Financial Results : MARAFIQ earns SAR 227.5M in H1 2025, SAR 109.6M in Q2

MARAFIQ earns SAR 227.5M in H1 2025, SAR 109.6M in Q2

05/08/2025 Argaam Exclusive

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The Power and Water Utility Company for Jubail and Yanbu (MARAFIQ) reported a net profit of SAR 227.5 million in H1 2025, up from SAR 161.4 million in the year-earlier period.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Revenues 3,319.31 3,106.60 (6.4 %)
Gross Income 733.70 166.88 (77.3 %)
Operating Income 577.04 519.55 (10.0 %)
Net Income 161.42 227.54 41.0 %
Average Shares 250.00 250.00 -
Earnings Per Share before unusual items (Riyals) 0.65 0.91 41.0 %
EPS (Riyal) 0.65 0.91 41.0 %

The profit increase was driven by the net positive impact of revenue adjustments and the reversal of a provision for impairment loss on trade receivables related to the high-intensity tariff.

 

MARAFIQ also recorded a 10.66% decrease in finance costs, amounting to SAR 56.78 million, and a 55.33% increase in other operating income, reaching SAR 42.21 million. The rise in other income was attributed to success fees from the Al-Haer Independent Sewage Treatment Plant Project.

 

Additionally, MARAFIQ saw a decrease in Zakat and income tax provisions by 84.97%, amounting to SAR 18.30 million, and an increase in finance income by 6.09%, or SAR 2.05 million.

 

The positive impact was partially offset by higher fuel costs used in production and higher power and water purchases.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Revenues 1,720.09 1,402.66 (18.5 %)
Gross Income 389.11 (151.73) (139.0 %)
Operating Income 303.85 310.48 2.2 %
Net Income 93.08 109.60 17.7 %
Average Shares 250.00 250.00 -
Earnings Per Share before unusual items (Riyal) 0.37 0.44 17.7 %
EPS (Riyal) 0.37 0.44 17.7 %

The company reported a net profit of SAR 109.6 million in Q2 2025, rising 17.7% from SAR 93.08 million a year earlier.

 

On the other hand, the second-quarter earnings fell 7.1% from SAR 117.94 million in Q1 2025.

 

Total shareholders’ equity, no minority interest, stood at SAR 5.42 billion as of June 30, 2025, compared to SAR 5.45 billion in a prior-year period.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 1,422.17 - 188.38 - 165.63 -
Q2 2021 1,568.12 - 288.33 - 252.04 -
Q3 2021 1,645.48 - 302.68 - 261.47 -
Q4 2021 1,556.52 - 225.90 - 82.41 -
Q1 2022 1,462.03 2.8 % 245.43 30.3 % 187.39 13.1 %
Q2 2022 1,655.51 5.6 % 309.30 7.3 % 255.86 1.5 %
Q3 2022 1,767.94 7.4 % 430.71 42.3 % 360.47 37.9 %
Q4 2022 1,619.62 4.1 % 162.75 (28.0 %) 70.10 (14.9 %)
Q1 2023 1,473.17 0.8 % 255.82 4.2 % 196.21 4.7 %
Q2 2023 1,591.80 (3.8 %) 305.20 (1.3 %) 233.64 (8.7 %)
Q3 2023 1,701.05 (3.8 %) 325.63 (24.4 %) 258.63 (28.3 %)
Q4 2023 1,617.32 (0.1 %) 825.51 407.2 % 736.70 951.0 %
Q1 2024 1,599.22 8.6 % 344.60 34.7 % 273.18 39.2 %
Q2 2024 1,720.09 8.1 % 389.11 27.5 % 303.85 30.1 %
Q3 2024 1,856.81 9.2 % 458.82 40.9 % 413.59 59.9 %
Q4 2024 1,707.10 5.6 % 330.12 (60.0 %) 281.47 (61.8 %)
Q1 2025 1,703.95 6.5 % 318.61 (7.5 %) 328.60 20.3 %
Q2 2025 1,402.66 (18.5 %) (151.73) (139.0 %) 310.48 2.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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 89.49 - 0.36 - 89.49 0.36
Q2 2021 220.92 - 0.88 - 220.92 0.88
Q3 2021 243.28 - 0.97 - 243.28 0.97
Q4 2021 78.31 - 0.31 - 78.31 0.31
Q1 2022 142.95 59.7 % 0.57 - 142.95 0.57
Q2 2022 261.82 18.5 % 1.05 - 261.82 1.05
Q3 2022 309.66 27.3 % 1.24 - 309.66 1.24
Q4 2022 131.22 67.6 % 0.52 121.19 10.03 0.04
Q1 2023 106.72 (25.3 %) 0.43 - 106.72 0.43
Q2 2023 159.39 (39.1 %) 0.64 - 159.39 0.64
Q3 2023 188.05 (39.3 %) 0.75 - 188.05 0.75
Q4 2023 132.85 1.2 % 0.53 - 132.85 0.53
Q1 2024 68.34 (36.0 %) 0.27 - 68.34 0.27
Q2 2024 93.08 (41.6 %) 0.37 - 93.08 0.37
Q3 2024 225.64 20.0 % 0.90 - 225.64 0.90
Q4 2024 (370.73) (379.1 %) (1.48) (446.23) 75.50 0.30
Q1 2025 117.94 72.6 % 0.47 - 117.94 0.47
Q2 2025 109.60 17.7 % 0.44 - 109.60 0.44

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 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 %
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 26.82 % 45.66 % 9.20 %
Q1 2024 27.67 % 47.10 % 8.43 %
Q2 2024 28.40 % 48.34 % 7.27 %
Q3 2024 29.71 % 50.34 % 7.65 %
Q4 2024 22.12 % 42.98 % 6.72 %
2024 22.12 % 39.54 % 6.73 %
Q1 2025 21.42 % 43.27 % 7.33 %
Q2 2025 14.33 % 45.55 % 7.93 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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 2.35 2.35 22.21
Q1 2024 250.00 2.19 2.19 21.41
Q2 2024 250.00 1.93 1.93 21.81
Q3 2024 250.00 2.08 2.08 22.17
Q4 2024 250.00 0.07 1.85 20.90
Q1 2025 250.00 0.26 2.05 21.27
Q2 2025 250.00 0.33 2.11 21.69

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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 27.60 27.60 2.92
Q1 2024 30.53 30.53 3.13
Q2 2024 31.10 31.10 2.75
Q3 2024 28.95 28.95 2.72
Q4 2024 More than 100 29.62 2.62
Q1 2025 More than 100 22.41 2.16
Q2 2025 More than 100 20.42 1.99

Business Segments (Million)

Compared With The
Period Energy Sector Water Gas Jubail Water and Power Company (JWAP) Marafiq Water and Power Supply Company (Tawreed) Corporate elimination Other---
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 479.40 717.58 28.44 - 650.37 2.07 (260.54) -
Q1 2024 442.04 601.13 34.41 - 699.50 2.05 (179.91) -
Q2 2024 492.66 650.04 29.93 - 736.24 5.79 (194.57) -
Q3 2024 512.80 699.83 39.49 - 796.58 0.41 (192.30) -
Q4 2024 440.91 776.74 41.00 - 744.50 3.09 (299.14) -
Q1 2025 424.07 626.73 50.11 - 791.86 4.65 (193.48) -
Q2 2025 24.14 655.50 50.88 - 857.03 19.23 (204.12) -

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 84.00 109.60

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
Riyad Capital 88.00 109.60
GIB Capital 80.00 109.60

Current
Market Cap (M Riyal) 9,365.01
Enterprise Value (EV) (M Riyal) 13,616.70
Shares Outstanding ((M)) 250.00
EPS ( Riyal) (TTM) 0.11
Book Value (BV) ( Riyal) 22.26
Par Value ( Riyal) 10.00
Recurring P/E 19.77
P/E (TTM) More than 100
Price/book 1.68
Return on Average Assets (%) (TTM) 0.1
Return on Average Equity (%) (TTM) 0.5
EV/adj EBITDA 4.64
EV/Revenues 2.00

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


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