Financial Results : MARAFIQ 2022 net profit rises 34% to SAR 845.7 mln, Q4 at SAR 131.2 mln

MARAFIQ 2022 net profit rises 34% to SAR 845.7 mln, Q4 at SAR 131.2 mln

02/03/2023 Argaam Exclusive

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Power and Utility Company for Jubail and Yanbu (MARAFIQ) reported a 34% rise in net profit after Zakat and tax to SAR 845.7 million in 2022, from SAR 632 million a year earlier, as revenues grew on higher sales volumes despite an increase in financing costs.  



Financials (M)

Item 2021 2022 Change‬
Revenues 6,192.29 6,505.09 5.1 %
Gross Income 1,005.29 1,148.20 14.2 %
Operating Income 761.56 873.81 14.7 %
Net Income 632.00 845.65 33.8 %
Average Shares 250.00 250.00 -
EPS (Riyals) 2.53 3.38 33.8 %

In Q4 2022, net profit after Zakat and tax climbed 68% to SAR 131.2 million, from SAR 78.31 million in the prior-year period.  

 

Compared to the previous quarter, the utility’s net profit slumped 57.6% from SAR 309.66 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 1,556.52 1,619.62 4.1 %
Gross Income 225.90 162.75 (28.0 %)
Operating Income 82.41 70.10 (14.9 %)
Net Income 78.31 131.22 67.6 %
Average Shares 250.00 250.00 -
EPS (Riyals) 0.31 0.52 67.6 %

Shareholders’ equity, after minority interest, reached SAR 8.24 billion as of Dec. 31, 2022, up from SAR 7.55 billion a year earlier.

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