Riyadh — Mubasher: Power and Water Utility Company for Jubail and Yanbu (Marafiq) reported a net profit of SAR 235 million in the first nine-month (9M) period of 2026, representing a 40.95% decrease compared to SAR 398 million in 9M-25.
The profit decline occurred despite a 7.38% rise in total revenue to SAR 5.49 billion, supported by a one-time SAR 476 million adjustment related to heavy-consumption electricity tariffs, according to a bourse filing.
Marafiq attributed the lower nine-month profit to a SAR 200 million increase in production fuel costs, a SAR 45 million drop in other operating income, and a SAR 25 million decrease in the share of results from investee companies.
These impacts were partially offset by a SAR 76 million reduction in finance costs.
Earnings per share (EPS) for the nine-month period stood at SAR 0.94, compared to SAR 1.59 in 9M-25.
For the third quarter (Q3) of 2026, Marafiq posted net profit of SAR 154 million, down 9.94% from SAR 171 million in the prior-year quarter.
Quarterly revenue fell 2.25% to SAR 1.96 billion in Q3-26, driven by lower income from the power sector and its subsidiary, Tawreed.
However, the company returned to profitability on a sequential basis, rebounding from a SAR 46 million net loss in the Q2-26 period.
