MARAFIQ 9M 2024 profit drops 35% to SAR 294.1M; Q3 at SAR 186M

MARAFIQ 9M 2024 profit drops 35% to SAR 294.1M; Q3 at SAR 186M

30/10/2024 Argaam Exclusive

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The Power and Water Utility Company for Jubail and Yanbu (MARAFIQ) reported a net profit of SAR 294.1 million for the first nine months of 2024, a decline of 35% from SAR 454.2 million in a year earlier period.  



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 4,766.02 5,176.11 8.6 %
Gross Income 886.64 741.15 (16.4 %)
Operating Income 688.48 536.59 (22.1 %)
Net Income 454.16 294.12 (35.2 %)
Average Shares 250.00 250.00 -
EPS (Riyals) 1.82 1.18 (35.2 %)

This was attributed to a 46% leap year-on-year (YoY) in fuel costs used in production processes to SAR 452 million, as well as a decrease in finance income by 36%.

 

However, revenue increased due to higher quantities sold for all the main segments of the company. Finance costs also declined by 6%.

 

Q3 2024 net earnings dropped 1.1% to SAR 186 million from SAR 188.05 million in Q3 2023, mainly due to a 45% increase in fuel costs used in production processes to SAR 162 million.

 

On a quarterly basis, net profit soared 184.6% from SAR 65.34 million in Q2 2024.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 1,701.05 1,856.81 9.2 %
Gross Income 325.63 304.08 (6.6 %)
Operating Income 258.63 257.88 (0.3 %)
Net Income 188.05 185.98 (1.1 %)
Average Shares 250.00 250.00 -
EPS (Riyals) 0.75 0.74 (1.1 %)

Total shareholders’ equity, no minority interest, stood at SAR 8.10 billion as of Sept. 30, compared to SAR 8.16 billion in a prior-year period.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
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 %
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 %)
Q3 2024 1,856.81 9.2 % 304.08 (6.6 %) 257.88 (0.3 %)


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 - - - - - -
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
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
Q1 2024 42.79 (59.9 %) 0.17 - 42.79 0.17
Q2 2024 65.34 (59.0 %) 0.26 - 65.34 0.26
Q3 2024 185.98 (1.1 %) 0.74 - 185.98 0.74

Profitability

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 - - -
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 %
Q2 2023 17.89 % 31.85 % 9.08 %
Q3 2023 16.43 % 31.00 % 7.27 %
Q4 2023 17.61 % 32.25 % 8.23 %
Q1 2024 16.40 % 30.70 % 7.09 %
Q2 2024 15.07 % 29.04 % 5.54 %
Q3 2024 14.40 % 28.30 % 5.38 %


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
Q2 2024 250.00 1.47 1.47 32.20
Q3 2024 250.00 1.46 1.46 32.41

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
Q3 2024 41.15 41.15 1.86

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) -
Q3 2024 512.80 809.70 39.49 76.88 796.58 0.41 (379.05) -

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 81.50 185.98 128.20 %

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
GIB Capital 85.00 185.98 118.8 %
Riyad Capital 78.00 185.98 138.4 %

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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