MARAFIQ makes SAR 81.1M in H1 2026; loses SAR 46.5M in Q2

The Power and Water Utility Company for Jubail and Yanbu (MARAFIQ) reported a net profit decline of 64.3% to SAR 81.1 million in H1 2026, from SAR 227.5 million in the year-earlier period.

This was driven by a SAR 137 million decline in revenue at TAWREED (a wholly owned subsidiary), on lower demand from industrial customers in Jubail Industrial City, a SAR 137 million increase in fuel costs used in production in addition to a SAR 36 million decline in other operating income. The company also cited a SAR 32 million increase in maintenance costs and a SAR 22 million increase in electricity transmission costs.

This was offset by a SAR 49 million decline in finance costs, and higher revenue.

The company swung to a net loss of SAR 46.5 million in Q2 2026 versus a net profit of SAR 109.6 million in the year-earlier period.

The company reported a SAR 40 million increase in fuel costs used in production, a SAR 15 million increase in electricity transmission costs and a SAR 15 million decline in other operating income.

It further cited the absence of a one-off SAR 62 million adjustment recognized in the corresponding quarter last year following the implementation of the electricity tariff for energy-intensive consumers.

This was offset by higher revenue resulting from the reversal of a one-off adjustment related to the electricity tariff for energy-intensive consumers, which had reduced revenue in the corresponding quarter last year by SAR 434 million.

On a quarterly basis, MARAFIQ turned to losses, against a net profit of SAR 127.56 million in Q1 2026.

The company cited lower revenue due to weaker water segment revenue, on reduced demand from industrial customers in Jubail Industrial City. This was partially offset by higher revenue from the power and gas segments, lower

profitability in the water segment and a SAR 31 million decline in other operating income.

Total shareholders’ equity, no minority interest, stood at SAR 5.24 billion as on June 30, 2026, compared to SAR 5.42 billion a year earlier.

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