MARAFIQ H1 net profit down 34% to SAR 266.1 mln; Q2 at SAR 159.4 mln

MARAFIQ H1 net profit down 34% to SAR 266.1 mln; Q2 at SAR 159.4 mln

03/08/2023 Argaam Exclusive

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The Power and Water Utility Company for Jubail and Yanbu (MARAFIQ) reported a net profit of SAR 266.1 million in H1 2023, a decline of 34% from SAR 404.8 million in the year-earlier period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 3,117.54 3,064.97 (1.7 %)
Gross Income 554.74 561.01 1.1 %
Operating Income 443.24 429.85 (3.0 %)
Net Income 404.77 266.11 (34.3 %)
Average Shares 250.00 250.00 -
EPS (Riyals) 1.62 1.06 (34.3 %)

The profit decline was attributed to higher financing costs and lower operating revenues, despite a decrease in Zakat and tax provision.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 1,655.51 1,591.80 (3.8 %)
Gross Income 309.30 305.20 (1.3 %)
Operating Income 255.86 233.64 (8.7 %)
Net Income 261.82 159.39 (39.1 %)
Average Shares 250.00 250.00 -
EPS (Riyals) 1.05 0.64 (39.1 %)

The company reported a net profit of SAR 159.4 million in Q2 2023, a 39% decline from SAR 261.8 million a year earlier.

 

On a sequential basis, net earnings rose by 49.4% from SAR 106.7 million on higher operating revenues and lower Zakat and tax provision, which was partially offset by higher financing costs.

 

Total shareholders’ equity, no minority interest, stood at SAR 8.24 billion as of June 30, 2023, compared to SAR 7.95 billion in a prior-year period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 - - - - - -
Q2 2020 - - - - - -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 1,422.17 - 188.38 - 165.63 -
Q2 2021 1,568.12 - 288.33 - 252.04 -
Q3 2021 1,645.48 - 302.68 - 261.47 -
Q4 2021 1,556.52 - 225.90 - 82.41 -
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 %)
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 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 - - - - - -
Q2 2020 - - - - - -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 89.49 - 0.36 - 89.49 0.36
Q2 2021 220.92 - 0.88 - 220.92 0.88
Q3 2021 243.28 - 0.97 - 243.28 0.97
Q4 2021 78.31 - 0.31 - 78.31 0.31
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
Q1 2023 106.72 (25.3 %) 0.43 - 106.72 0.43
Q2 2023 159.39 (39.1 %) 0.64 - 159.39 0.64

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 16.23 % 30.32 % 10.21 %
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 %
Q1 2023 17.78 % 31.74 % 10.56 %
Q2 2023 17.89 % 31.85 % 9.08 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 - - - -
Q1 2019 - - - -
Q2 2019 - - - -
Q3 2019 - - - -
Q4 2019 - - - -
Q1 2020 - - - -
Q2 2020 - - - -
Q3 2020 - - - -
Q4 2020 - - - -
Q1 2021 250.00 - - 28.30
Q2 2021 250.00 - - 28.61
Q3 2021 250.00 - - 29.71
Q4 2021 250.00 2.53 2.53 30.20
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
Q1 2023 250.00 3.24 2.75 32.20
Q2 2023 250.00 2.83 2.34 32.96

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 13.87 16.18 1.42
Q1 2023 16.62 19.54 1.67
Q2 2023 24.82 29.96 2.13

Business Segments (Million)

Compared With The
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 2021 359.14 660.66 15.03 78.32 596.47 0.09 (287.55) -
Q2 2021 387.13 707.24 15.53 84.36 664.85 1.47 (292.48) -
Q3 2021 425.62 740.57 16.48 85.92 678.37 2.17 (303.64) -
Q4 2021 404.37 730.73 19.25 82.19 637.43 2.17 (319.62) -
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) -
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) -

Analysts Estimates (Million)

Item Q2 2023 (e) Q2 2023 (a) Change‬
Average 223.50 159.39 (28.7 %)

Estimates vs Actual (Million)

Item Q2 2023 (e) Q2 2023 (a) Change
Riyad Capital 205.00 159.39 (22.2) %
HSBC 242.00 159.39 (34.1) %


Financial Ratios
Current
Market Cap (M Riyal) 12,975.00
Enterprise Value (EV) (M) 19,155.18
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) 35.47
P/E (TTM) 35.47
Price/book 1.60
Return on Average Assets (%) (TTM) 1.6
Return on Average Equity (%) (TTM) 4.5
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Share Price

The Power and Water Utility Company for Jubail and Yanbu
51.90
(1.40) (2.63 %)

The Power and Water Utility Company for Jubail and Yanbu (MARAFIQ)

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