MARAFIQ posts 22% rise in 9M 2022 profit to SAR 714.4 mln; Q3 at SAR 309.7 mln
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Power and Utility Company for Jubail and Yanbu (MARAFIQ) reported a 22% jump in net profit after Zakat and tax to SAR 714.4 million in the first nine months of 2022, from SAR 586.3 million a year earlier.
Financials (M)
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 4,635.77 | 4,885.48 | 5.4 % |
| Gross Income | 779.39 | 985.44 | 26.4 % |
| Operating Income | 679.15 | 803.72 | 18.3 % |
| Net Income | 553.69 | 714.43 | 29.0 % |
| Average Shares | 250.00 | 250.00 | - |
| EPS (Riyals) | 2.21 | 2.86 | 29.0 % |
The profit rise was spurred by higher revenue, thanks to increased sales volumes in the company’s main segments. On the other hand, the profit growth was offset by higher finance costs and Zakat provision.
Current Quarter Comparison (M)
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 1,645.48 | 1,767.94 | 7.4 % |
| Gross Income | 302.68 | 430.71 | 42.3 % |
| Operating Income | 261.47 | 360.47 | 37.9 % |
| Net Income | 243.28 | 309.66 | 27.3 % |
| Average Shares | 250.00 | 250.00 | - |
| EPS (Riyals) | 0.97 | 1.24 | 27.3 % |
In Q3 2022, net profit after Zakat and tax climbed 21% to SAR 309.7 million, from SAR 255.44 million in the prior-year period, thanks to better revenue amid higher sales volumes in all main segments.
Compared to the previous quarter, the utility’s net profit grew by 18.3% from SAR 261.8 million.
Shareholders’ equity, after minority interest, reached SAR 8.079 billion as of Sept. 30, 2022, up from SAR 7.426 billion a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2022 | 17.05 % | 30.51 % | 11.00 % |
| Q2 2022 | 17.14 % | 30.49 % | 11.49 % |
| Q3 2022 | 18.80 % | 31.84 % | 12.31 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | - | - | - |
| Q2 2022 | - | - | - |
| Q3 2022 | - | - | - |
Business Segments (Million)
Q3 2022
| Period | Energy Sector | Water | Gas | Jubail Water and Power Company (JWAP) | Marafiq Water and Power Supply Company (Tawreed) | Corporate | elimination | Sand and white Pebble sales |
|---|---|---|---|---|---|---|---|---|
| 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) | - |
| Current | |
| Market Cap (M Riyal) | 13,325.00 |
| Enterprise Value (EV) (M) | 19,505.18 |
| Shares Outstanding ((M)) | 250.00 |
| EPS ( Riyal) (TTM) | 1.46 |
| Book Value (BV) ( Riyal) | 32.41 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 36.43 |
| P/E (TTM) | 36.43 |
| Price/book | 1.64 |
| Return on Average Assets (%) (TTM) | 1.6 |
| Return on Average Equity (%) (TTM) | 4.5 |
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