Not the best quarter for Marafiq: The Saudi Public Investment Fund-backed Marafiqsaw its net income fall 25.3% y-o-y in 1Q 2023 to SAR 106.7 mn on the back of higher financing costs, according to a disclosure to Tadawul. Revenues were up by a marginal c.1% y-o-y during the first three months of the year to report SAR 1.47 bn.

What they said: “The reason for the decrease in net income is due to increase in financing costs, despite the increase in the company's operating revenues as a result of the increase in the quantities sold in most of the company's main sectors,” Marafiq said.

What do they do? Marafiq has core businesses including water supply, sewage, and waste management and treatment.

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