Saudi: Marafiq logs $190.06mln profits in 9M-22 interim results

PHOTO

The net profit after Zakat and tax of Power and Water Utility Company for Jubail and Yanbu (Marafiq) reached SAR 714.43 million in the first nine months (9M) of 2022, an annual hike of 21.84% from SAR 586.34 million.

Revenues increased by 5.39% to SAR 4.88 billion during January-September 2022, compared to SAR 4.63 billion in the year-ago period, according to the initial financial results.

The earnings per share (EPS) went up to SAR 2.86 in 9M-22 from SAR 2.35 in 9M-21.

In the third quarter (Q3) of 2022, the Saudi firm generated a SAR 309.66 million net profit after Zakat and tax, higher by 21.23% year-on-year (YoY) than SAR 255.44 million.

Furthermore, the revenues surged by 7.44% YoY to SAR 1.76 billion in Q3-22 from SAR 1.64 billion.

On a quarterly basis, the Q3-22 net profits after Zakat and tax rose by 18.27% from SAR 261.82 million in Q2-22, while the revenues jumped by 6.79% from SAR 1.65 billion.

Marafiq started trading its shares on the Main Market of the Saudi Exchange (Tadawul) on 24 November 2022, after it had obtained the Capital Market Authority’s (CMA) approval in September to list 73.09 million shares.

Last October, the company set the final price for its initial public offering (IPO) on Tadawul at SAR 46 per share.