Riyadh – Mubasher: Power and Water Utility Company for Jubail and Yanbu (Marafiq) reported net losses valued at SAR 46.45 million for the second quarter (Q2) of 2026, compared to a net profit of SAR 109.60 million in Q2-25.
The swing to a loss occurred despite quarterly revenue rising by 22.21% to SAR 1.71 billion.
The company attributed the quarterly loss to a SAR 40 million increase in fuel costs for production and a SAR 15 million rise in electricity transmission costs.
Additionally, demand from industrial customers in Jubail Industrial City for water services declined, impacting sector revenue by SAR 23 million.
The revenue growth was primarily driven by a non-recurring adjustment of SAR 434 million related to the intensive electricity consumption tariff that had lowered the previous year's figures.
For the first half (H1) of 2026, net profit fell by 64.35% to SAR 81.11 million from SAR 227.54 million in the prior-year period.
Half-year revenue reached SAR 3.53 billion, supported by an SAR 85 million increase in water sector income.
Total shareholders' equity stood at SAR 5.25 billion as of 30 June 2026, while earnings per share for the six-month period decreased to SAR 0.32 from SAR 0.91.
Mohammed Berki Al Zuabi, CEO of Marafiq, commented: “During the quarter, the company delivered stable operational performance across its Power and Gas segments. In contrast, the Industrial Water segment in Jubail Industrial City was impacted by lower demand compared to the corresponding period of the previous year.”
He continued: “Despite this temporary decline in demand, Marafiq continues to maintain high levels of operational readiness and production capacity, ensuring its ability to respond effectively to any future growth in industrial demand. This readiness is supported by a reliable infrastructure and strong operational capabilities.”
In Q1-26, Marafiq posted 8.15% YoY higher net profits at SAR 127.56 million, compared to SAR 117.94 million.
