Riyadh – Mubasher: The net profit of Power and Water Utility Company for Jubail and Yanbu (Marafiq) dropped 37.82% YoY to SAR 525.79 million in 2023 from SAR 845.65 million a year earlier.
The company’s revenues shrank 1.78% YoY to SAR 6.38 billion last year from SAR 6.50 billion in 2022, according to the annual financial results.
The earnings per share (EPS) reached SAR 2.10 in the 12-month period that ended on 31 December 2023, down from SAR 3.38 the year before.
Cash Dividends
Marafiq’s board of directors approved the distribution of SAR 275 million in cash dividends for the second half (H2) of 2023.
Dividends will be distributed on 250 million eligible shares at a rate of SAR 1.1 per share.
Eligibility will be for who holds the share until 17 March and the disbursement date will be on 27 March.
Mohammed Berki Al-Zuabi, CEO of Marafiq, said: “All activities in all the sectors of the company continued to meet all the needs of industrial and individual customers in the main industrial cities under Royal Commission for Jubail and Yanbu with high efficiency.”
“To mitigate the financial impact of increasing financing costs, the Company made an early repayment of SAR 500 million as part of its existing loans, which helped to reduce its financing costs,” Al-Zuabi added.
Marafiq logged a SAR 454.16 million in net profit during the first nine months (9M) of 2023, down from SAR 714.43 million the year before.
