Marafiq’s Quarterly Profits Decline by 39.3% to SAR 188 Million
Marafiq, the electricity and water utility company in Jubail and Yanbu, reported a 39.27% decrease in net profit for Q3. The profit fell to SAR 188.05 million from SAR 309.66 million in the same quarter last year.
Despite the annual drop, the company’s net profit rose by 17.98% compared to Q2 of this year, which saw a net profit of SAR 159.39 million.
Reasons Behind the Decline
According to the company’s statement to the Saudi Stock Exchange (Tadawul), theprofit decrease in Q3 is due to higher financing costs and a drop in operational revenues. However, there was a decrease in provisions for zakat and taxes.
Marafiq’s net profit for the first nine months of the year also declined by 36.43% to SAR 454.16 million, compared to SAR 714.43 million in the same period last year.
Marafiq at a Glance
Founded on 18 October 2000 (22 Rajab 1421 Hijra) through Royal Decree M/29, Marafiq operates as a joint-stock company. Its ownership is divided among four principal shareholders: the Royal Commission for Jubail and Yanbu (RC), Saudi Basic Industries Corporation (SABIC), Saudi Arabian Oil Company (Saudi Aramco), and the Public Investment Fund (PIF).