Riyadh – Power and Water Utility Company for Jubail and Yanbu (Marafiq) recorded net profits after Zakat and tax worth SAR 266.11 million in the first half (H1) of 2023, an annual drop of 34.26% from SAR 404.77 million.

Marafiq posted revenues valued at SAR 3.06 billion in H1-23, down 1.69% year-on-year (YoY) from SAR 3.11 billion, according to interim financial results.

Earnings per share (EPS) hit SAR 1.06 in the first six months (6M) of 2023, versus SAR 1.62 in H1-22.

Income Statements for Q2-23

During the second quarter (Q2) of 2023, the Saudi firm achieved 39.12% lower net profits after Zakat and tax at SAR 159.39 million, compared to SAR 261.82 million in the year-ago period.

Revenues stood at SAR 1.59 billion in the April-June 2023 period, marking a 3.85% YoY decline from SAR 1.65 billion.

On a quarterly basis, the Q2-23 net profits hiked by 49.35% from SAR 106.72 million in Q1-23, while the revenues increased by 8.05% from SAR 1.47 billion.

Dividends for H1-23

The company’s board members greenlighted cash dividends amounting to SAR 275 million for H1-23.

Accounting for 11% of the share nominal value, a dividend of SAR 1.10 per share will be disbursed among 250 million eligible shares.

The eligibility and payment dates for the dividends will be 13 and 30 August 2023, respectively.

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