q4 2023, net profit fell 45% to SAR 71.6 million from SAR 131.22 million in the prior-year period.
Compared to the previous quarter, the utility’s net profit slumped 61.9% from SAR 188.05 million.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 1,619.62 | 1,623.32 | 0.2 % |
| Gross Income | 162.75 | 238.25 | 46.4 % |
| Operating Income | 70.10 | 144.38 | 106.0 % |
| Net Income | 131.22 | 71.64 | (45.4 %) |
| Average Shares | 250.00 | 250.00 | - |
| EPS (Riyals) | 0.52 | 0.29 | (45.4 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 1,701.05 | 1,623.32 | (4.6 %) |
| Gross Income | 325.63 | 238.25 | (26.8 %) |
| Operating Income | 258.63 | 144.38 | (44.2 %) |
| Net Income | 188.05 | 71.64 | (61.9 %) |
| Average Shares | 250.00 | 250.00 | - |
| EPS (Riyals) | 0.75 | 0.29 | (61.9 %) |
Shareholders’ equity, after minority interest, reached SAR 8.20 billion as of Dec. 31, 2023, up from SAR 8.24 billion a year earlier.
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