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MARAFIQ 2022 net profit rises 34% to SAR 845.7 mln, Q4 at SAR 131.2 mln
02/03/2023
Argaam Exclusive
Power and Utility Company for Jubail and Yanbu (MARAFIQ) reported a 34% rise in net profit after Zakat and tax to SAR 845.7 million in 2022, from SAR 632 million a year earlier, as revenues grew on higher sales volumes despite an increase in financing costs.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 6,192.29 | 6,505.09 | 5.1 % |
| Gross Income | 1,005.29 | 1,148.20 | 14.2 % |
| Operating Income | 761.56 | 873.81 | 14.7 % |
| Net Income | 632.00 | 845.65 | 33.8 % |
| Average Shares | 250.00 | 250.00 | - |
| EPS (Riyals) | 2.53 | 3.38 | 33.8 % |
In Q4 2022, net profit after Zakat and tax climbed 68% to SAR 131.2 million, from SAR 78.31 million in the prior-year period.
Compared to the previous quarter, the utility’s net profit slumped 57.6% from SAR 309.66 million.
Current Quarter Comparison (M)
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 1,556.52 | 1,619.62 | 4.1 % |
| Gross Income | 225.90 | 162.75 | (28.0 %) |
| Operating Income | 82.41 | 70.10 | (14.9 %) |
| Net Income | 78.31 | 131.22 | 67.6 % |
| Average Shares | 250.00 | 250.00 | - |
| EPS (Riyals) | 0.31 | 0.52 | 67.6 % |
Shareholders’ equity, after minority interest, reached SAR 8.24 billion as of Dec. 31, 2022, up from SAR 7.55 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) | 14,550.00 |
| Enterprise Value (EV) (M) | 20,730.18 |
| Shares Outstanding ((M)) | 250.00 |
| EPS ( Riyal) (TTM) | 1.46 |
| Book Value (BV) ( Riyal) | 32.41 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 39.78 |
| P/E (TTM) | 39.78 |
| Price/book | 1.80 |
| Return on Average Assets (%) (TTM) | 1.6 |
| Return on Average Equity (%) (TTM) | 4.5 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2022 | 1,462.03 | 2.8 % | 245.43 | 30.3 % | 187.39 | 13.1 % |
| Q2 2022 | 1,655.51 | 5.6 % | 309.30 | 7.3 % | 255.86 | 1.5 % |
| Q3 2022 | 1,767.94 | 7.4 % | 430.71 | 42.3 % | 360.47 | 37.9 % |
| Q4 2022 | 1,619.62 | 4.1 % | 162.75 | (28.0 %) | 70.10 | (14.9 %) |
| 2022 | 6,505.09 | 5.1 % | 1,148.20 | 14.2 % | 873.81 | 14.7 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2022 | 142.95 | 59.7 % | 0.57 | - | 142.95 | 0.57 |
| Q2 2022 | 261.82 | 18.5 % | 1.05 | - | 261.82 | 1.05 |
| Q3 2022 | 309.66 | 27.3 % | 1.24 | - | 309.66 | 1.24 |
| Q4 2022 | 131.22 | 67.6 % | 0.52 | 121.19 | 10.03 | 0.04 |
| 2022 | 845.65 | 33.8 % | 3.38 | 121.19 | 724.46 | 2.90 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2022 | 17.05 % | 30.51 % | 11.00 % |
| Q2 2022 | 17.14 % | 30.49 % | 11.49 % |
| Q3 2022 | 18.80 % | 31.84 % | 12.31 % |
| Q4 2022 | 17.65 % | 31.48 % | 11.14 % |
| 2022 | 17.65 % | 31.48 % | 11.14 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2022 | 250.00 | 2.74 | 2.74 | 31.18 |
| Q2 2022 | 250.00 | 2.91 | 2.91 | 31.84 |
| Q3 2022 | 250.00 | 3.17 | 3.17 | 32.32 |
| Q4 2022 | 250.00 | 3.38 | 2.90 | 32.98 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | - | - | - |
| Q2 2022 | - | - | - |
| Q3 2022 | - | - | - |
| Q4 2022 | 13.87 | 16.18 | 1.42 |
Business Segments (Million)
Q4 2022
| Period | Energy Sector | Water | Gas | Jubail Water and Power Company (JWAP) | Marafiq Water and Power Supply Company (Tawreed) | Corporate | elimination | others |
|---|---|---|---|---|---|---|---|---|
| Q1 2022 | 422.47 | 699.21 | 19.92 | 82.99 | 610.77 | 2.12 | (375.45) | - |
| Q2 2022 | 506.43 | 761.20 | 19.07 | 85.11 | 677.69 | 2.16 | (396.15) | - |
| Q3 2022 | 538.69 | 825.26 | 19.44 | 86.55 | 695.61 | 2.19 | (399.78) | - |
| Q4 2022 | 643.70 | 891.32 | 20.68 | 81.87 | 664.86 | 2.19 | (685.01) | - |
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