Marafiq reports a 39% y-o-y drop in 3Q: Saudi's utility firm Marafiq recorded a 39.2% y-o-y fall in net income in 3Q to SAR 188 mn, according to a Tadawul filing. The company attributed its drop in net income to an increase in financing costs and a decrease in the company's operating revenues. Revenues also saw a 3.78% y-o-y drop to SAR 1.7 bn.

3Q 2023 fared better than 2Q: The company reported a 17.9% bottom line increase from 2Q and its top line rose 6.68% from SAR 1.5 bn.

What drove the growth: The increase in net income is due to a 6.86% growth in the company's operating revenues, a drop in the zakat, tax provision, and general and administrative expenses.

About Marafiq: Marafiq is the power and water utility company for the Saudi cities of Jubail and Yanbu. It has core businesses in seawater cooling, desalination, and waste treatment and management.