Financial Results : MARAFIQ profit plunges 97% to SAR 17.2M in 2024; Q4 loss at SAR 277M on added provisions

MARAFIQ profit plunges 97% to SAR 17.2M in 2024; Q4 loss at SAR 277M on added provisions

03/03/2025 Argaam Exclusive

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The Power and Water Utility Company for Jubail and Yanbu (MARAFIQ) reported a net profit of SAR 17.2 million in 2024, a decline of 97% compared to SAR 587 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 6,383.33 6,883.21 7.8 %
Gross Income 1,712.14 1,522.64 (11.1 %)
Operating Income 1,425.18 1,222.50 (14.2 %)
Net Income 587.00 17.15 (97.1 %)
Average Shares 250.00 250.00 -
Earnings Per Share before unusual items (Riyals) 2.35 1.85 (21.1 %)
EPS (Riyal) 2.35 0.07 (97.1 %)
This was driven a 44% increase year-on-year (YoY) in fuel costs used in the production operations, recording a provision for expected credit loss for trade receivable at SAR 511 million, and a decrease in finance income.
The profit decline was offset by higher revenue from increased sales volumes and a 26% increase YoY in operating income. Zakat provisions decreased by 52.54%.


Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 1,617.32 1,707.10 5.6 %
Gross Income 825.51 330.12 (60.0 %)
Operating Income 736.70 281.47 (61.8 %)
Net Income 132.85 (370.73) (379.1 %)
Average Shares 250.00 250.00 -
Earnings Per Share before unusual items (Riyal) 0.53 0.30 (43.2 %)
EPS (Riyal) 0.53 (1.48) (379.1 %)

MARAFIQ swung to a net loss of SAR 277 million in Q4 2024, versus a net profit of SAR 132.8 million in the year-earlier period.

 

On a sequential basis, the company turned to losses from net earnings of SAR 185.9 million in Q3 2024.

 

Total shareholders’ equity, no minority interest, stood at SAR 5.20 billion by Dec. 31, 2024, compared to SAR 5.55 billion a year earlier.

 

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