{"id":82907,"date":"2024-03-11T00:00:00","date_gmt":"2024-03-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/03\/11\/saudi-marafiq-posts-38-y-o-y-drop-in-bottomline-for-2023\/"},"modified":"2024-03-11T00:00:00","modified_gmt":"2024-03-11T00:00:00","slug":"saudi-marafiq-posts-38-y-o-y-drop-in-bottomline-for-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/03\/11\/saudi-marafiq-posts-38-y-o-y-drop-in-bottomline-for-2023\/","title":{"rendered":"Saudi Marafiq posts 38% y-o-y drop in bottomline for 2023"},"content":{"rendered":"

Marafiq still in the red: <\/strong>Saudi Public Investment Fund-backed Power and Water<\/a>Utility Company for Jubail and Yanbu<\/a> (Marafiq) saw its net income plunge 38% y-o-y to SAR 526 mn in 2023, while revenues inched down 1.8% y-o-y to SAR 6.4 bn over the same period, it said in a disclosure to Tadawul<\/a>. <\/p>\n

What\u2019s behind the fall?<\/strong> The firm attributed the sharp decline in net profits to the 74% increase of its financing costs and a 1.78% y-o-y fall in its revenues, which it explains comes as a result of decreased demand for power from some major customers in Yanbu Industrial City, and despite the increase in revenues from its water and gas sectors.<\/p>\n

ICYMI- Marafiq recorded a <\/strong>39.2%<\/a><\/strong>y-o-y<\/a><\/strong>fall<\/a><\/strong> in net income in 3Q to SAR 188 mn, <\/strong>also on the back of an increase in financing costs and a decrease in the company's operating revenues.<\/p>\n

About Marafiq<\/strong>: Marafiq is the power and water utility company for the Saudi cities of Jubail and Yanbu. It has core businesses in seawater cooling<\/a>, desalination, and waste treatment and management<\/a>. Saudi Arabia\u2019s Public Investment Fund (PIF) postponed<\/a> in October the potential sale of its remaining 17.5% stake in the utility firm on the back of weak demand from investors. Marafiq\u2019s IPO was 6.32x oversubscribed<\/a> in 2022, closing with almost SAR 6.37 bn (USD 1.7 bn) worth of total orders.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company will pay SAR 275 in dividends<\/p>\n","protected":false},"author":1,"featured_media":82908,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[106],"tags":[105,11,359,358],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-82907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseclimate","tag-marafiq","tag-power-and-water-utility-company-for-jubail-and-yanbu","wpautop","entry"],"acf":{"mongo_id":"c6870b34-909b-4e7a-a342-ca1bd962b532","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/765.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi Marafiq posts 38% y-o-y drop in bottomline for 2023","related_issue":[82897],"teaser":"The company will pay SAR 275 in dividends","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.d22bed2a-e77e-4991-a4c6-099d7db14e56.mp3"},"yoast_head":"\nSaudi Marafiq posts 38% y-o-y drop in bottomline for 2023 - 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