Riyadh – Mubasher: Power and Water Utility Company for Jubail and Yanbu (Marafiq) recorded 59.36% year-on-year (YoY) lower net profits at SAR 108.13 million during the first half (H1) of 2024, compared to SAR 266.11 million.
The revenues amounted to SAR 3.31 billion in H1-24, an annual growth of 8.29% from SAR 3.06 billion, according to the initial financial results.
Earnings per share (EPS) plummeted to SAR 0.43 as of 30 June 2024 from SAR 1.06 in the year-ago period.
Financials for Q2-24
In the second quarter (Q2) of 2024, the net profits reached SAR 65.34 million, down 59% YoY from SAR 159.39 million.
Revenues increased by 10.97% to SAR 1.72 billion in the three-month period that ended on 30 June 2024 from SAR 1.59 billion in Q2-23.
Quarter-on-quarter (QoQ), the net profits in Q2-24 hiked by 52.69% from SAR 42.79 million in Q1-24, while the revenues climbed by 7.55% from SAR 1.599 billion.
The CEO of Marafiq, Mohammed bin Berki Al Zuabi, said: “Despite all the challenges the company faces and their impact on rising costs of revenue, the company managed to maintain a positive net profit of SR 65 million.”
“This is attributed to the improvement in second-quarter revenue by 8%, due to increased demand across all the main sectors of the company, as well as an increase in the number of customers in Yanbu Industrial City,” Al Zuabi highlighted.
Dividends
The board members of Marafiq agreed to distribute cash dividends amounting to SAR 87.50 million for H1-24.
The Tadawul-listed firm will pay a dividend of SAR 0.35 per share for 250 million eligible shares.
Eligibility and disbursement dates for the dividends will be 19 August and 5 September 2024, respectively.
