MARAFIQ 9M net profit down 36% to SAR 454.2 mln; Q3 at SAR 188.1 mln
01/11/2023
Argaam Exclusive
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The Power and Water Utility Company for Jubail and Yanbu (MARAFIQ) reported a net profit of SAR 454.2 million for the first nine months of 2023, a decline of 36% from SAR 714.4 million in a year earlier period.
Financials (M)
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 4,885.48 | 4,766.02 | (2.4 %) |
| Gross Income | 985.44 | 886.64 | (10.0 %) |
| Operating Income | 803.72 | 688.48 | (14.3 %) |
| Net Income | 714.43 | 454.16 | (36.4 %) |
| Average Shares | 250.00 | 250.00 | - |
| EPS (Riyals) | 2.86 | 1.82 | (36.4 %) |
This was driven by increased financing costs and lower operating revenue despite decreased Zakat and tax provisions.
Q3 2023 net earnings dropped 39% year-on-year (YoY) to SAR 188.1 million on higher financing costs and lower operating revenues, despite a dip in Zakat and tax provisions.
On a quarterly basis, net profit increased 18% from SAR 159.39 million in Q2 2023.
Compared With The
Current Quarter Comparison (M)
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 1,767.94 | 1,701.05 | (3.8 %) |
| Gross Income | 430.71 | 325.63 | (24.4 %) |
| Operating Income | 360.47 | 258.63 | (28.3 %) |
| Net Income | 309.66 | 188.05 | (39.3 %) |
| Average Shares | 250.00 | 250.00 | - |
| EPS (Riyals) | 1.24 | 0.75 | (39.3 %) |
Total shareholders’ equity, no minority interest, stood at SAR 8.16 billion as of Sept. 30, 2023, compared to SAR 8.07 billion in a prior-year period.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2023 | 1,473.17 | 0.8 % | 255.82 | 4.2 % | 196.21 | 4.7 % |
| Q2 2023 | 1,591.80 | (3.8 %) | 305.20 | (1.3 %) | 233.64 | (8.7 %) |
| Q3 2023 | 1,701.05 | (3.8 %) | 325.63 | (24.4 %) | 258.63 | (28.3 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2023 | 106.72 | (25.3 %) | 0.43 | - | 106.72 | 0.43 |
| Q2 2023 | 159.39 | (39.1 %) | 0.64 | - | 159.39 | 0.64 |
| Q3 2023 | 188.05 | (39.3 %) | 0.75 | - | 188.05 | 0.75 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | 17.78 % | 31.74 % | 10.56 % |
| Q2 2023 | 17.89 % | 31.85 % | 9.08 % |
| Q3 2023 | 16.43 % | 31.00 % | 7.27 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2023 | 250.00 | 3.24 | 2.75 | 32.20 |
| Q2 2023 | 250.00 | 2.83 | 2.34 | 32.96 |
| Q3 2023 | 250.00 | 2.34 | 1.86 | 32.66 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | 16.62 | 19.54 | 1.67 |
| Q2 2023 | 24.82 | 29.96 | 2.13 |
| Q3 2023 | 26.74 | 33.71 | 1.92 |
Business Segments (Million)
Q3 2023
| 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 2023 | 407.84 | 703.03 | 21.43 | 74.96 | 611.50 | 2.15 | (347.72) | - |
| Q2 2023 | 466.92 | 773.84 | 27.12 | 73.51 | 622.61 | 2.09 | (374.27) | - |
| Q3 2023 | 490.70 | 804.65 | 26.89 | 78.11 | 678.79 | 2.07 | (380.17) | - |
Analysts Estimates (Million)
| Item | Q3 2023 (e) | Q3 2023 (a) | Change |
|---|---|---|---|
| Average | 224.00 | 188.05 | (16.0 %) |
Estimates vs Actual (Million)
| Item | Q3 2023 (e) | Q3 2023 (a) | Change |
|---|---|---|---|
| Riyad Capital | 224.00 | 188.05 | (16.0) % |
| 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 |
Share Price
The Power and Water Utility Company for Jubail and Yanbu (MARAFIQ)
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