Marafiq Q1 2026 Net Profit Rises 8.2% to SAR 127.56M
Marafiq (2083) posted a net profit of SAR 127.56 million for Q1 2026, up 8.2% year-on-year, supported by a 14.45% increase in water and gas revenue and lower finance charges.
Key Numbers
The Power and Water Utility Company for Jubail and Yanbu (Marafiq, 2083) reported its interim financial results for the three months ended March 31, 2026. Net profit rose 8.156% YoY to SAR 127.56 million, while revenue increased 6.491% to SAR 1,814.57 million.
Key Financial Results
| Metric | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Revenue | SAR 1,814.57M | SAR 1,703.98M | +6.5% |
| Net Profit | SAR 127.56M | SAR 117.94M | +8.2% |
| EPS | SAR 0.51 | SAR 0.47 | +8.5% |
Key Drivers
The YoY profit increase was driven by a 14.45% rise in water and gas revenue (SAR 119.94M) and a 10.03% decrease in finance charges (SAR 24.01M). These were partially offset by a 14.03% increase in fuel costs (SAR 73.74M), a 26.62% decline in other operating income (SAR 20.91M), and a 189.76% jump in expected credit loss provisions (SAR 12.79M).
On a QoQ basis, net profit surged 149.091% from Q4 2025, driven by higher water and gas revenue, lower finance charges, and reduced transmission costs.
Guidance
No forward guidance was provided in the release.
Stock Impact
No stock price reaction was mentioned. The stock trades under ticker 2083 on the Saudi Exchange.
What This Means for Investors
The results reflect improved profitability from the water and gas segment, but rising fuel costs and credit loss provisions remain headwinds. Future performance will depend on tariff adjustments and industrial demand.
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