Saudi: Marafiq’s profits fall 35% in 9M-24 initial results

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Power and Water Utility Company for Jubail and Yanbu (Marafiq) generated net profits of SAR 294.12 million in the first nine months (9M) of 2024, an annual plunge of 35.23% from SAR 454.16 million.

Revenues amounted to SAR 5.17 billion in 9M-24, an annual growth of 8.60% from SAR 4.76 billion, according to the initial financial results.

The earnings per share (EPS) plummeted to SAR 1.18 as of 30 September 2024 from SAR 1.82 a year earlier.

Financials for Q3-24

In the third quarter (Q3) of 2024, Marafiq posted a 1.10% year-on-year (YoY) decline in net profit to SAR 185.98 million, compared to SAR 188.05 million.

The company generated revenues valued at SAR 1.85 billion in the July-September 2024 period, an annual rise of 9.15% from SAR 1.70 billion.

Quarterly, the Q3-24 net profits hiked by 184.63% from SAR 65.34 million in Q2-24, while the revenues climbed by 7.94% from SAR 1.72 billion.