Riyadh – Mubasher: Power and Water Utility Company for Jubail and Yanbu (Marafiq) logged net profits amounting to SAR 17.15 million in 2024, down 97.08 % from SAR 587 million in 2023.
Marafiq generated 7.83% year-on-year (YoY) higher revenues at SAR 6.88 billion in 2024, compared to SAR 6.38 billion, according to the financial results.
The earnings per share (EPS) plunged to SAR 0.07 last year from SAR 2.35 in 2023.
Mohammed Berki Al Zuabi, CEO of Marafiq, commented: “The company achieved a 7.83% growth in its revenues compared to 2023, which positively contributed to mitigating the effects of rising fuel prices and additional provisions related to revenue discrepancies due to the electricity consumption tariff for high-demand users.”
“As a result, the company recorded a positive net income of SAR 17.15 million. However, due to the financial challenges, no cash dividends have been approved for the second half of 2024,” Al Zuabi mentioned.
In the first nine months (9M) of 2024, Marafiq recorded SAR 294.12 million in net profit, lower by 35.23% YoY than SAR 454.16 million.
