MARAFIQ Q1 2024 profit drops 60% to SAR 42.8M

02/05/2024 Argaam Exclusive

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Power and Water Utility Company for Jubail and Yanbu (MARAFIQ) reported a 60% drop in Q1 2024 net profit to SAR 42.8 million, from SAR 106.7 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	1,473.17	1,599.22	8.6 %
Gross Income	255.82	199.34	(22.1 %)
Operating Income	196.21	126.92	(35.3 %)
Net Income	106.72	42.79	(59.9 %)
Average Shares	250.00	250.00	-
EPS (Riyals)	0.43	0.17	(59.9 %)

Item	Q4 2023	Q1 2024	Change‬
Revenues	1,623.32	1,599.22	(1.5 %)
Gross Income	238.25	199.34	(16.3 %)
Operating Income	144.38	126.92	(12.1 %)
Net Income	71.64	42.79	(40.3 %)
Average Shares	250.00	250.00	-
EPS (Riyals)	0.29	0.17	(40.3 %)

The three-month profit was hurt by a 43% increase year-on-year (YoY) in the fuel cost used in production, as well as a 10% YoY rise in the cost of water, power, and gas purchased for resale.

However, revenues grew by 8.6% YoY, while Zakat and income tax provision dropped by 35% YoY.

Compared to Q4 2023, the first-quarter net profit fell 40.3% from SAR 71.64 million as revenues fell by 1.5% quarter-on-quarter and the fuel cost used in production dropped by 33%.

Shareholders’ equity, no minority interest, declined to SAR 7.97 billion as of March 31, 2024, from SAR 8.05 billion a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	6,154.39	-	763.19	-	628.83	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	6,270.54	1.9 %	620.52	(18.7 %)	372.78	(40.7 %)
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	6,107.84	(2.6 %)	519.66	(16.3 %)	283.20	(24.0 %)
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	6,091.56	(0.3 %)	628.27	20.9 %	478.47	69.0 %
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	-
2021	6,192.29	1.7 %	1,005.29	60.0 %	761.56	59.2 %
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 %)
2022	6,505.09	5.1 %	1,148.20	14.2 %	873.81	14.7 %
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 %)
Q4 2023	1,623.32	0.2 %	238.25	46.4 %	144.38	106.0 %
2023	6,389.33	(1.8 %)	1,124.89	(2.0 %)	832.85	(4.7 %)
Q1 2024	1,599.22	8.6 %	199.34	(22.1 %)	126.92	(35.3 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	6,154.39	-	763.19	-	628.83	-
2018	6,270.54	1.9 %	620.52	(18.7 %)	372.78	(40.7 %)
2019	6,107.84	(2.6 %)	519.66	(16.3 %)	283.20	(24.0 %)
2020	6,091.56	(0.3 %)	628.27	20.9 %	478.47	69.0 %
2021	6,192.29	1.7 %	1,005.29	60.0 %	761.56	59.2 %
2022	6,505.09	5.1 %	1,148.20	14.2 %	873.81	14.7 %
2023	6,389.33	(1.8 %)	1,124.89	(2.0 %)	832.85	(4.7 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	311.13	-	1.24	-	311.13	1.24
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	203.97	(34.4 %)	0.82	-	203.97	0.82
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	198.27	(2.8 %)	0.79	265.48	(67.21)	(0.27)
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	266.93	34.6 %	1.07	-	266.93	1.07
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
2021	632.00	136.8 %	2.53	-	632.00	2.53
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
2022	845.65	33.8 %	3.38	121.19	724.46	2.90
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
Q4 2023	71.64	(45.4 %)	0.29	-	71.64	0.29
2023	525.80	(37.8 %)	2.10	-	525.80	2.10
Q1 2024	42.79	(59.9 %)	0.17	-	42.79	0.17

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	311.13	-	1.24	-	311.13	1.24
2018	203.97	(34.4 %)	0.82	-	203.97	0.82
2019	198.27	(2.8 %)	0.79	265.48	(67.21)	(0.27)
2020	266.93	34.6 %	1.07	-	266.93	1.07
2021	632.00	136.8 %	2.53	-	632.00	2.53
2022	845.65	33.8 %	3.38	121.19	724.46	2.90
2023	525.80	(37.8 %)	2.10	-	525.80	2.10

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	12.40 %	30.08 %	5.06 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	9.90 %	26.89 %	3.25 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	8.51 %	25.89 %	(1.10 %)
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	10.31 %	28.95 %	4.38 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	16.23 %	30.32 %	10.21 %
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 %
2022	17.65 %	31.48 %	11.14 %
Q1 2023	17.78 %	31.74 %	10.56 %
Q2 2023	17.89 %	31.85 %	9.08 %
Q3 2023	16.43 %	31.00 %	7.27 %
Q4 2023	17.61 %	32.25 %	8.23 %
2023	17.61 %	32.25 %	8.23 %
Q1 2024	16.40 %	30.70 %	7.09 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	12.40 %	30.08 %	5.06 %
2018	9.90 %	26.89 %	3.25 %
2019	8.51 %	25.89 %	(1.10 %)
2020	10.31 %	28.95 %	4.38 %
2021	16.23 %	30.32 %	10.21 %
2022	17.65 %	31.48 %	11.14 %
2023	17.61 %	32.25 %	8.23 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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	13.25 %	31.80 %	6.29 %
Q2 2021	18.39 %	33.13 %	14.09 %
Q3 2021	18.39 %	31.96 %	14.78 %
Q4 2021	14.51 %	24.42 %	5.03 %
Q1 2022	16.79 %	32.55 %	9.78 %
Q2 2022	18.68 %	32.93 %	15.82 %
Q3 2022	24.36 %	36.76 %	17.52 %
Q4 2022	10.05 %	23.25 %	0.62 %
Q1 2023	17.36 %	33.69 %	7.24 %
Q2 2023	19.17 %	33.45 %	10.01 %
Q3 2023	19.14 %	33.76 %	11.06 %
Q4 2023	14.68 %	28.18 %	4.41 %
Q1 2024	12.46 %	27.28 %	2.68 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q2 2023	250.00	2.83	2.34	32.96
Q3 2023	250.00	2.34	1.86	32.66
Q4 2023	250.00	2.10	2.10	32.81
Q1 2024	250.00	1.85	1.85	31.91

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	250.00	1.24	1.24	26.72
2018	250.00	0.82	0.82	27.18
2019	250.00	0.79	(0.27)	27.35
2020	250.00	1.07	1.07	27.74
2021	250.00	2.53	2.53	30.20
2022	250.00	3.38	2.90	32.98
2023	250.00	2.10	2.10	32.81

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q2 2023	24.82	29.96	2.13
Q3 2023	26.74	33.71	1.92
Q4 2023	30.81	30.81	1.97
Q1 2024	36.27	36.27	2.10

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	13.87	16.18	1.42
2023	30.81	30.81	1.97

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)	-
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)	-
Q4 2023	485.25	717.45	28.44	77.00	650.37	2.07	(337.27)	-
Q1 2024	442.04	695.25	34.41	74.84	699.50	2.05	(348.88)	-

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
2019	1,527.60	2,793.06	-	342.31	2,607.09	16.06	(1211.20)	32.92
2020	1,483.58	2,804.47	40.08	339.03	2,595.52	38.94	(1210.05)	-
2021	1,576.26	2,839.20	66.30	330.79	2,577.13	5.89	(1203.29)	-
2022	1,948.65	3,048.23	79.11	336.51	2,648.94	8.67	(1565.00)	-
2023	1,850.71	2,998.97	103.87	303.58	2,563.27	8.38	(1439.44)	-

Analysts Estimates (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change‬
Average	101.00	42.79	(57.6 %)

Estimates vs Actual (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change
GIB Capital	92.00	42.79	(53.5) %
Riyad Capital	110.00	42.79	(61.1) %

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

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

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MARAFIQ Q1 2024 profit drops 60% to SAR 42.8M

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

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

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MARAFIQ Q1 2024 profit drops 60% to SAR 42.8M

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

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

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Business Segments (Million)