Financial Results : MARAFIQ earns SAR 398.2M in 9M 2025; Q3 at SAR 170.7M

MARAFIQ earns SAR 398.2M in 9M 2025; Q3 at SAR 170.7M

04/11/2025 Argaam Exclusive

View other reports

The Power and Water Utility Company for Jubail and Yanbu (MARAFIQ) reported a net profit of SAR 398.2 million for the first nine months of 2025, compared with SAR 387.1 million in the year-earlier period.



Financials (M)

Item 9m 2024 9m 2025 Change‬
Revenues 5,176.11 5,108.71 (1.3 %)
Gross Income 1,192.52 532.59 (55.3 %)
Operating Income 990.63 821.72 (17.1 %)
Net Income 387.06 398.21 2.9 %
Average Shares 250.00 250.00 -
Earnings Per Share before unusual items (Riyals) 1.55 1.59 2.9 %
EPS (Riyal) 1.55 1.59 2.9 %

The annual profit growth was due a 15.1% year-on-year (YoY) rise in revenues of its wholly-owned subsidiary, Tawreed. The water and gas segment’s revenues, in addition, grew by 4.92% YoY. Also lifting the nine-month earnings, finance costs fell by 10.56% YoY.

 

Other operating income moved up 39.22%, reaching SAR 50.9 million by the end of 9M 2025. This was mainly due to the success fees for Al- Haer Independent Sewage Treatment Plant Project.

 

However, the positive performance was offset by a 29.54% increase in fuel costs used in production. Further, power and water procurement expenses grew by 19.29% during the first nine months of this year.



Current Quarter Comparison (M)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Revenues 1,856.81 2,002.11 7.8 %
Gross Income 458.82 365.71 (20.3 %)
Operating Income 413.59 302.17 (26.9 %)
Net Income 225.64 170.67 (24.4 %)
Average Shares 250.00 250.00 -
Earnings Per Share before unusual items (Riyal) 0.90 0.68 (24.4 %)
EPS (Riyal) 0.90 0.68 (24.4 %)

MARAFIQ’s Q3 2025 net earnings, on the other hand, dropped 24.4% to SAR 170.7 million, from SAR 225.6 million in Q3 2024, although revenues advanced by 7.82% YoY.

 

On a quarterly basis, however, the three-month bottom line soared 55.7% from SAR 109.60 million in Q2 2025.

 

Total shareholders’ equity, no minority interest, stood at SAR 5.56 billion as of Sept. 30, 2025, compared to SAR 8.10 billion in the prior-year period.

 

Attached Documents:

 



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 %
Q3 2025 2,002.11 7.8 % 365.71 (20.3 %) 302.17 (26.9 %)


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
Q3 2025 170.67 (24.4 %) 0.68 - 170.67 0.68

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 %
Q3 2025 12.66 % 43.05 % 6.95 %


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
Q3 2025 250.00 0.11 1.89 22.26

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
Q3 2025 More than 100 20.86 1.78

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) -
Q3 2025 570.47 699.18 51.36 - 895.79 8.23 (222.91) -

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 132.00 170.67

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
Riyad Capital 132.00 170.67

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)


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.