MARAFIQ-

The Power and Water Utility Company for Jubail and Yanbu (Marafiq) saw its net income drop 97.1% y-o-y to SAR 17.15 mn in 2024, according to an earnings release (pdf). The significant drop was attributed to a 44% rise in fuel costs, a SAR 511 mn provision for expected credit loss, and a 26% drop in finance income, reads a disclosure to Tadawul.

MEANWHILE- Revenues grew 7.8% y-o-y to SAR 6.9 bn in the same period, driven by an increase in sales across main segments, as well as a 52.5% reduction in Zakat provisions.

No dividends: The full-service integrated utility provider announced it will not distribute dividends for 2H 2024, citing financial challenges due to exceptional circumstances. The company completed the full acquisition of Jeddah Althaniya Operations and Maintenance Company (JAOMC), after purchasing the remaining 51% stake.

SAUDI GERMAN HEALTH-

Saudi German Health reported a 1,555% y-o-y increase in net income in 2024 to SAR 282 mn, driven by a boost in patient numbers, surgical procedures, and operational efficiency, as well as capital gains from selling a SAR 19.6 mn plot, according to a disclosure to Tadawul. Meanwhile, revenues increased 8.7% y-o-y to SAR 2.9 bn in the same period, pushed by higher patient demand and rising business transactions with the Health Ministry.

ALSO- The company’s board approved the gradual or partial repurchase of a five-year SAR-denominated sukuk carrying a 7.2% fixed annual yield issued back in February, it said in a separate disclosure. The board also approved the development of an SAR 22 mn outpatient clinics complex in Riyadh, according to another disclosure.

BALADY-

Balady Poultry’s net income increased 17% y-o-y to SAR 118.1 mn in 2024, while revenues grew 16.6% y-o-y to SAR 887.1 mn on the back of increased production and an expanded customer base, it said in an earnings release (pdf). Retained earnings almost doubled, rising 93.6% y-o-y to SAR 243 mn and supporting future expansion plans, read the release.

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