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MARAFIQ profit plunges 97% to SAR 17.2M in 2024; Q4 loss at SAR 277M on added provisions
03/03/2025
Argaam Exclusive
The Power and Water Utility Company for Jubail and Yanbu (MARAFIQ) reported a net profit of SAR 17.2 million in 2024, a decline of 97% compared to SAR 587 million a year earlier.
Financials (M)
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Revenues | 6,383.33 | 6,883.21 | 7.8 % |
| Gross Income | 1,712.14 | 1,522.64 | (11.1 %) |
| Operating Income | 1,425.18 | 1,222.50 | (14.2 %) |
| Net Income | 587.00 | 17.15 | (97.1 %) |
| Average Shares | 250.00 | 250.00 | - |
| Earnings Per Share before unusual items | 2.35 | 1.85 | (21.1 %) |
| EPS (Riyals) | 2.35 | 0.07 | (97.1 %) |
This was driven a 44% increase year-on-year (YoY) in fuel costs used in the production operations, recording a provision for expected credit loss for trade receivable at SAR 511 million, and a decrease in finance income.
The profit decline was offset by higher revenue from increased sales volumes and a 26% increase YoY in operating income. Zakat provisions decreased by 52.54%.
Current Quarter Comparison (M)
| Item | Q4 2023 | Q4 2024 | Change |
|---|---|---|---|
| Revenues | 1,617.32 | 1,707.10 | 5.6 % |
| Gross Income | 825.51 | 781.49 | (5.3 %) |
| Operating Income | 736.70 | 685.91 | (6.9 %) |
| Net Income | 132.85 | (276.96) | (308.5 %) |
| Average Shares | 250.00 | 250.00 | - |
| Earnings Per Share before unusual items | 0.53 | 0.68 | 27.4 % |
| EPS (Riyals) | 0.53 | (1.11) | (308.5 %) |
MARAFIQ swung to a net loss of SAR 277 million in Q4 2024, versus a net profit of SAR 132.8 million in the year-earlier period.
On a sequential basis, the company turned to losses from net earnings of SAR 185.9 million in Q3 2024.
Total shareholders’ equity, no minority interest, stood at SAR 5.20 billion by Dec. 31, 2024, compared to SAR 5.55 billion a year earlier.
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Share Price
The Power and Water Utility Company for Jubail and Yanbu (MARAFIQ)
| Current | |
| Market Cap (M Riyal) | 10,987.50 |
| Enterprise Value (EV) (M) | 15,642.33 |
| Shares Outstanding ((M)) | 250.00 |
| EPS ( Riyal) (TTM) | 0.07 |
| Book Value (BV) ( Riyal) | 20.90 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 23.71 |
| P/E (TTM) | More than 100 |
| Price/book | 2.10 |
| Return on Average Assets (%) (TTM) | 0.1 |
| Return on Average Equity (%) (TTM) | 0.3 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 1,599.22 | 8.6 % | 199.34 | (22.1 %) | 126.92 | (35.3 %) |
| Q2 2024 | 1,720.09 | 8.1 % | 237.73 | (22.1 %) | 151.79 | (35.0 %) |
| Q3 2024 | 1,856.81 | 9.2 % | 304.08 | (6.6 %) | 257.88 | (0.3 %) |
| Q4 2024 | 1,707.10 | 5.6 % | 781.49 | (5.3 %) | 685.91 | (6.9 %) |
| 2024 | 6,883.21 | 7.8 % | 1,522.64 | (11.1 %) | 1,222.50 | (14.2 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | Earnings Per Share before unusual items |
|---|---|---|---|---|---|---|
| Q1 2024 | 42.79 | (59.9 %) | 0.17 | - | 42.79 | 0.17 |
| Q2 2024 | 65.34 | (59.0 %) | 0.26 | - | 65.34 | 0.26 |
| Q3 2024 | 185.98 | (1.1 %) | 0.74 | - | 185.98 | 0.74 |
| Q4 2024 | (276.96) | (308.5 %) | (1.11) | (446.23) | 169.27 | 0.68 |
| 2024 | 17.15 | (97.1 %) | 0.07 | (446.23) | 463.39 | 1.85 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 25.44 % | 43.85 % | 8.04 % |
| Q2 2024 | 23.93 % | 41.94 % | 6.46 % |
| Q3 2024 | 23.06 % | 40.90 % | 6.28 % |
| Q4 2024 | 22.12 % | 39.54 % | 6.73 % |
| 2024 | 22.12 % | 39.54 % | 6.73 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 250.00 | 2.09 | 2.09 | 31.91 |
| Q2 2024 | 250.00 | 1.72 | 1.72 | 32.20 |
| Q3 2024 | 250.00 | 1.71 | 1.71 | 32.41 |
| Q4 2024 | 250.00 | 0.07 | 1.85 | 20.90 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | 32.02 | 32.02 | 2.10 |
| Q2 2024 | 34.96 | 34.96 | 1.86 |
| Q3 2024 | 35.25 | 35.25 | 1.86 |
| Q4 2024 | More than 100 | 29.57 | 2.62 |
Business Segments (Million)
Q4 2024
| Period | Energy Sector | Water | Gas | Jubail Water and Power Company (JWAP) | Marafiq Water and Power Supply Company (Tawreed) | Corporate | elimination | Sand and white Pebble sales |
|---|---|---|---|---|---|---|---|---|
| Q1 2024 | 442.04 | 695.25 | 34.41 | 74.84 | 699.50 | 2.05 | (348.88) | - |
| Q2 2024 | 492.66 | 751.81 | 29.93 | 73.48 | 736.24 | 5.79 | (369.81) | - |
| Q3 2024 | 512.80 | 809.70 | 39.49 | 76.88 | 796.58 | 0.41 | 1,816.43 | - |
| Q4 2024 | 440.91 | 776.74 | 41.00 | - | 744.50 | 3.09 | (299.14) | - |
Analysts Estimates (Million)
| Item | Q4 2024 (e) | Q4 2024 (net income) | Change |
|---|---|---|---|
| Average | 37.00 | (276.96) | (848.5 %) |
Estimates vs Actual (Million)
| Item | Q4 2024 (e) | Q4 2024 (net income) | Change |
|---|---|---|---|
| GIB Capital | 38.00 | (276.96) | (828.9) % |
| Riyad Capital | 36.00 | (276.96) | (869.3) % |
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