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MARAFIQ 2023 profit drops 38% to SAR 525.8M, Q4 at SAR 71.6M
07/03/2024
Argaam Exclusive
Power and Utility Company for Jubail and Yanbu (MARAFIQ) reported a 38% fall in net profit to SAR 525.8 million in 2023, from SAR 845.7 million a year earlier.
The profit decline was due to a 1.78% fall in revenues, which resulted from lower revenues from the power segment as demand for power from some major customers in Yanbu Industrial City was weak. Meanwhile, the water and gas segments reported higher revenues.
Moreover, financing costs rose by 74% due to an increase in SAIBOR rate.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 6,505.09 | 6,389.33 | (1.8 %) |
| Gross Income | 1,148.20 | 1,124.89 | (2.0 %) |
| Operating Income | 873.81 | 832.85 | (4.7 %) |
| Net Income | 845.65 | 525.80 | (37.8 %) |
| Average Shares | 250.00 | 250.00 | - |
| EPS (Riyals) | 3.38 | 2.10 | (37.8 %) |
In Q4 2023, net profit fell 45% to SAR 71.6 million from SAR 131.22 million in the prior-year period.
Compared to the previous quarter, the utility’s net profit slumped 61.9% from SAR 188.05 million.
Current Quarter Comparison (M)
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 1,619.62 | 1,623.32 | 0.2 % |
| Gross Income | 162.75 | 238.25 | 46.4 % |
| Operating Income | 70.10 | 144.38 | 106.0 % |
| Net Income | 131.22 | 71.64 | (45.4 %) |
| Average Shares | 250.00 | 250.00 | - |
| EPS (Riyals) | 0.52 | 0.29 | (45.4 %) |
Shareholders’ equity, after minority interest, reached SAR 8.20 billion as of Dec. 31, 2023, up from SAR 8.24 billion a year earlier.
Attached Documents
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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 2023 | 1,473.17 | 0.8 % | 255.82 | 4.2 % | 196.21 | 4.7 % |
| Q2 2023 | 1,591.80 | (3.8 %) | 305.20 | (1.3 %) | 233.64 | (8.7 %) |
| Q3 2023 | 1,701.05 | (3.8 %) | 325.63 | (24.4 %) | 258.63 | (28.3 %) |
| Q4 2023 | 1,623.32 | 0.2 % | 238.25 | 46.4 % | 144.38 | 106.0 % |
| 2023 | 6,389.33 | (1.8 %) | 1,124.89 | (2.0 %) | 832.85 | (4.7 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2023 | 106.72 | (25.3 %) | 0.43 | - | 106.72 | 0.43 |
| Q2 2023 | 159.39 | (39.1 %) | 0.64 | - | 159.39 | 0.64 |
| Q3 2023 | 188.05 | (39.3 %) | 0.75 | - | 188.05 | 0.75 |
| Q4 2023 | 71.64 | (45.4 %) | 0.29 | - | 71.64 | 0.29 |
| 2023 | 525.80 | (37.8 %) | 2.10 | - | 525.80 | 2.10 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | 17.78 % | 31.74 % | 10.56 % |
| Q2 2023 | 17.89 % | 31.85 % | 9.08 % |
| Q3 2023 | 16.43 % | 31.00 % | 7.27 % |
| Q4 2023 | 17.61 % | 32.25 % | 8.23 % |
| 2023 | 17.61 % | 32.25 % | 8.23 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2023 | 250.00 | 3.24 | 2.75 | 32.20 |
| Q2 2023 | 250.00 | 2.83 | 2.34 | 32.96 |
| Q3 2023 | 250.00 | 2.34 | 1.86 | 32.66 |
| Q4 2023 | 250.00 | 2.10 | 2.10 | 32.81 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | 16.62 | 19.54 | 1.67 |
| Q2 2023 | 24.82 | 29.96 | 2.13 |
| Q3 2023 | 26.74 | 33.71 | 1.92 |
| Q4 2023 | 30.81 | 30.81 | 1.97 |
Business Segments (Million)
Q4 2023
| Period | Energy Sector | Water | Gas | Jubail Water and Power Company (JWAP) | Marafiq Water and Power Supply Company (Tawreed) | Corporate | elimination | others |
|---|---|---|---|---|---|---|---|---|
| Q1 2023 | 407.84 | 703.03 | 21.43 | 74.96 | 611.50 | 2.15 | (347.72) | - |
| Q2 2023 | 466.92 | 773.84 | 27.12 | 73.51 | 622.61 | 2.09 | (374.27) | - |
| Q3 2023 | 490.70 | 804.65 | 26.89 | 78.11 | 678.79 | 2.07 | (380.17) | - |
| Q4 2023 | 485.25 | 717.45 | 28.44 | 77.00 | 650.37 | 2.07 | (337.27) | - |
Analysts Estimates (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| Average | 113.00 | 71.64 | (36.6 %) |
Estimates vs Actual (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| Riyad Capital | 105.00 | 71.64 | (31.8) % |
| GIB Capital | 121.00 | 71.64 | (40.8) % |
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