MARAFIQ earns SAR 398.2M in 9M 2025; Q3 at SAR 170.7M

04/11/2025 Argaam Exclusive

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The Power and Water Utility Company for Jubail and Yanbu (MARAFIQ) reported a net profit of SAR 398.2 million for the first nine months of 2025, compared with SAR 387.1 million in the year-earlier period.



Financials (M)

Item 9m 2024 9m 2025 Change‬
Revenues 5,176.11 5,108.71 (1.3 %)
Gross Income 1,192.52 532.59 (55.3 %)
Operating Income 1,120.42 1,002.41 (10.5 %)
Net Income 387.06 398.21 2.9 %
Average Shares 250.00 250.00 -
Earnings Per Share before unusual items (Riyals) 1.55 1.59 2.9 %
EPS (Riyal) 1.55 1.59 2.9 %

The annual profit growth was due a 15.1% year-on-year (YoY) rise in revenues of its wholly-owned subsidiary, Tawreed. The water and gas segment’s revenues, in addition, grew by 4.92% YoY. Also lifting the nine-month earnings, finance costs fell by 10.56% YoY.

 

Other operating income moved up 39.22%, reaching SAR 50.9 million by the end of 9M 2025. This was mainly due to the success fees for Al- Haer Independent Sewage Treatment Plant Project.

 

However, the positive performance was offset by a 29.54% increase in fuel costs used in production. Further, power and water procurement expenses grew by 19.29% during the first nine months of this year.



Current Quarter Comparison (M)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Revenues 1,856.81 2,002.11 7.8 %
Gross Income 458.82 365.71 (20.3 %)
Operating Income 467.33 363.32 (22.3 %)
Net Income 225.64 170.67 (24.4 %)
Average Shares 250.00 250.00 -
Earnings Per Share before unusual items (Riyal) 0.90 0.68 (24.4 %)
EPS (Riyal) 0.90 0.68 (24.4 %)

MARAFIQ’s Q3 2025 net earnings, on the other hand, dropped 24.4% to SAR 170.7 million, from SAR 225.6 million in Q3 2024, although revenues advanced by 7.82% YoY.

 

On a quarterly basis, however, the three-month bottom line soared 55.7% from SAR 109.60 million in Q2 2025.

 

Total shareholders’ equity, no minority interest, stood at SAR 5.56 billion as of Sept. 30, 2025, compared to SAR 8.10 billion in the prior-year period.

 

Attached Documents:

 

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Share Price

The Power and Water Utility Company for Jubail and Yanbu
42.06
(0.92) (2.14 %)

The Power and Water Utility Company for Jubail and Yanbu (MARAFIQ)

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Financial Ratios
Current
Market Cap (M Riyal) 10,515.01
Enterprise Value (EV) (M Riyal) 15,120.76
Shares Outstanding ((M)) 250.00
EPS ( Riyal) (TTM) 0.11
Book Value (BV) ( Riyal) 22.26
Par Value ( Riyal) 10.00
Recurring P/E 22.20
P/E (TTM) More than 100
Price/book 1.89
Return on Average Assets (%) (TTM) 0.1
Return on Average Equity (%) (TTM) 0.4
EV/adj EBITDA -
EV/Revenues 2.22
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