MARAFIQ profits shrink to SAR107 mln during 1Q by 25%

The net profit of Power and Water Utility Company for Jubail and Yanbu, after zakat and tax, decreased to SAR 107 million during the first quarter, compared to SAR 143 million in the same quarter of last year, a decrease of 25%. This came after an announcement on Thursday of the interim financial results for the period ending on 31.03.2023 (3 Months).

The total operating profit amounted to SAR 234 million in the first quarter, compared to SAR 216 million in the same quarter of the previous year, an increase of 8%.

The total profit amounted to SAR 256 million in the first quarter, compared to SAR 245 million in the same quarter of the previous year, an increase of 4%.

Profit per share in the current period is SAR 0.43, compared to SAR 0.57 in the same period last year.

The reason for the decrease in net profit is due to an increase in financing costs, despite the increase in the company’s operating revenues as a result of the increase in the quantities sold in most of the company’s main sectors.

The reason for the decrease in net profit is due to an increase in financing costs and zakat expenses, in addition to a decrease in the company’s operating revenues as a result of a decrease in the quantities sold in most of the company’s sectors, despite a decrease in general and administrative expenses.

The company stated that certain prior period figures have been re-classified to conform with the presentation in the current period.