The Power and Water Utility Company for Jubail and Yanbu (Marafiq) announces its Interim Financial results for the Period Ending on 31-03-2025 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 1,703.95 | 1,599.22 | 6.548 | 1,707.1 | -0.184 |
| Gross Profit (Loss) | 318.61 | 344.6 | -7.542 | 330.12 | -3.486 |
| Operational Profit (Loss) | 328.61 | 312.04 | 5.31 | -173.12 | - |
| Net profit (Loss) | 117.94 | 68.34 | 72.578 | -370.73 | - |
| Total Comprehensive Income | 93.44 | 75.33 | 24.04 | -319.02 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 5,317.85 | 5,352.92 | -0.655 |
| Profit (Loss) per Share | 0.47 | 0.27 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The increase in revenues is due to the increase in the quantities sold for all the main sectors of the company. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The increase in net profit is mainly due to:
• A decrease in finance cost by 10.72 % amounting to SAR 28.76 million. • Reversal of the provision for impairment loss on trade receivables by 181.51 % amounting to SAR 15.01 million. • An increase in other operating income by 102.14 % amounting to SAR 39.69 million due to the success fees for Al- Haer Independent Sewage Treatment Plant Project. • A decrease in zakat and income tax provision by 34.61 % amounting to SAR 3.14 million.
The increase has been offset by:
• An increase in fuel costs used in production processes by 20.44%, SAR 89.19 million despite the partial use based on 2024 fuel prices. • An increase in power and water purchases to an owned company of Marafiq (Tawreed) by 15.79% amounting to SAR 31.93.
Notably, Comparative figures for 2024 have been restated, see additional information below |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The slight decrease in revenues is due to the decrease in the quantities sold in Water Sector |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The increase in net profit is mainly due to:
• Recording of a provision for impairment loss on trade receivables for previous quarter amounting to SAR 511 million. • A decrease in finance cost by 3.65 % amounting to SAR 9.07 million.
The increase has been offset by: • An increase in fuel costs used in production processes by 15.37 % amounting to SAR 69.99 • A decrease in other operating income by 14.77 % amounting to SAR 13.60 million. • An increase in zakat and income tax provision by 143.25 % amounting to SAR 19.62 million.
Notably, Comparative figures for 2024 have been restated, see additional information below |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | N/A |
| Reclassification of Comparison Items | Yes |
| Additional Information | 1. During Year 2024, the Group has reviewed its position in relation to control over JWAP and its accounting treatment as a joint operation. While the arrangement continues to meet the criteria for a (IFRS 11 Joint Arrangements). As a result, the Group has deconsolidated its proportionate share and accounted for the investment in JWAP as a joint venture using the equity method, as required by (IAS 28 Investments in Associates and Joint Ventures).
The Group has recognized the Power Water Purchase Agreement (PWPA) with JWAP as a lease under the requirement of IFRS 16 which was earlier consolidated proportionally and recorded as owned asset under joint operation accounting of JWAP.
2. During Year 2024, the Group has remeasured its lease liabilities with the Royal Commission for Jubail and Yanbu in line with the requirements of IFRS 16 Leases from the lease commencement date using the incremental borrowing rate and accordingly adjusted the related right-of-use assets, finance charges on lease liabilities and depreciation charges on right-of-use assets |
| Attached Documents |  |
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