‎“Marafiq” profits down 39% during Q2, to SR159.3 million ‎

The Electricity and Water Utilities Company in Jubail and Yanbu “Marafiq” revealed a decline in net profit after zakat and tax in the second quarter to 159.4 million riyals, compared to 261.8 million riyals in the same quarter of last year, a decrease of 39.1%. This came after today’s announcement of the preliminary financial results for the period ending on June 30, 2023 (6).

Operational profit amounted to 285 million riyals in the second quarter, compared to 341.6 million riyals in the same quarter of the previous year, a decrease of 16.6%.

The net profit after zakat and tax during the 6-month period amounted to 266.1 million riyals, compared to 404.7 million riyals in the same period last year, a decrease of 34.2%.

The total shareholders’ equity “without minority rights” amounted to 8.2 billion riyals in the current period, compared to 7.9 billion riyals in the same period last year, an increase of 3.53%.

Earnings per share in the current period reached 1.16 riyals, compared to 1.62 riyals in the same period last year.

The reason for the decrease in net profit is due to an increase in financing costs and a decrease in the company’s operating revenues, despite a decrease in the provision for zakat and tax.

The reason for the increase in net profit is due to an increase in the company’s operating revenues and a decrease in the provision for zakat and tax, despite the increase in financing costs.

The reason for the decrease in net profit is also due to an increase in financing costs and a decrease in the company’s operating revenues, despite a decrease in the provision for zakat and tax.

The company said that some comparative numbers have been reclassified to conform to the offer for the current period.