Riyadh – Mubasher: Power and Water Utility Company for Jubail and Yanbu (Marafiq) logged a 59.90% year-on-year (YoY) drop in net profit to SAR 42.79 million in the first quarter (Q1) of 2024 from SAR 106.72 million.

Revenues grew 8.55% YoY to SAR 1.59 billion in Q1-24 from SAR 1.47 billion, according to the interim financial results.

The earnings per share (EPS) reached SAR 0.17 in the three-month period that ended on 31 March 2024, down from SAR 0.43 in the corresponding period a year earlier.

Quarter-on-quarter (QoQ), the company’s net profit plunged by 40.27% in Q1-24 from SAR 71.64 million in Q4-23, while the revenues declined by 1.48% from SAR 1.62 billion.

Marafiq’s net profit surged 37.82% YoY to SAR 525.79 million in 2023 from SAR 845.65 million.