MARAFIQ H1 2024 profit falls 59% to SAR 108.1M; Q2 at SAR 65.3M

01/08/2024 Argaam Exclusive

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The Power and Water Utility Company for Jubail and Yanbu (MARAFIQ) reported a net profit of SAR 108.1 million in H1 2024, a decline of 59% from SAR 266.1 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	3,064.97	3,319.31	8.3 %
Gross Income	561.01	437.07	(22.1 %)
Operating Income	429.85	278.71	(35.2 %)
Net Income	266.11	108.13	(59.4 %)
Average Shares	250.00	250.00	-
Earnings Per Share before unusual items	1.06	0.43	(59.4 %)
EPS (Riyals)	1.06	0.43	(59.4 %)

The profit decline was due to increased fuel costs used in production processes by 46.62% year-on-year (YoY), as well as a fall in finance income by 33.73% YoY. Other operating income also dropped by 15.37% YoY.

However, revenues grew by 8.30% YoY on an increase in the quantities sold for all the main segments of the company due to improved demand. Finance costs, as well as Zakat and income tax provision dropped by 4.63% and 21.78%, respectively.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	1,591.80	1,720.09	8.1 %
Gross Income	305.20	237.73	(22.1 %)
Operating Income	233.64	151.79	(35.0 %)
Net Income	159.39	65.34	(59.0 %)
Average Shares	250.00	250.00	-
Earnings Per Share before unusual items	0.64	0.26	(59.0 %)
EPS (Riyals)	0.64	0.26	(59.0 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	1,599.22	1,720.09	7.6 %
Gross Income	199.34	237.73	19.3 %
Operating Income	126.92	151.79	19.6 %
Net Income	42.79	65.34	52.7 %
Average Shares	250.00	250.00	-
Earnings Per Share before unusual items	0.17	0.26	52.7 %
EPS (Riyals)	0.17	0.26	52.7 %

The company reported a net profit of SAR 65.3 million in Q2 2024, falling 59% from SAR 159.39 million a year earlier.

Meanwhile, the second-quarter earnings leapt 52.7% from SAR 42.79 million in Q1 2024.

Total shareholders’ equity, no minority interest, stood at SAR 8.04 billion as of June 30, 2024, compared to SAR 8.24 billion in a prior-year period.

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Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share 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	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
Q2 2024	65.34	(59.0 %)	0.26	-	65.34	0.26

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual 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

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 %)
Q2 2024	1,720.09	8.1 %	237.73	(22.1 %)	151.79	(35.0 %)

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 %)

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 %
Q2 2024	15.07 %	29.04 %	5.54 %

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 %
Q2 2024	13.82 %	26.84 %	3.80 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (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
Q2 2024	250.00	1.47	1.47	32.20

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (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
Q2 2024	40.78	40.78	1.86

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)	-
Q2 2024	492.66	751.81	29.93	73.48	736.24	5.79	(369.81)	-

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	Q2 2024 (e)	Q2 2024 (a)	Change‬
Average	98.00	65.34	(33.3 %)

Estimates vs Actual (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change
Riyad Capital	91.00	65.34	(39.3) %
GIB Capital	99.00	65.34	(51.5) %
Hermes	104.00	65.34	(59.2) %

Financial Ratios

	Current
Market Cap (M Riyal)	12,225.00
Enterprise Value (EV) (M)	18,405.18
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)	33.42
P/E (TTM)	33.42
Price/book	1.51
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 H1 2024 profit falls 59% to SAR 108.1M; Q2 at SAR 65.3M

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Financials (M)

Current Quarter Comparison (M)

Profit Performance (Million)

Profit Performance (Million)

Financial results (Million)

Financial results (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 Q2

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 H1 2024 profit falls 59% to SAR 108.1M; Q2 at SAR 65.3M

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Financials (M)

Current Quarter Comparison (M)

Profit Performance (Million)

Profit Performance (Million)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

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)