Power and Water Utility Company for Jubail and Yanbu (MARAFIQ) reported a 60% drop in Q1 2024 net profit to SAR 42.8 million, from SAR 106.7 million in the year-earlier period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 1,473.17 | 1,599.22 | 8.6 % |
| Gross Income | 255.82 | 199.34 | (22.1 %) |
| Operating Income | 196.21 | 126.92 | (35.3 %) |
| Net Income | 106.72 | 42.79 | (59.9 %) |
| Average Shares | 250.00 | 250.00 | - |
| EPS (Riyals) | 0.43 | 0.17 | (59.9 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 1,623.32 | 1,599.22 | (1.5 %) |
| Gross Income | 238.25 | 199.34 | (16.3 %) |
| Operating Income | 144.38 | 126.92 | (12.1 %) |
| Net Income | 71.64 | 42.79 | (40.3 %) |
| Average Shares | 250.00 | 250.00 | - |
| EPS (Riyals) | 0.29 | 0.17 | (40.3 %) |
The three-month profit was hurt by a 43% increase year-on-year (YoY) in the fuel cost used in production, as well as a 10% YoY rise in the cost of water, power, and gas purchased for resale.
However, revenues grew by 8.6% YoY, while Zakat and income tax provision dropped by 35% YoY.
Compared to Q4 2023, the first-quarter net profit fell 40.3% from SAR 71.64 million as revenues fell by 1.5% quarter-on-quarter and the fuel cost used in production dropped by 33%.
Shareholders’ equity, no minority interest, declined to SAR 7.97 billion as of March 31, 2024, from SAR 8.05 billion a year earlier.
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| Q1 2015 | - | - | - | - | - | - | - |
| Q2 2015 | - | - | - | - | - | - | - |
| Q3 2015 | - | - | - | - | - | - | - |
| Q4 2015 | - | - | - | - | - | - | - |
| 2015 | - | - | - | - | - | - | - |
| Q1 2016 | - | - | - | - | - | - | - |
| Q2 2016 | - | - | - | - | - | - | - |
| Q3 2016 | - | - | - | - | - | - | - |
| Q4 2016 | - | - | - | - | - | - | - |
| 2016 | - | - | - | - | - | - | - |
| Q1 2017 | - | - | - | - | - | - | - |
| Q2 2017 | - | - | - | - | - | - | - |
| Q3 2017 | - | - | - | - | - | - | - |
| Q4 2017 | - | - | - | - | - | - | - |
| 2017 | 6,154.39 | - | 763.19 | - | 311.13 | - | 1.24 |
| Q1 2018 | - | - | - | - | - | - | - |
| Q2 2018 | - | - | - | - | - | - | - |
| Q3 2018 | - | - | - | - | - | - | - |
| Q4 2018 | - | - | - | - | - | - | - |
| 2018 | 6,270.54 | 1.9 % | 620.52 | (18.7 %) | 203.97 | (34.4 %) | 0.82 |
| Q1 2019 | - | - | - | - | - | - | - |
| Q2 2019 | - | - | - | - | - | - | - |
| Q3 2019 | - | - | - | - | - | - | - |
| Q4 2019 | - | - | - | - | - | - | - |
| 2019 | 6,107.84 | (2.6 %) | 519.66 | (16.3 %) | 198.27 | (2.8 %) | 0.79 |
| Q1 2020 | - | - | - | - | - | - | - |
| Q2 2020 | - | - | - | - | - | - | - |
| Q3 2020 | - | - | - | - | - | - | - |
| Q4 2020 | - | - | - | - | - | - | - |
| 2020 | 6,091.56 | (0.3 %) | 628.27 | 20.9 % | 266.93 | 34.6 % | 1.07 |
| Q1 2021 | 1,422.17 | - | 188.38 | - | 89.49 | - | 0.36 |
| Q2 2021 | 1,568.12 | - | 288.33 | - | 220.92 | - | 0.88 |
| Q3 2021 | 1,645.48 | - | 302.68 | - | 243.28 | - | 0.97 |
| Q4 2021 | 1,556.52 | - | 225.90 | - | 78.31 | - | 0.31 |
| 2021 | 6,192.29 | 1.7 % | 1,005.29 | 60.0 % | 632.00 | 136.8 % | 2.53 |
| Q1 2022 | 1,462.03 | 2.8 % | 245.43 | 30.3 % | 142.95 | 59.7 % | 0.57 |
| Q2 2022 | 1,655.51 | 5.6 % | 309.30 | 7.3 % | 261.82 | 18.5 % | 1.05 |
| Q3 2022 | 1,767.94 | 7.4 % | 430.71 | 42.3 % | 309.66 | 27.3 % | 1.24 |
| Q4 2022 | 1,619.62 | 4.1 % | 162.75 | (28.0 %) | 131.22 | 67.6 % | 0.52 |
| 2022 | 6,505.09 | 5.1 % | 1,148.20 | 14.2 % | 845.65 | 33.8 % | 3.38 |
| Q1 2023 | 1,473.17 | 0.8 % | 255.82 | 4.2 % | 106.72 | (25.3 %) | 0.43 |
| Q2 2023 | 1,591.80 | (3.8 %) | 305.20 | (1.3 %) | 159.39 | (39.1 %) | 0.64 |
| Q3 2023 | 1,701.05 | (3.8 %) | 325.63 | (24.4 %) | 188.05 | (39.3 %) | 0.75 |
| Q4 2023 | 1,623.32 | 0.2 % | 238.25 | 46.4 % | 71.64 | (45.4 %) | 0.29 |
| 2023 | 6,389.33 | (1.8 %) | 1,124.89 | (2.0 %) | 525.80 | (37.8 %) | 2.10 |
| Q1 2024 | 1,599.22 | 8.6 % | 199.34 | (22.1 %) | 42.79 | (59.9 %) | 0.17 |
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| 2014 | - | - | - | - | - | - | - |
| 2015 | - | - | - | - | - | - | - |
| 2016 | - | - | - | - | - | - | - |
| 2017 | 6,154.39 | - | 763.19 | - | 311.13 | - | 1.24 |
| 2018 | 6,270.54 | 1.9 % | 620.52 | (18.7 %) | 203.97 | (34.4 %) | 0.82 |
| 2019 | 6,107.84 | (2.6 %) | 519.66 | (16.3 %) | 198.27 | (2.8 %) | 0.79 |
| 2020 | 6,091.56 | (0.3 %) | 628.27 | 20.9 % | 266.93 | 34.6 % | 1.07 |
| 2021 | 6,192.29 | 1.7 % | 1,005.29 | 60.0 % | 632.00 | 136.8 % | 2.53 |
| 2022 | 6,505.09 | 5.1 % | 1,148.20 | 14.2 % | 845.65 | 33.8 % | 3.38 |
| 2023 | 6,389.33 | (1.8 %) | 1,124.89 | (2.0 %) | 525.80 | (37.8 %) | 2.10 |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2015 | - | - | - |
| Q2 2015 | - | - | - |
| Q3 2015 | - | - | - |
| Q4 2015 | - | - | - |
| 2015 | - | - | - |
| Q1 2016 | - | - | - |
| Q2 2016 | - | - | - |
| Q3 2016 | - | - | - |
| Q4 2016 | - | - | - |
| 2016 | - | - | - |
| Q1 2017 | - | - | - |
| Q2 2017 | - | - | - |
| Q3 2017 | - | - | - |
| Q4 2017 | - | - | - |
| 2017 | 12.40 % | 30.08 % | 5.06 % |
| Q1 2018 | - | - | - |
| Q2 2018 | - | - | - |
| Q3 2018 | - | - | - |
| Q4 2018 | - | - | - |
| 2018 | 9.90 % | 26.89 % | 3.25 % |
| Q1 2019 | - | - | - |
| Q2 2019 | - | - | - |
| Q3 2019 | - | - | - |
| Q4 2019 | - | - | - |
| 2019 | 8.51 % | 25.89 % | (1.10 %) |
| Q1 2020 | - | - | - |
| Q2 2020 | - | - | - |
| Q3 2020 | - | - | - |
| Q4 2020 | - | - | - |
| 2020 | 10.31 % | 28.95 % | 4.38 % |
| Q1 2021 | - | - | - |
| Q2 2021 | - | - | - |
| Q3 2021 | - | - | - |
| Q4 2021 | 16.23 % | 30.32 % | 10.21 % |
| 2021 | 16.23 % | 30.32 % | 10.21 % |
| Q1 2022 | 17.05 % | 30.51 % | 11.00 % |
| Q2 2022 | 17.14 % | 30.49 % | 11.49 % |
| Q3 2022 | 18.80 % | 31.84 % | 12.31 % |
| Q4 2022 | 17.65 % | 31.48 % | 11.14 % |
| 2022 | 17.65 % | 31.48 % | 11.14 % |
| Q1 2023 | 17.78 % | 31.74 % | 10.56 % |
| Q2 2023 | 17.89 % | 31.85 % | 9.08 % |
| Q3 2023 | 16.43 % | 31.00 % | 7.27 % |
| Q4 2023 | 17.61 % | 32.25 % | 8.23 % |
| 2023 | 17.61 % | 32.25 % | 8.23 % |
| Q1 2024 | 16.40 % | 30.70 % | 7.09 % |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 2014 | - | - | - |
| 2015 | - | - | - |
| 2016 | - | - | - |
| 2017 | 12.40 % | 30.08 % | 5.06 % |
| 2018 | 9.90 % | 26.89 % | 3.25 % |
| 2019 | 8.51 % | 25.89 % | (1.10 %) |
| 2020 | 10.31 % | 28.95 % | 4.38 % |
| 2021 | 16.23 % | 30.32 % | 10.21 % |
| 2022 | 17.65 % | 31.48 % | 11.14 % |
| 2023 | 17.61 % | 32.25 % | 8.23 % |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2015 | - | - | - |
| Q2 2015 | - | - | - |
| Q3 2015 | - | - | - |
| Q4 2015 | - | - | - |
| Q1 2016 | - | - | - |
| Q2 2016 | - | - | - |
| Q3 2016 | - | - | - |
| Q4 2016 | - | - | - |
| Q1 2017 | - | - | - |
| Q2 2017 | - | - | - |
| Q3 2017 | - | - | - |
| Q4 2017 | - | - | - |
| Q1 2018 | - | - | - |
| Q2 2018 | - | - | - |
| Q3 2018 | - | - | - |
| Q4 2018 | - | - | - |
| Q1 2019 | - | - | - |
| Q2 2019 | - | - | - |
| Q3 2019 | - | - | - |
| Q4 2019 | - | - | - |
| Q1 2020 | - | - | - |
| Q2 2020 | - | - | - |
| Q3 2020 | - | - | - |
| Q4 2020 | - | - | - |
| Q1 2021 | 13.25 % | 31.80 % | 6.29 % |
| Q2 2021 | 18.39 % | 33.13 % | 14.09 % |
| Q3 2021 | 18.39 % | 31.96 % | 14.78 % |
| Q4 2021 | 14.51 % | 24.42 % | 5.03 % |
| Q1 2022 | 16.79 % | 32.55 % | 9.78 % |
| Q2 2022 | 18.68 % | 32.93 % | 15.82 % |
| Q3 2022 | 24.36 % | 36.76 % | 17.52 % |
| Q4 2022 | 10.05 % | 23.25 % | 0.62 % |
| Q1 2023 | 17.36 % | 33.69 % | 7.24 % |
| Q2 2023 | 19.17 % | 33.45 % | 10.01 % |
| Q3 2023 | 19.14 % | 33.76 % | 11.06 % |
| Q4 2023 | 14.68 % | 28.18 % | 4.41 % |
| Q1 2024 | 12.46 % | 27.28 % | 2.68 % |
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2015 | - | - | - | - |
| Q2 2015 | - | - | - | - |
| Q3 2015 | - | - | - | - |
| Q4 2015 | - | - | - | - |
| Q1 2016 | - | - | - | - |
| Q2 2016 | - | - | - | - |
| Q3 2016 | - | - | - | - |
| Q4 2016 | - | - | - | - |
| Q1 2017 | - | - | - | - |
| Q2 2017 | - | - | - | - |
| Q3 2017 | - | - | - | - |
| Q4 2017 | - | - | - | - |
| Q1 2018 | - | - | - | - |
| Q2 2018 | - | - | - | - |
| Q3 2018 | - | - | - | - |
| Q4 2018 | - | - | - | - |
| Q1 2019 | - | - | - | - |
| Q2 2019 | - | - | - | - |
| Q3 2019 | - | - | - | - |
| Q4 2019 | - | - | - | - |
| Q1 2020 | - | - | - | - |
| Q2 2020 | - | - | - | - |
| Q3 2020 | - | - | - | - |
| Q4 2020 | - | - | - | - |
| Q1 2021 | 250.00 | - | - | 28.30 |
| Q2 2021 | 250.00 | - | - | 28.61 |
| Q3 2021 | 250.00 | - | - | 29.71 |
| Q4 2021 | 250.00 | 2.53 | 2.53 | 30.20 |
| Q1 2022 | 250.00 | 2.74 | 2.74 | 31.18 |
| Q2 2022 | 250.00 | 2.91 | 2.91 | 31.84 |
| Q3 2022 | 250.00 | 3.17 | 3.17 | 32.32 |
| Q4 2022 | 250.00 | 3.38 | 2.90 | 32.98 |
| Q1 2023 | 250.00 | 3.24 | 2.75 | 32.20 |
| Q2 2023 | 250.00 | 2.83 | 2.34 | 32.96 |
| Q3 2023 | 250.00 | 2.34 | 1.86 | 32.66 |
| Q4 2023 | 250.00 | 2.10 | 2.10 | 32.81 |
| Q1 2024 | 250.00 | 1.85 | 1.85 | 31.91 |
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 2014 | - | - | - | - |
| 2015 | - | - | - | - |
| 2016 | - | - | - | - |
| 2017 | 250.00 | 1.24 | 1.24 | 26.72 |
| 2018 | 250.00 | 0.82 | 0.82 | 27.18 |
| 2019 | 250.00 | 0.79 | (0.27) | 27.35 |
| 2020 | 250.00 | 1.07 | 1.07 | 27.74 |
| 2021 | 250.00 | 2.53 | 2.53 | 30.20 |
| 2022 | 250.00 | 3.38 | 2.90 | 32.98 |
| 2023 | 250.00 | 2.10 | 2.10 | 32.81 |
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2015 | - | - | - |
| Q2 2015 | - | - | - |
| Q3 2015 | - | - | - |
| Q4 2015 | - | - | - |
| Q1 2016 | - | - | - |
| Q2 2016 | - | - | - |
| Q3 2016 | - | - | - |
| Q4 2016 | - | - | - |
| Q1 2017 | - | - | - |
| Q2 2017 | - | - | - |
| Q3 2017 | - | - | - |
| Q4 2017 | - | - | - |
| Q1 2018 | - | - | - |
| Q2 2018 | - | - | - |
| Q3 2018 | - | - | - |
| Q4 2018 | - | - | - |
| Q1 2019 | - | - | - |
| Q2 2019 | - | - | - |
| Q3 2019 | - | - | - |
| Q4 2019 | - | - | - |
| Q1 2020 | - | - | - |
| Q2 2020 | - | - | - |
| Q3 2020 | - | - | - |
| Q4 2020 | - | - | - |
| Q1 2021 | - | - | - |
| Q2 2021 | - | - | - |
| Q3 2021 | - | - | - |
| Q4 2021 | - | - | - |
| Q1 2022 | - | - | - |
| Q2 2022 | - | - | - |
| Q3 2022 | - | - | - |
| Q4 2022 | 13.87 | 16.18 | 1.42 |
| Q1 2023 | 16.62 | 19.54 | 1.67 |
| Q2 2023 | 24.82 | 29.96 | 2.13 |
| Q3 2023 | 26.74 | 33.71 | 1.92 |
| Q4 2023 | 30.81 | 30.81 | 1.97 |
| Q1 2024 | 36.27 | 36.27 | 2.10 |
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| 2014 | - | - | - |
| 2015 | - | - | - |
| 2016 | - | - | - |
| 2017 | - | - | - |
| 2018 | - | - | - |
| 2019 | - | - | - |
| 2020 | - | - | - |
| 2021 | - | - | - |
| 2022 | 13.87 | 16.18 | 1.42 |
| 2023 | 30.81 | 30.81 | 1.97 |
Q1 2024
2024
| Period | Energy Sector | Water | Gas | Jubail Water and Power Company (JWAP) | Marafiq Water and Power Supply Company (Tawreed) | Corporate | elimination | others |
|---|---|---|---|---|---|---|---|---|
| Q1 2021 | 359.14 | 660.66 | 15.03 | 78.32 | 596.47 | 0.09 | (287.55) | - |
| Q2 2021 | 387.13 | 707.24 | 15.53 | 84.36 | 664.85 | 1.47 | (292.48) | - |
| Q3 2021 | 425.62 | 740.57 | 16.48 | 85.92 | 678.37 | 2.17 | (303.64) | - |
| Q4 2021 | 404.37 | 730.73 | 19.25 | 82.19 | 637.43 | 2.17 | (319.62) | - |
| Q1 2022 | 422.47 | 699.21 | 19.92 | 82.99 | 610.77 | 2.12 | (375.45) | - |
| Q2 2022 | 506.43 | 761.20 | 19.07 | 85.11 | 677.69 | 2.16 | (396.15) | - |
| Q3 2022 | 538.69 | 825.26 | 19.44 | 86.55 | 695.61 | 2.19 | (399.78) | - |
| Q4 2022 | 643.70 | 891.32 | 20.68 | 81.87 | 664.86 | 2.19 | (685.01) | - |
| Q1 2023 | 407.84 | 703.03 | 21.43 | 74.96 | 611.50 | 2.15 | (347.72) | - |
| Q2 2023 | 466.92 | 773.84 | 27.12 | 73.51 | 622.61 | 2.09 | (374.27) | - |
| Q3 2023 | 490.70 | 804.65 | 26.89 | 78.11 | 678.79 | 2.07 | (380.17) | - |
| Q4 2023 | 485.25 | 717.45 | 28.44 | 77.00 | 650.37 | 2.07 | (337.27) | - |
| Q1 2024 | 442.04 | 695.25 | 34.41 | 74.84 | 699.50 | 2.05 | (348.88) | - |
| Period | Energy Sector | Water | Gas | Jubail Water and Power Company (JWAP) | Marafiq Water and Power Supply Company (Tawreed) | Corporate | elimination | others |
|---|---|---|---|---|---|---|---|---|
| 2019 | 1,527.60 | 2,793.06 | - | 342.31 | 2,607.09 | 16.06 | (1211.20) | 32.92 |
| 2020 | 1,483.58 | 2,804.47 | 40.08 | 339.03 | 2,595.52 | 38.94 | (1210.05) | - |
| 2021 | 1,576.26 | 2,839.20 | 66.30 | 330.79 | 2,577.13 | 5.89 | (1203.29) | - |
| 2022 | 1,948.65 | 3,048.23 | 79.11 | 336.51 | 2,648.94 | 8.67 | (1565.00) | - |
| 2023 | 1,850.71 | 2,998.97 | 103.87 | 303.58 | 2,563.27 | 8.38 | (1439.44) | - |
| Item | Q1 2024 (e) | Q1 2024 (a) | Change |
|---|---|---|---|
| Average | 101.00 | 42.79 | (57.6 %) |
| Item | Q1 2024 (e) | Q1 2024 (a) | Change |
|---|---|---|---|
| GIB Capital | 92.00 | 42.79 | (53.5) % |
| Riyad Capital | 110.00 | 42.79 | (61.1) % |
| Current | |
| Market Cap (M Riyal) | 15,850.00 |
| Enterprise Value (EV) (M) | 22,418.54 |
| Shares Outstanding ((M)) | 250.00 |
| EPS ( Riyal) (TTM) | 1.85 |
| Book Value (BV) ( Riyal) | 31.91 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 34.32 |
| P/E (TTM) | 34.32 |
| Price/book | 1.99 |
| Return on Average Assets (%) (TTM) | 2.0 |
| Return on Average Equity (%) (TTM) | 5.8 |
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