Marafiq Profits rise to SR309.7 mln in Q3, by 21%

The Electricity and Water Utilities Company (Marafiq) in Jubail and Yanbu revealed an increase in net profit after zakat and tax in the third quarter to SR309.6 million, compared to SR255.4 million in the same quarter of last year, at a rate of 21.2%.

This came after announcement on Thursday of the preliminary financial results for the period ending on September 30, 2022. (nine months).

The operational profit amounted to SR424.7 million in the third quarter, compared to SR316.4 million in the same quarter of the previous year, an increase of 34.2%.

The net profit after zakat and tax during the 9-month period amounted to SR714.4 million, compared to SR586.3 million in the same period last year, a growth of 22%.

The gross shareholders’ equity “without minority rights” amounted to SR8.07 billion in the current period, compared to SR7.42 billion in the same period last year, an increase of 8.7%.

Profits per share in the current period reached SR2.86, compared to SR2.35 in the same period last year.

The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:

The reason for the increase in net profit during the current quarter compared to the same quarter of the previous year is due to increase in the company revenues as a result of the increase in the quantities sold for all the main segments of the company, despite of increase in general and administrative expenses, financing costs and the provision for zakat.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is:

The reason for the increase in net profit during the current quarter compared to the previous quarter is due to increase in the company revenues as a result of the increase in the quantities sold for all the main segments of the company in addition to a decrease in cost of revenue, despite of increase in general and administrative expenses, financing costs and the provision for zakat.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is:

The reason for the increase in net profit during the current period compared to the same period of the previous year is due to the increase in the company revenues as a result of the increase in the quantities sold for all the main segments of the company, despite of increase in financing costs and the provision for zakat.