The Power and Water Utility Company for Jubail and Yanbu (MARAFIQ) reported a net profit of SAR 454.2 million for the first nine months of 2023, a decline of 36% from SAR 714.4 million in a year earlier period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 4,885.48 | 4,766.02 | (2.4 %) |
| Gross Income | 985.44 | 886.64 | (10.0 %) |
| Operating Income | 803.72 | 688.48 | (14.3 %) |
| Net Income | 714.43 | 454.16 | (36.4 %) |
| Average Shares | 250.00 | 250.00 | - |
| EPS (Riyals) | 2.86 | 1.82 | (36.4 %) |
This was driven by increased financing costs and lower operating revenue despite decreased Zakat and tax provisions.
Q3 2023 net earnings dropped 39% year-on-year (YoY) to SAR 188.1 million on higher financing costs and lower operating revenues, despite a dip in Zakat and tax provisions.
On a quarterly basis, net profit increased 18% from SAR 159.39 million in Q2 2023.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 1,767.94 | 1,701.05 | (3.8 %) |
| Gross Income | 430.71 | 325.63 | (24.4 %) |
| Operating Income | 360.47 | 258.63 | (28.3 %) |
| Net Income | 309.66 | 188.05 | (39.3 %) |
| Average Shares | 250.00 | 250.00 | - |
| EPS (Riyals) | 1.24 | 0.75 | (39.3 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 1,591.80 | 1,701.05 | 6.9 % |
| Gross Income | 305.20 | 325.63 | 6.7 % |
| Operating Income | 233.64 | 258.63 | 10.7 % |
| Net Income | 159.39 | 188.05 | 18.0 % |
| Average Shares | 250.00 | 250.00 | - |
| EPS (Riyals) | 0.64 | 0.75 | 18.0 % |
Total shareholders’ equity, no minority interest, stood at SAR 8.16 billion as of Sept. 30, 2023, compared to SAR 8.07 billion in a prior-year period.
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