MARAFIQ Q1 2023 profits down 25% to SAR 106.7 mln

MARAFIQ Q1 2023 profits down 25% to SAR 106.7 mln

04/05/2023 Argaam Exclusive

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Power and Water Utility Company for Jubail and Yanbu (MARAFIQ) reported a 25% drop in Q1 2023 net profit to SAR 106.7 million, from SAR 143 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 1,462.03 1,473.17 0.8 %
Gross Income 245.43 255.82 4.2 %
Operating Income 187.39 196.21 4.7 %
Net Income 142.95 106.72 (25.3 %)
Average Shares 250.00 250.00 -
EPS (Riyals) 0.57 0.43 (25.3 %)

The three-month profit was hurt by an increase in financing costs, despite higher operating revenues, thanks to better sales volumes in most of the company's main sectors.

 

On the other hand, general and administrative expenses declined.

 

Compared to Q4 2022, the first-quarter net profit fell 18.7% from SAR 131.22 million as financing costs and Zakat expenses increased.

 

Shareholders’ equity, no minority interest, rose to SAR 8.05 billion as of March 31, 2023, from SAR 7.79 billion a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 - - - - - -
Q2 2020 - - - - - -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 1,422.17 - 188.38 - 165.63 -
Q2 2021 1,568.12 - 288.33 - 252.04 -
Q3 2021 1,645.48 - 302.68 - 261.47 -
Q4 2021 1,556.52 - 225.90 - 82.41 -
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 %
Q4 2022 1,619.62 4.1 % 162.75 (28.0 %) 70.10 (14.9 %)
Q1 2023 1,473.17 0.8 % 255.82 4.2 % 196.21 4.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 - - - - - -
Q2 2020 - - - - - -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 89.49 - 0.36 - 89.49 0.36
Q2 2021 220.92 - 0.88 - 220.92 0.88
Q3 2021 243.28 - 0.97 - 243.28 0.97
Q4 2021 78.31 - 0.31 - 78.31 0.31
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
Q4 2022 131.22 67.6 % 0.52 121.19 10.03 0.04
Q1 2023 106.72 (25.3 %) 0.43 - 106.72 0.43

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 16.23 % 30.32 % 10.21 %
Q1 2022 17.05 % 30.51 % 11.00 %
Q2 2022 17.14 % 30.49 % 11.49 %
Q3 2022 18.80 % 31.84 % 12.31 %
Q4 2022 17.65 % 31.48 % 11.14 %
Q1 2023 17.78 % 31.74 % 10.56 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 - - - -
Q1 2019 - - - -
Q2 2019 - - - -
Q3 2019 - - - -
Q4 2019 - - - -
Q1 2020 - - - -
Q2 2020 - - - -
Q3 2020 - - - -
Q4 2020 - - - -
Q1 2021 250.00 - - 28.30
Q2 2021 250.00 - - 28.61
Q3 2021 250.00 - - 29.71
Q4 2021 250.00 2.53 2.53 30.20
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
Q4 2022 250.00 3.38 2.90 32.98
Q1 2023 250.00 3.24 2.75 32.20

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 13.87 16.18 1.42
Q1 2023 16.62 19.54 1.67

Business Segments (Million)

Compared With The
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 2021 359.14 660.66 15.03 78.32 596.47 0.09 (287.55) -
Q2 2021 387.13 707.24 15.53 84.36 664.85 1.47 (292.48) -
Q3 2021 425.62 740.57 16.48 85.92 678.37 2.17 (303.64) -
Q4 2021 404.37 730.73 19.25 82.19 637.43 2.17 (319.62) -
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) -
Q4 2022 643.70 891.32 20.68 81.87 664.86 2.19 (685.01) -
Q1 2023 407.84 703.03 21.43 74.96 611.50 2.15 (347.72) -

Analysts Estimates (Million)

Item Q1 2023 (e) Q1 2023 (a) Change‬
Average 247.00 106.72 (56.8 %)

Estimates vs Actual (Million)

Item Q1 2023 (e) Q1 2023 (a) Change
Riyad Capital 247.00 106.72 (56.8) %


Financial Ratios
Current
Market Cap (M Riyal) 13,500.00
Enterprise Value (EV) (M) 19,680.18
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) 36.91
P/E (TTM) 36.91
Price/book 1.67
Return on Average Assets (%) (TTM) 1.6
Return on Average Equity (%) (TTM) 4.5
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Share Price

The Power and Water Utility Company for Jubail and Yanbu
54.00
(1.00) (1.82 %)

The Power and Water Utility Company for Jubail and Yanbu (MARAFIQ)

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