Saudi: Marafiq’s net profits near $28.53mln in Q1-23

Riyadh: The net profits after zakat and tax of Power and Water Utility Company for Jubail and Yanbu (Marafiq) stood at SAR 106.72 million in the first quarter (Q1) of 2023.

The registered profits were lower by 25.34% year-on-year (YoY) than SAR 142.95 million, according to interim financial results.

Revenues edged up by 0.76% to SAR 1.47 billion in Q1-23 from SAR 1.46 billion in the year-ago period.

The earnings per share (EPS) decreased to SAR 0.43 as of 31 March 2023 from SAR 0.57 in Q1-22.

On a quarterly basis, the Q1-23 net profits after Zakat and tax shrank by 18.67% from SAR 131.22 million in Q4-22, while the revenues dropped by 9.04% from SAR 1.61 billion.

In the January-December 2022 period, Marafiq logged net profits after Zakat and tax valued at SAR 845.65 million, an annual hike of 27.23% from SAR 664.65 million.

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